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a. Classify each activity below by writing O for operating, I for investing, F for...

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Accounting

a. Classify each activity below by writing O for operating, I for investing, F for financing or NA not applicable/noncash transaction. (Hint: write answers as i - O or ii - I etc.) (4 marks)

i. Cash repurchase of shares. ii. Borrowing cash from the bank. iii. Purchase of operational assets for cash. iv. Collections of dividends on long term investments.

b. McIntire Company reported net earnings of $40,000 which included depreciation expense and depletion expense of $21,000 and $18,000, respectively. The following changes also occurred during the year.

Inventory - $10,000 decrease Trade payables - 5,000 increase Notes payable (long-term) - 15,000 decrease Income tax payable - 7,000 increase Trade receivables - 10,000 increase

Prepare the operating activities section of the statement of cash flows using the indirect method. (6 marks)

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