Metropolis Industries invested its excess cash in the following instruments during December 2017:…

Metropolis Industries invested its excess cash in the following instruments during December 2017:

Required Determine the amount of cash equivalents that should be combined with cash on the company’s balance sheet at December 31, 2017, and for purposes of preparing a statement of cash flows for the year ended December 31, 2017.

For each of the following transactions reported on a statement of cash flows, indicate whether it would appear in the Operating Activities section (O), in the Investing Activities section (I), or in the Financing Activities section (F). Put an S in the blank if the transaction does not affect cash but is reported in a supplemental schedule of noncash activities. Assume that the company uses the direct method in the Operating Activities section.

_______ 1. A company purchases its own common stock in the open market and immediately retires it. _______ 2. A company issues preferred stock in exchange for land. _______ 3. A six-month bank loan is obtained. _______ 4. Twenty-year bonds are issued. _______ 5. A customer’s open account is collected. _______ 6. Income taxes are paid. _______ 7. Cash sales for the day are recorded. _______ 8. Cash dividends are declared and paid. _______ 9. A creditor is given shares of common stock in the company in return for cancellation of a long-term loan. _______ 10. A new piece of machinery is acquired for cash. _______ 11. Stock of another company is acquired as an investment. _______ 12. Interest is paid on a bank loan. _______ 13. Factory workers are paid.

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