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Garrison Corporation has the following transactions: 1
Garrison Corporation has the following transactions: 1. Dividends are paid to the shareholders. 2. A utility bill for July is paid in August 3. A new warehouse facility is purchased. 4. Principal payments on outstanding debt are paid. 5. Employee wages are paid. 6. Forty-five units of inventory are sold for $100 each. 7. Common stock is issued for $230,000 in cash. 8. A delivery van used for 5-years is sold for $12,000, which is its book value. Which of the above transaction(s) are examples of financing activities? 1.4.7 1,7.8 3.8 1.3.4.7.8
Expert Solution
Answer: 1,4,7
Explanations:
| 1 | Dividends paid | Financing activity |
| 2 | Utilities paid | Operating activity |
| 3 | Warehouse purchased | Investing activity |
| 4 | Paid for debt | Financing activity |
| 5 | Wages paid | Operating activity |
| 6 | Units sold | Operating activity |
| 7 | Issuance of common stock | Financing activity |
| 8 | Sale of van | Investing activity |
Therefore, 1,4,7 are the financing activities
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