Review the transactions listed below for thyme advertising company, and classify each transaction as either an operating activity, investing activity, or financing activity, or if no cash is exchanged, as a non-cash event. 1. issued common stock to investors in exchange for cash received from investors. entry field with incorrect answer now contains modified data 2. paid monthly rent. entry field with correct answer 3. received cash from customers when service was performed. entry field with correct answer 4. billed customers for services performed. entry field with correct answer 5. paid dividend to stockholders. entry field with incorrect answer now contains modified data 6. incurred advertising expense on account. entry field with correct answer 7. received cash from customers billed in (4). entry field with correct answer 8. purchased additional equipment for cash. entry field with correct answer 9. purchased equipment on account.

Wallis company manufactures only one product and uses a standard cost system. the company uses a predetermined plantwide overhead rate that relies on direct labor-hours as the allocation base. all of the company's manufacturing overhead costs are fixed—it does not incur any variable manufacturing overhead costs. the predetermined overhead rate is based on a cost formula that estimated $2,886,000 of fixed manufacturing overhead for an estimated allocation base of 288,600 direct labor-hours. wallis does not maintain any beginning or ending work in process inventory.

Jordan, inc. sells fireworks. the company’s marketing director developed the following cost of goods sold budget for april, may, june, and july. april may june july budgeted cost of goods sold $62,000 $72,000 $82,000 $88,000 jordan had a beginning inventory balance of $3,000 on april 1 and a beginning balance in accounts payable of $14,600. the company desires to maintain an ending inventory balance equal to 15 percent of the next period’s cost of goods sold. jordan makes all purchases on account. the company pays 65 percent of accounts payable in the month of purchase and the remaining 35 percent in the month following purchase. required prepare an inventory purchases budget for april, may, and june. determine the amount of ending inventory jordan will report on the end-of-quarter pro forma balance sheet. prepare a schedule of cash payments for inventory for april, may, and june. determine the balance in accounts payable jordan will report on the end-of-quarter pro forma balance sheet.

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