Classify each of the following transactions as an operating activity,
QUESTION
Classify each of the following transactions as an operating activity, an investing activity, or a
financing activity. Also indicate whether the activity is a source of cash or a use of cash.
(a) A plant was sold for $550,000.
(b) A profit of $75,000 was reported.
(c) Long-term bonds were retired.
ANSWER:
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