Indicate whether each of the following activities would be reported on the statement of cash flows as (a) an operating activity, (b) an investing activity, or (c) a financing activity:
1. Cash received from fees earned.
2. Cash paid for expenses.
3. Cash paid for land.
4. Cash paid to owner for personal use.
Answer:
1. (a) operating activity
2. (a) operating activity
3. (b) investing activity
4. (c) financing activity
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