Calvin Corp was organized on January 1 to operate a taxi service. For each of the following business activities, please indicate whether it is a financing (F), investing (I) or operating (O) activity. A. Issued shares of stock to each of the five
owners. B. Purchased five automobiles to use as taxis. C. Paid the first month's rent for a garage. D. Obtained a loan from the bank. E. Received cash from a customer for a 10-mile taxi ride. F. Paid the drivers wages for the first week. G. Purchased a fueling station to install at the garage (includes a 500 gallon tank). H. Declared and paid cash dividends to the owners after the first month's operations. I. Paid cash to repair the brakes on one of the taxis. J. Bought land for a future taxi office.
A. F Issued shares of stock to each of the five owners.
B. I Purchased five automobiles to use as taxis.
C. O Paid the first month's rent for a garage.
D. F Obtained a loan from the bank.
E. O Received cash from a customer for a 10-mile taxi ride.
F. O Paid the drivers wages for the first week.
G. I Purchased a fueling station to install at the garage (includes a 500 gallon tank).
H. F Declared and paid cash dividends to the owners after the first month's operations.
I. O Paid cash to repair the brakes on one of the taxis.
J. I Purchased land for cash for a future taxi office.
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