Braxton Corp. was organized on January 1 to operate

Braxton Corp. was organized on January 1 to operate a limousines service to and from the airport. For each of the following business activities, indicate whether it is a financing (F), investing (I), or operating (0) activity.

1. Issued shares of stock to each of the four owners.  

2. Purchased two limousines.  

3. Paid first month's rent for use of garage.

4. Obtained loan from local bank.  

5. Received cash from customer for trip to the airport. 

6. Paid driver first week's wages.

7. Purchased 500-gal l on fuel tank.

Hint: "Operating activities" are what you are in business to do, and anything dealing with a customer is operating. "Investing activities" are the purchase or sale of long-lived assets such as buildings, land, and equipment. "Financing activities" are the raising of funds from investors and lenders or repayments to investors or lenders