Homework Answers
Answer
- Cash received or paid for the sale or purchase of asset is an item of FINANCING ACTIVITIES.
- However, any loss or gain on that sale is adjusted to Net Income under Operating activities if Indirect method is being followed.
- Here,
>Book Value of asset = $ 132000 – 86000 = $ 46,000
>Sold for $ 40800
>Sale price is LESS than Book Value = Loss on sale = $ 46000 – 40800 = $ 5200 - Loss on sale of asset is ADDED to net Income under Operating activities.
- Correct Answer = Option #5: $ 5,200
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