2 3 man Company sold land for $25,000 cash. The original cost of the land was...

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2 3 man Company sold land for $25,000 cash. The original cost of the land was $25,000. Which of the ly reflects how this event affects the companys financial statements? AssetsLiab.Equity Rev.ExpNet Stmt of Inc. Cash Flows A.1 NA B. (25,000)NA (25,000) NA C. 25,000 NANANA 25,000 IA 1-1 NA 1 (25,000) IA NA 25,000 FA 25,000+ NA NA NANA D. None of these. 28) A) Option A B) Option B C) Option C D) Option D

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Answer 1

Answer #1

Answer : Option A

Because The asset is sold at cost so there will be no profit or loss

then there will be no impact on equity.

Since the asset is sold it will give reduce balance on asset and where as on other side on sale of asset cash will come inside. so there will be no effect on the assets side.

And,sale of asset is considered as inflow in the investing activity.

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Answer 2

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