Homework Answers
Cost of equipment sold = $35,000
Accumulated depreciation = $7,100
Sale price of equipment = $46,000
Book value of equipment = Cost of equipment sold - Accumulated depreciation
= 35,000-7,100
= $27,900
Gain on sale of equipment = Sale price of equipment - Book value of equipment
= 46,000-27,900
= $18,100
| Cash Flow Statement (Partial) | |
| Investing Activities: | |
| Sale of equipment | 46,000 |
| Purchase of equipment | -70,000 |
| Net cash used in investing activities | -$24,000 |
The amount of net cash used by investing activities = $(24,000)
Correct option is A.
Kindly comment if you need further assistance. Thanks‼!
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