Phelm Corporation sold a piece of equipment for cash and recognized a gain of $5,000. The...
Phelm Corporation sold a piece of equipment for cash and recognized a gain of $5,000. The original cost was $34,000 and the accumulated depreciation just prior to the sale totaled $19,000. What amount will appear in the investing activities section of the statement of cash flows?
| $20,000 |
| $54,000 |
| $10,000 |
| $15,000 |
Homework Answers
Book value of equipment = Cost-Accumulated depreciation = 34000-19000 = 15000
Sale value of equipment = Book value of equipment+gain on equipment = 15000+5000 = $20000
So answer is a) $20000
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Need some help with this. don't think this is correct. Need
someone to provide correct answer alongside explanation:
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Long-term investments were purchased during the year; none were
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Equipment was purchased during the year. In addition, equipment
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Question 5 View Policies Current Attempt in...
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