If a gain of $11,000 is realized in selling (for cash) office equipment having a book...
If a gain of $11,000 is realized in selling (for cash) office equipment having a book value of $55,000, the total amount reported in the cash flows from investing activities section of the statement of cash flows is
a. $11,000
b. $66,000
c. $55,000
d. $44,000
Homework Answers
b) $66,000
Cash received = $55,000(book value) + $11,000(gain) = $66,000
Gain of $11,000 would be deducted from net income to arrive at cash flow from operations and $66,000 would be included as a positive cash flow from investing activities.
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