Homework Answers
13. Depreciation factory equipment would be reported in the statement of cash flows prepared by the indirect method in Cash flows from operating activities section.
Correct option is d.
14. Preferred stock issued in exchange for land would be reported in the statement of cash flows in schedule of non cash investing and financing activities.
Correct option is c.
15. Book value of equipment = $45,000
Loss on sale = $20,000
Sale recognize from equipment = Book value of equipment - Loss on sale
= 45,000-20,000
= $25,000
Correct option is a.
16. Cash flows from operating activities, as reported on the statement of cash flows using the indirect method would include Net Income.
Correct option is d.
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