During the year, Roberts Company sold equipment with a book value of $140,000 for $190,000 (original...
During the year, Roberts Company sold equipment with a book value of $140,000 for $190,000 (original purchase cost of $240,000). New equipment was purchased.
Roberts provided the following comparative balance sheets:
| Roberts Company | ||
| Comparative Balance Sheets | ||
| At December 31, 20X1 and 20X2 | ||
| 20X1 | 20X2 | |
| Long-Term Assets: | ||
| Plant and equipment | $1,100,000 | $1,075,000 |
| Accumulated depreciation | (600,000) | (635,000) |
| Land | 500,000 | 718,750 |
Required:
Calculate the investing cash flows for the current year. Use a minus sign to indicate a cash outflow.
Homework Answers
Cash flow from investing activities
Sale of equipments. $190,000
Purchases of equipments(w.n) -$80,000
Total cash inflow from investing activities . $110,000
Working notes
Opening equipments. 500000 (1100000-600000)
Less- book value of equipments sold 140000
360000
Less-Closingequipments. 440000. (1075000-635000)
Total Purchases 80000
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