Land costing $80,000 was sold for $94,600 cash. The gain on the sale was reported on...
Land costing $80,000 was sold for $94,600 cash. The gain on the sale was reported on the income statement as other revenue. On the statement of cash flows, what amount should be reported as an investing activity from the sale of land?
a.$94,600
b.$174,600
c.$80,000
d.$14,600
Homework Answers
a.$94,600
On the statement of cash flows, only cash receipts and cash payments are recorded.So, when land was sold, only cash realized from such sale is recorded on the statement of cash flows. cost of land has no relevance and gain on sale of land also does not have any impact on cash flow from investing activities.So, $ 94,600 that is cash received is recorded on the statement of cash flow.
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