Tangiers Company reported a loss of $1,300 for the sale of equipment for cash. The equipment...
Tangiers Company reported a loss of $1,300 for the sale of equipment for cash. The equipment had a cost of $32,000 and accumulated depreciation of $29,500. How much will Tangiers report in the cash flows from investing activities section of its statement of cash flows?
Group of answer choices
A) $1,200
B) $3,800
C) $1,300
D) $30,700
Homework Answers
| Disposal Account | |||
| Cost of Equipment | $ 32,000.00 | Accu. Depreciation | $ 29,500.00 |
| Loss on sale | $ 1,300.00 | ||
| Cash (Bal. fig) | $ 1,200.00 | ||
| $ 32,000.00 | $ 32,000.00 | ||
| Therefore, the company would report $ 1200 as sale of equipment in the cash flow from investing activities section | |
| Answer: | A) |
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