A firm's accumulated depreciation account increased $30,000 for the year, and total plant assets at cost increased $200,000. During the year, the firm purchased $350,000 of new equipment for cash, and sold equipment for $50,000 cash. This equipment had been depreciated $30,000 at the time of sale. What is the complete disclosure of these events in the indirect method Statement of Cash Flows? Multiple Choice $350,000 investing cash outflow; $50,000 investing cash inflow; $70,000 addition reconciling adjustment $350,000 investing cash outflow; $50,000 investing cash inflow; $60,000 addition reconciling adjustment $300,000 investing cash outflow; $130,000 addition reconciling adjustment $350,000 investing cash outflow; $50,000 investing cash inflow; $60,000 addition reconciling adjustment; $70,000 addition reconciling adjustment

A firm's accumulated depreciation account increased $30,000 for the year, and total plant assets at cost increased $200,000. During the year, the firm purchased $350,000 of new equipment for cash, and sold equipment for $50,000 cash. This equipment had been depreciated $30,000 at the time of sale. What is the complete disclosure of these events in the indirect method Statement of Cash Flows? Multiple Choice $350,000 investing cash outflow; $50,000 investing cash inflow; $70,000 addition reconciling adjustment $350,000 investing cash outflow; $50,000 investing cash inflow; $60,000 addition reconciling adjustment $300,000 investing cash outflow; $130,000 addition reconciling adjustment $350,000 investing cash outflow; $50,000 investing cash inflow; $60,000 addition reconciling adjustment; $70,000 addition reconciling adjustment

Name: A firm's accumulated depreciationaccount increased $30,000 for theyea
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Description: A firm's accumulated depreciationaccount increased $30,000 for theyear, and total plant assets at costincreased $200,000. During the year,the firm purchased $350,000 of newequipment for cash, and soldequipment for $50,000 cash. Thisequipment had bee

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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