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Answer 19 please

Answer 19 please

FINANCIAL ACCOUNTING
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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Answer 19 please
O Exam Question 19 On the statement of cash flows, a $9,000 gain on the sale of fixed assets would be O added to net income in converting the net income reported on the income statement to cash flows from operating activities deducted from net income in converting the net income reported on the income statement to cash flows from operating activities O deducted from dividends declared in converting the dividends declared to the cash flows from financing activities related to dividends O added to dividends declared in converting the dividends declared to the cash flows from financing activities related to dividends Question 20 Accounts payable S 30,000 Accounts receivable 35,000 Accrued liabilities 7,000
Transcribed Image Text:O Exam Question 19 On the statement of cash flows, a $9,000 gain on the sale of fixed assets would be O added to net income in converting the net income reported on the income statement to cash flows from operating activities deducted from net income in converting the net income reported on the income statement to cash flows from operating activities O deducted from dividends declared in converting the dividends declared to the cash flows from financing activities related to dividends O added to dividends declared in converting the dividends declared to the cash flows from financing activities related to dividends Question 20 Accounts payable S 30,000 Accounts receivable 35,000 Accrued liabilities 7,000
Expert Solution
Step 1

Whenever an asset is traded more than its carrying value, a gain on the sale of assets occurs. The carrying value is equal to the asset's acquisition price less any depreciation as well as impairment costs.

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