Camera Co. sold equipment with a cost of $22,000 and accumulated depreciation of $6,000 for an amount that resulted in a gain of $5,000. What amount should Innovativions report on the statement of cash flows as 'proceeds from sale of plant assets'? A. $11,000 B. $16,000 C. $21,000 D. Some other amount

Camera Co. sold equipment with a cost of $22,000 and accumulated depreciation of $6,000 for an amount that resulted in a gain of $5,000. What amount should Innovativions report on the statement of cash flows as 'proceeds from sale of plant assets'? A. $11,000 B. $16,000 C. $21,000 D. Some other amount

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter21: The Statement Of Cash Flows

Section: Chapter Questions

Problem 3GI: Thompson Company sold a piece of equipment that had an original cost of 22,000 and a carrying value...

See similar textbooks

Similar questions

PhotoEase Camera Co. sold equipment with a cost of $19,000 and accumulateddepreciation of $7,000 for an amount that resulted in a gain of $1,000. What amount shouldPhotoEase report on the statement of cash flows as “proceeds from sale of plant assets”?a. $13,000b. $11,000c. $12,000d. Some other amount
Please provide answer the accounting question
Georgia Peach has the following information regarding the sale of its equipment: Sales price $8,000 Cost $25,000 Accumulated depreciation $19,000 Which of the following statements is true regarding how the above information would be reported on Georgia's statement of cash flows? Group of answer choices Loss on sale of plant asset will be $17,000 Gain on sale of plant asset will be $2,000 Depreciation expense will be $19,000 Cash received from sale of plant asset will be $25,000
mn.2
Assume a company did not purchase any equipment during the year, but it did sell a piece of equipment that had an original cost of $500,000 and accumulated depreciation of $300,000. The gain on the sale was $25,000. Based solely on the information provided, the company’s net cash provided by (used in) investing activities would be: Multiple Choice $200,000. $225,000. $250,000. $275,000.
Requirements Calculate the following items for the statement of cash flows: a. Beginning and ending Plant Assets, Net, were $106,000 and $101,000, respectively. Depreciation for the period was $18,000, and purchases of new plant assets were $26,000. Plant assets were sold at a gain of $5,000. What were the cash proceeds of the sale? b. Beginning and ending Retained Earnings were $44,000 and $70,000, respectively. Net income for the period was $46,000, and stock dividends were $6,000. How much were the cash dividends? Requirement a. Beginning and ending Plant Assets, Net, were $106,000 and $101,000, respectively. Depreciation for the period was $18,000, and purchases of new plant assets were $26,000. Plant assets were sold at a gain of $5,000. What were the cash proceeds of the sale? Cash proceeds from the sale were
Subject: acounting
A boxland company uses the indirect method for reporting cash flows from operating activities. During an accounting period, plant which had cost OMR 60,000 some years ago was sold for OMR 6,000. The accumulated depreciation on this plant at the time of disposal was OMR 50,000. The effects of this transaction on the statement of cash flows are-as follows: Operating activities: Add disposal proceeds OMR 6,000; Investing activities: Subtract loss on disposal of plant OMR 4,000 Operating activities: Add back loss on disposal OMR 10,000; Investing activities: Cash received on disposal of plant OMR 6,000 Operating activities: Add back loss on disposal OMR 4,000; Investing activities: Cash received on disposal of plant OMR 6,000 Operating activities: Subtract loss on disposal OMR 4,000; Investing activities: Cash received on disposal of plant OMR 6,000
Statement of cash flows?
What is the statement of cash flows for this? Revenues = $304000 COGS = 164000 Depreciation = 24000 Other expenses = 28000 Loss of sale on land = 20000 Net income = 68000
it is about constructing cash flow statement using indirect method, how is it get the 45? And please explain the calculation.
A boxland company uses the indirect method for reporting cash flows from operating activities. During an accounting period, plant which had cost OMR 60,000 some years ago was sold for OMR 6,000. The accumulated depreciation on this plant at the time of disposal was OMR 50,000. The effects of this transaction on the statement of cash flows are as follows: Operating activities: Add disposal proceeds OMR 6,000; Investing activities: Subtract loss on disposal of plant OMR 4,000 Operating activities: Add back loss on disposal OMR 10,000; Investing activities: Cash received on disposal of plant OMR 6,000 Operating activities: Add back loss on disposal OMR 4,000; Investing activities: Cash received on disposal of plant OMR 6,000 Operating activities: Subtract loss on disposal OMR 4,000; Investing activities: Cash received on disposal of plant OMR 6,000 2 も all 03:09 P Y-YI/-V/- EN