Sam’s Sandals sold a piece of equipment for $17,600. The book value of the equipment was $17,000. The original cost of the equipment was $25,000. A gain on the sale of $600 was reported. The amount of cash reported on the statement of cash flows was: Group of answer choices A)$600 net inflow. B)$17,600 net inflow. C)$7,400 net outflow. d)$8,000 net outflow. E)None of the above
Sam’s Sandals sold a piece of equipment for $17,600. The book value of the equipment was $17,000. The original cost of the equipment was $25,000. A gain on the sale of $600 was reported. The amount of cash reported on the statement of cash flows was: Group of answer choices A)$600 net inflow. B)$17,600 net inflow. C)$7,400 net outflow. d)$8,000 net outflow. E)None of the above
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Sam’s Sandals sold a piece of equipment for $17,600. The book value of the equipment was $17,000. The original cost of the equipment was $25,000. A gain on the sale of $600 was reported. The amount of cash reported on the statement of cash flows was:
Group of answer choices
A)$600 net inflow.
B)$17,600 net inflow.
C)$7,400 net outflow.
d)$8,000 net outflow.
E)None of the above
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