I am looking for help with this general accounting question using proper accounting standards. Vertex Industries sold equipment with a cost of $30,000 and accumulateddepreciation of $8,000 for an amount that resulted in a gain of $4,000. Whatamount should Vertex Industries report on the statement of cash flows as'proceeds from sale of plant assets'?

Step 1: Define Proceeds from Sale of Plant AssetsProceeds from the sale of plant assets represent…

Answered: Vertex Industries sold equipment with a…

Managerial Accounting

15th Edition

ISBN:9781337912020

Author:Carl Warren, Ph.d. Cma William B. Tayler

Publisher:Carl Warren, Ph.d. Cma William B. Tayler

Chapter15: Statement Of Cash Flows

Section: Chapter Questions

Problem 6DQ

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Vertex Industries sold equipment with a cost of $30,000 and accumulated depreciation of $8,000 for an amount that resulted in a gain of $4,000. What amount should Vertex Industries report on the statement of cash flows as 'proceeds from sale of plant assets'?