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What was the amount of net cash provided by (used for) investing activities? $18,000 O $(18,000) O $(173,000) $173,000

What was the amount of net cash provided by (used for) investing activities? $18,000 O $(18,000) O $(173,000) $173,000

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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Connecticut, Inc. uses the indirect method to prepare its statement of cash flows. Refer to the following portion of the comparative balance sheet: Connecticut, Inc. Comparative Balance Sheet December 31, 2025 and 2024 2025 Cash Accounts Receivable Merchandise Inventory Plant and Equipment Accumulated Depreciation-Plant and Equipment Total Assets $28,000 31,000 52,000 128,000 2024 $19,000 35,000 25,000 95,000 $(18,000) $(173,000) $173,000 (48,000) (44,000) $191,000 $130,000 Increase/(Decrease) $9,000 (4,000) 27,000 33,000 (4,000) $61,000 Additional information provided by the company includes the following: 1. Equipment was purchased for $65,000 with cash. 2. Equipment with a cost of $32,000 and accumulated depreciation of $7,000 was sold for $47,000. What was the amount of net cash provided by (used for) investing activities? $18,000
Transcribed Image Text:Connecticut, Inc. uses the indirect method to prepare its statement of cash flows. Refer to the following portion of the comparative balance sheet: Connecticut, Inc. Comparative Balance Sheet December 31, 2025 and 2024 2025 Cash Accounts Receivable Merchandise Inventory Plant and Equipment Accumulated Depreciation-Plant and Equipment Total Assets $28,000 31,000 52,000 128,000 2024 $19,000 35,000 25,000 95,000 $(18,000) $(173,000) $173,000 (48,000) (44,000) $191,000 $130,000 Increase/(Decrease) $9,000 (4,000) 27,000 33,000 (4,000) $61,000 Additional information provided by the company includes the following: 1. Equipment was purchased for $65,000 with cash. 2. Equipment with a cost of $32,000 and accumulated depreciation of $7,000 was sold for $47,000. What was the amount of net cash provided by (used for) investing activities? $18,000
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