Test: Quick Test Chapter 11 Time Remaining: 00:5913 Submit Test This Question: 2

Question

Test: Quick Test Chapter 11 Time Remaining: 00:5913 Submit Test This Question: 2 pts lot 2 (0 complete) ? This Test: 4 pts The Fixed assets account of Niagara Resort Club, Inc., shows EEE Click the icon to view the T-account ? A. Cash flows from investing activites?$36,000 O B. Cash flows from investing activities, $8,000 O C. Cash flows from investing activities, $52,000 O D. Cash flows from investing activities, $44,000 Data Table Fixed assets, net 117.000 D expense 3 4,000 Ending balance 429 000 EN

Explanation / Answer

Answer:

C. Cash flow from Investing activities $52,000

Explanation

Add: Profit $ 8,000

Total Sale proceeds $52,000

Beginning Balance 117000 Purchase 390,000 Total 507,000 Depreciation Expense 34,000 Balance 473,000 Ending Balance 429,000 Sale (473,000-429,000) 44,000

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