An analysis of the general ledger accounts indicates thatoffice equipment,which

Question

An analysis of the general ledger accounts indicates thatoffice equipment,which cost $67,000 and on which accumulateddepreciation totaled $22,500 on the date of sale, was sold for$38,600 during the year. Using this information, indicate the itemsto be reported on the statement of cash flows. PLEASE EXPLAIN YOUR ANSWER!! An analysis of the general ledger accounts indicates thatoffice equipment,which cost $67,000 and on which accumulateddepreciation totaled $22,500 on the date of sale, was sold for$38,600 during the year. Using this information, indicate the itemsto be reported on the statement of cash flows. PLEASE EXPLAIN YOUR ANSWER!!

Explanation / Answer

Book Value = $67,000 - $22,500 = $ 44,500 Loss = $ 44,500 - $38,600 = $ 5,900 Operating: Loss 5,900 Investing: Sale 38,600

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