1. If a gain of $7,266 is realized in selling (for cash) office equipment having

Question

1. If a gain of $7,266 is realized in selling (for cash) office equipment having a book value of $54,579, find the total amount reported in the cash flows from investing activities section of the statement of cash flows.

Select the correct answer.

$54,579

2. Land costing $70,388 was sold for $95,813 cash. The loss on the sale was reported on the income statement as other expense. On the statement of cash flows, what amount should be reported as an investing activity from the sale of land?

Select the correct answer.

3. Land costing $41,205 was sold for $72,201 cash. The gain on the sale was reported on the income statement as other income. On the statement of cash flows, what amount should be reported as an investing activity from the sale of land?

Select the correct answer.

$113,406

$7,266 $47,313 $61,845

$54,579

2. Land costing $70,388 was sold for $95,813 cash. The loss on the sale was reported on the income statement as other expense. On the statement of cash flows, what amount should be reported as an investing activity from the sale of land?

Select the correct answer.

$70,388 $166,201 $95,813 $25,425

3. Land costing $41,205 was sold for $72,201 cash. The gain on the sale was reported on the income statement as other income. On the statement of cash flows, what amount should be reported as an investing activity from the sale of land?

Select the correct answer.

$72,201 $41,205 $30,996

$113,406

Explanation / Answer

1) the amount realized from sale of asset wil be shown in investment section and cash flow is 54579+7266=$61,845

2)Sale of land for amount is $95,813 and it will be shown in investment activity

3)Sale of land for amount is $72,201 and it will be shown in investment activity

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