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Question

Connect × e Accounting question l c x M Your question was answe × . Chegg Study I Guided SX .> C Secure ! https://newconnect.mheducation.com/flow/connect.html Ch. 21- Concept Overview Videos (47 minutes) 6 Saved Help Save & Exit Submlt Check my work Required information Investing activities Part 4 of 6 Knowledge Check 01 Hawley Company uses the direct method of reporting cash flows from operating activities. Hawley sold land with a cost of $8,000. The company reported a gain on the sale of the land in the amount of $2,000. points hat was the amount of cash collected from the sale of the land eBook How is that amount classified in the statement of cash flow? K Prev 4 5 6 of 9? Score·answer > 7:35 PM A292018 2

Explanation / Answer

Answer:

Cash collected from sale of Land = $8000 + $2000 = $10000

Cash flow from Investing activity will reflect sale of land = $10000

Gain on sale of Land will not be considered adjustement to Operating activity as it is Direct method

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