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Linda_us
Linda_us, Finance, Accounts & Homework Tutor
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Land costing $88,000 was sold for $50,000 cash. The loss on

Resolved Question:

Land costing $88,000 was sold for $50,000 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?
a)$50,000
b)$88,000
c)$138,000
d)$38,000
Submitted: 6 years ago.
Category: Homework
Expert:  Linda_us replied 6 years ago.
HiCustomerbr />
The answer is a)$50,000

Regards

Linda
Customer: replied 6 years ago.
Equipment with an original cost of $60,000 and accumulated depreciation of $20,000 was sold at a loss of $7,000. As a result of this transaction, cash would
a)increase by $33,000
b)decrease by $7,000
c)increase by $40,000
d)decrease by $27,000
Expert:  Linda_us replied 6 years ago.
Hi

The answer is

a) increase by $33,000 (60000-20000-7000)

Regards

Linda
Customer: replied 6 years ago.
sorry and last one...

A company purchases equipment for $32,000 cash. This transaction should be shown on the statement of cash flows under
a)investing activities
b)financing activities
c)noncash investing and financing activities
d)operating activities
Expert:  Linda_us replied 6 years ago.
THIS ANSWER IS LOCKED!

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