Register
​Connecticut, Inc. uses the indirect method to prepare its statement of cash flows. Refer to the following portion of the comparative balance​ sheet: ​Connecticut, Inc. Comparative Balance Sheet December​
79.3k views
3 votes
​Connecticut, Inc. uses the indirect method to prepare its statement of cash flows. Refer to the following portion of the comparative balance​ sheet: ​Connecticut, Inc. Comparative Balance Sheet December​ 31, 2019 and 2018 2019 2018 Increase​ / ​(Decrease) Cash Accounts Receivable ​(​) Merchandise Inventory Plant and Equipment Accumulated DepreciationPlant and Equipment ​(​) ​(​) ​(​) Total Assets Additional information provided by the company includes the​ following: 1. Equipment was purchased for with cash. 2. Equipment with a cost of and accumulated depreciation of was sold for . What was the amount of net cash provided by​ (used for) investing​ activities?

User Rgthree
by
5.8k points

1 Answer

3 votes

Answer:

Net cash used by investing activities -$16,000

Step-by-step explanation:

The computation of the amount of net cash provided or used by investing activities is shown below:

Equipment purchase for cash -$66,000

Proceeds from the sale of equipment $50,000

Net cash used by investing activities -$16,000

The purchase is a cash outflow so it is in negative sign while the sale is cash inflow so it is to be shown in a positive sign

​Connecticut, Inc. uses the indirect method to prepare its statement of cash flows-example-1
User Vvahans
by
5.2k points
Ask a Question
Welcome to QAmmunity.org, where you can ask questions and receive answers from other members of our community.

5.7m questions

7.4m answers

Other Questions

_____ reminds customers and clients that they made a good choice in selecting a company with which to do business, or it reminds them of the good qualities of their purchase.​
On august 1 the darius co. purchased a photocopy machine for $8,000. the estimated annual depreciation on the machine is $1,680. if the company prepares annual financial statements on december 31, the
When president obama was elected, the u.s. economy was in trouble, and has slid into a recession. consumer spending was low and getting worse. in an effort to stop the decline, president obama proposed
Ensuring that an individual is who they claim to be is the function of _____. select one: a. confidentiality b. authorization c. availability d. authentication e. nonrepudiation
The current market price for good y is above the equilibrium price, and then the price of a subsitute good, x, increases. the demand curve for good y shifts as a result. what is the likely outcome of the
Link Copied!