The T-accounts for Equipment and the related Accumulated Depreciation for Lau Pty Ltd at the end of
Question:
The T-accounts for Equipment and the related Accumulated Depreciation for Lau Pty Ltd at the end of 2015 are shown here.
In addition, Lau Pty Ltd’s statement of profit or loss reported a gain on the sale of equipment of $4500. What amount was reported on the statement of cash flows as ‘cash flow from sale of equipment’?
Equipment 2015 Op. bal. 225 000 Acquisitions 62 400 287 400 2016 Op. bal. 254400 Disposals Clos. bal. 33 000 254 400 287 400 Accumulated Depreciation 2015 9000 Op. bal. 63 000 Depn 72 000 Disposals Clos. bal. 2016 Op. bal. 54 000 18 000 72 000 63 000
Step by Step Answer:
AANSWER To determine the cash flow from the sale of equipment we need to calculate the book value of ...View the full answer
Financial Accounting Reporting Analysis And Decision Making
ISBN: 9780730313748
5th Edition
Authors: Shirley Carlon, Rosina Mladenovic Mcalpine, Chrisann Palm, Lorena Mitrione, Ngaire Kirk, Lily Wong
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In order to determine the amount of cash created by operating operations, the indirect technique for preparing the statement of cash flows entails adjusting net income with changes in balance sheet.
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