Question
Following are partial balance sheet data for CCR Ltd. as at December 31, 20x2 and 20x1, and the partial income statement for the year ended
Following are partial balance sheet data for CCR Ltd. as at December 31, 20x2 and 20x1, and the partial income statement for the year ended December 31, 20x2: Balance Sheets- Cash Plant and equipment 20x2 20x1 $7,000 $4,000 330,000 360,000 Accumulated depreciation (98,000) (82,000) Income Statement - 20x2 Revenue $840,000 Gain on sale of vehicle 2,000 Depreciation (28,000) During the year, the company sold a vehicle with a cost of $30,000 and accumulated depreciation of $12,000. The company uses the direct method to present cash flows from operating activities. Which of the following is the correct cash flow from investing activities? Select one: a. $20,000 b. $30,000 c. $2,000 4 $14.000
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