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Galvin Brothers Landscaping purchased a tractor at a cost of $25,000 on January 1, 2018 and sold it January 1, 2020 for $12,000 Gavin Brothers
Galvin Brothers Landscaping purchased a tractor at a cost of $25,000 on January 1, 2018 and sold it January 1, 2020 for $12,000 Gavin Brothers reconded depreciation ining the straight-line method, a five-year service life, and i saus value Tractors are included in the Equipment account. The journal entry to record the sale would viclude O Debit Loss $4,000 O Credit Gain $3,000 O Credit Gain $4,000 O Debit Loss $3,000 QUESTION 5 Passion Fruit Company reports net income of $80,000 A comparison of this year's and last year's balance sheets reveals a decrease in accounts receivable of $25,000, an increase in accounts payable of $35,000, and depreciation expense of $10,000. What is the reported cash from operations? O $10,000 O $150,000 $30,000 No change in cash balance for the year
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