Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Land costing $140,000 was sold for $173,000 cash. The gain on the sale was reported on the income statement as other income. On the statement

Land costing $140,000 was sold for $173,000 cash. The gain on the sale was reported on the income statement as other income. On the statement of cash flows, what amount should be reported as an investing activity from the sale of land?

a. $313,000
b. $33,000
c. $173,000
d. $140,000

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Auditing And Assurance Services

Authors: Alvin A. Arens, Randal J. Elder, Mark S. Beasley, Chris E. Hogan

16th Global Edition

1292147989, 978-1292147987

More Books

Students also viewed these Accounting questions

Question

What teacher supports and services are needed? (D2, D7, D8)

Answered: 1 week ago

Question

=+Part 1 What kind of client could use vernacular in the campaign?

Answered: 1 week ago