Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Selected accounts from the SFP of Lexy Limited at 31 December 20X7 and 20x6 are presented below. During the year, equipment with an original cost
Selected accounts from the SFP of Lexy Limited at 31 December 20X7 and 20x6 are presented below. During the year, equipment with an original cost of $151,000 and net book value of $64,300 was sold at a loss of $11,400. Other equipment was purchased for cash. As at 31 December Equipment Accumulated depreciation, equipment 20x7 20X6 $303,800 $174,700 (129,100) (114,000) 174,700 60,700 Required: List the items that would be included in the SCF from these accounts for 20X7. Assume indirect method is used to calculate operating activities section. What was the reduction in accumulated depreciation from the sale of equipment? What was the total cash outflow for new equipment? What was the total amount of depreciation expense incurred? Choose... $303,800 $86,700 $52,900 $129,100 Some other number $64,300 $101,800 $179,000 What was the total cash received for the sale of old equipment
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access with AI-Powered Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started