Question
The T-accounts for Equipment and the related Accumulated DepreciationEquipment for Luo Company at the end of 2014 are shown here. Equipment Beg. bal. 77,120 Disposals
The T-accounts for Equipment and the related Accumulated DepreciationEquipment for Luo Company at the end of 2014 are shown here.
| Equipment | |||
| Beg. bal. | 77,120 | Disposals | 21,190 |
| Acquisitions | 39,240 | ||
| End. bal. | 95,170 | ||
| Accumulated DepreciationEquipment | |||
| Disposals | 5,480 | Beg. bal. | 47,560 |
| Depr. exp. | 14,470 | ||
| End. bal. | 56,550 |
In addition, Luo Companys income statement reported a loss on the disposal of equipment of $5,690. What amount was reported on the statement of cash flows as cash flow from sale of equipment?
| Cash flow from sale of equipment | $210 |
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Taxation Of Individuals And Business Entities 2015
Authors: Brian Spilker, Benjamin Ayers, John Robinson, Edmund Outslay, Ronald Worsham, John Barrick, Connie Weaver
6th Edition
978-1259206955, 1259206955, 77862368, 978-0077862367
