Manning Tint, Inc uses the indirect method to prepare its statement of cash flows
Refer to the following portion of the comparative balance sheet:
Manning Tint, Inc
Comparative Balance Sheet
December 31, 2017 and 2016
2016 2015 Increase/(Decrease)
Cash $28,000 $25,000 $3,000
Accounts Receivable 32,000 38,000 (6,000 )
Merchandise Inventory 55,000 25,000 30,000
Plant and Equipment 126,000 93,000 33,000
Accumulated Depreciation-Plant and Equipment (44,000 ) (45,000 ) (81,000 )
Total Assets $197,000 $136,000 $141,000
Additional information provided by the company includes the following:
1. Equipment was purchased for $66,000.
2. Equipment with a cost of $37,000 and accumulated depreciation of 7,200 was sold for $49,000.
What was the amount of net cash provided by (used for) investing activities?
A) $256,000
B) $17,000
C) $(256,000 )
D) $(17,000 )
D .D)
Cash Flows from Investing Activities:
Cash Payment for Purchase of Equipment $(66,000 )
Cash Receipt From Disposal of Equipment 49,000
Net Cash Used for Investing Activities $(17,000 )
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