Cash received on the sale of equipment would be considered a financing activity on a statement of cash flows
Indicate whether the statement is true or false
False
You might also like to view...
The entry to record the sale of equipment costing $40,000, with accumulated depreciation of $34,000 and sale price of $8,800, is:
a. Cash 8,800 Accumulated Depreciation— Equipment 34,000 Equipment 40,000 Gain on Sale of Equipment 2,800 b. Accumulated Depreciation— Equipment 34,000 Equipment 25,200 Gain on Sale of Equipment 8,800 c. Accumulated Depreciation— Equipment 8,800 Loss on Sale of Equipment 31,200 Equipment 40,000 d. Accumulated Depreciation— Equipment 14,800 Loss on Sale of Equipment 25,200 Equipment 40,000
A ________ strategy specifies the portfolio of new products that a company will try to develop
A) Product Development B) Marketing and Sales C) Supply Chain D) Finance
Financial statements with data for two or more successive accounting periods placed in columns side by side, sometimes with changes shown in both dollar amounts and percentages, are referred to as:
A. Comparative statements. B. Period-to-period statements. C. Controlling statements. D. Successive statements. E. Serial statements.
A home having an annual tax bill of $2,460 was sold at the end of the eighth month of the taxable year. The seller had already paid the entire tax for the year. How much tax was the seller reimbursed on proration of taxes at the time of the sale?