Polyglot Services, Inc. sold equipment that cost $52,800 for $14,650 cash. The accumulated depreciation on the equipment on the date of the sale amounted to $37,600. What amount is reported in the Cash Flows from Investing Activities section of the Statement of Cash Flows for this sale of equipment?

Question

Quizplus · Accepted Answer

The cash received from the sale of equipment is reported in the Cash Flows from Investing Activities section of the Statement of Cash Flows, so the amount reported is $14,650. The cost of the equipment and accumulated depreciation are not reported in the Statement of Cash Flows.