The activity in the Plant Assets and related Accumulated Depreciation accounts for 2013 is shown below.In addition,the income statement shows a gain on sale of plant assets of $16,000.
Based on the information given,compute the amounts to be shown and indicate how they would appear on the statement of cash flows.Assume that the indirect method is being used and that the plant assets were purchased for cash.

Question

The activity in the Plant Assets and related Accumulated Depreciation accounts for 2013 is shown below.In addition,the income statement shows a gain on sale of plant assets of $16,000.
  Based on the information given,compute the amounts to be shown and indicate how they would appear on the statement of cash flows.Assume that the indirect method is being used and that the plant assets were purchased for cash.

Quizplus · Accepted Answer

The Answer of The activity in the Plant Assets and related Accumulated Depreciation accounts for 2013 is shown below.In addition,the income statement shows a gain on sale of plant assets of $16,000.
  Based on the information given,compute the amounts to be shown and indicate how they would appear on the statement of cash flows.Assume that the indirect method is being used and that the plant assets were purchased for cash.

The Activity in the Plant Assets and Related Accumulated Depreciation