Fabulous Company had the following information for the year ended December 31,2015 and December 31,2016.
Depreciation expense for the year ended December 31,2016 was $18,000.Equipment that cost $20,000 was sold at a $3,000 loss.The equipment had accumulated depreciation of $10,000.
Required:
Prepare the investing section of the statement of cash flows for the year ended December 31,2016.Use the direct method.

Question

Fabulous Company had the following information for the year ended December 31,2015 and December 31,2016.
  Depreciation expense for the year ended December 31,2016 was $18,000.Equipment that cost $20,000 was sold at a $3,000 loss.The equipment had accumulated depreciation of $10,000.
Required:
Prepare the investing section of the statement of cash flows for the year ended December 31,2016.Use the direct method.

Quizplus · Accepted Answer

The Answer of Fabulous Company had the following information for the year ended December 31,2015 and December 31,2016.
  Depreciation expense for the year ended December 31,2016 was $18,000.Equipment that cost $20,000 was sold at a $3,000 loss.The equipment had accumulated depreciation of $10,000.
Required:
Prepare the investing section of the statement of cash flows for the year ended December 31,2016.Use the direct method.

Fabulous Company Had the Following Information for the Year Ended