Connecticut,Inc.uses the indirect method to prepare its statement of cash flows.Refer to the following portion of the comparative balance sheet:

Additional information provided by the company includes the following:
1)Equipment was purchased for $67,000 with cash.
2)Equipment with a cost of $36,000 and accumulated depreciation of $7300 was sold for $48,000.
What was the amount of net cash provided by (used for)investing activities?

Question

Connecticut,Inc.uses the indirect method to prepare its statement of cash flows.Refer to the following portion of the comparative balance sheet:

Additional information provided by the company includes the following:
1)Equipment was purchased for $67,000 with cash.
2)Equipment with a cost of $36,000 and accumulated depreciation of $7300 was sold for $48,000.
What was the amount of net cash provided by (used for)investing activities?

Quizplus · Accepted Answer

D)
Cash Flows from Investing Activities:
 11ea86ed_2c34_0900_8b27_3545995a671d_TB3056_00