Land costing $140,000 was sold for $173,000 cash. The gain on the sale was reported on the income statement as other income. On the statement of cash flows, what amount should be reported as an investing activity from the sale of land?

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02-07-2021
Mathematics

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Land costing $140,000 was sold for $173,000 cash. The gain on the sale was reported on the income statement as other income. On the statement of cash flows, what amount should be reported as an investing activity from the sale of land?

Sagot :

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PiaDeveau PiaDeveau · Answer 1 · 2021-07-07T10:49:36-04:00

Answer:

Amount should be reported in investing activities = $173,000

Step-by-step explanation:

Given:

Amount of land costing = $140,000

Sold amount of land = $173,000

Find:

Amount should be reported in investing activities

Computation:

Amount should be reported in investing activities = $173,000

The cash flow statement shows how much money is coming in and going out. The whole amount of cash received, which is 173,000 dollars, will be recorded as proceeds from the sale of land in the investment activity. As a result, the right answer is 173,000.

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