Illinois woodworking company is preparing its statement of cash flows using the indirect
meth...
Illinois woodworking company is preparing its statement of cash flows using the indirect
method. during the year, illinois woodworking sold equipment for $6490 cash. the net book
value of the asset was $4770. which of the following statements is true?
a) the cash receipt of $6490 is shown as a positive cash flow in the investing activities section.
b) the gain on sale of $1720 is shown as a positive cash flow in the financing activities section.
c) the gain on sale of $1720 is added back to net income in the operating activities section.
d) the book value of the asset sold is shown as a negative cash flow in the investing activities
section.
Answers: 1
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