question archive The following are selected accounts from the comparative balance sheets and other data for Good, Bad & Ugly, Inc

The following are selected accounts from the comparative balance sheets and other data for Good, Bad & Ugly, Inc

Subject:AccountingPrice: Bought3

The following are selected accounts from the comparative balance sheets and other data for Good, Bad & Ugly, Inc. All balances are normal.December 31Accounts20162015Cash$76,105$51,000Land180,000142,500Equipment270,000300,000Accumulated Depreciation, Equipment(75,000)(67,500)Long Term Notes Payable170,000150,000Common Stock, $5 par185,000165,000Paid in Capital in Excess of Par32,5000Retained Earnings91,45087,500Equipment costing $50,000 with accumulated depreciation of $30,000 was sold for a gain of $3,500.Additional equipment was purchased by signing a new long-term note payable.Net income for 2016 was $35,000.Depreciation expense for the year was $37,500.What amount of cash proceeds from the sale of equipment will be reported in the financing activities section of the Statement of Cash Flows for fiscal year 2016?

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