Avatar Company uses the indirect method to prepare its statement of cash flows. During 2014, plant assets with book value of $10,000(cost $10,000 and accumulated depreciation $0) were sold for $14,000. Using the worksheet shown below, enter the adjustments needed to record the sale of plant assets and gain on sale of plant assets of $4,000.
Definitions:
Business Discipline
Pertains to the adherence to management theories and practices that aim to improve efficiency, productivity, and accountability in business operations.
Association Is Causation Fallacy
The association is causation fallacy occurs when a correlation between two variables is mistaken for a causal relationship, without sufficient evidence to support such a claim.
Secondary Effects
Unintended consequences of economic actions, which can be positive or negative and occur as indirect results.
Economic Actions
Measures and decisions taken by individuals, firms, or governments that affect the allocation of resources and distribution of goods and services in an economy.
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