The Following Two Scenarios Are Independent of One Another

question 32

Essay

The following two scenarios are independent of one another.
1- An analysis of the general ledger accounts indicates that office equipment was sold for $39,600 during the year. The equipment originally cost $68,000 and had accumulated depreciation of $22,500 on the date of sale. Indicate how the elements of this transaction would be reported on the statement of cash flows using the indirect method.
2- An analysis of the general ledger accounts indicates that delivery equipment, which cost $97,000 and on which accumulated depreciation totaled $42,100 on the date of sale, was sold for $57,500 during the year. Using this information, indicate the items to be reported on the statement of cash flows.

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Definitions:

Black Americans

A term referring to Americans with ancestry from sub-Saharan Africa.

Ethnicity

A social category characterized by shared culture, language, heritage, religion, or national origin, distinguishing members of one group from others within a society.

Racial Categorizations

The classification of people into groups based on perceived physical and genetic differences.

Cultural Characteristics

Features that distinguish one group or society from another, including language, customs, values, and artistic expression.