Wyoming Company Had the Following Information for the Year Ended

question 95

Essay

Wyoming Company had the following information for the year ended December 31,2015 and December 31,2016.
$\begin{array}{lll}&\text { December } 31,2016&\text { December } 31,2015\\\text { Equipment } & \$ 186,000 & \$ 156,000 \\\text { Accumulated depreciation } & 62,000 & 54,000\end{array}$
Depreciation expense for the year ended December 31,2016 was $18,000.Equipment that cost $20,000 was sold at a $3,000 loss.The equipment had accumulated depreciation of $10,000.
Required:
Prepare the investing section of the statement of cash flows for the year ended December 31,2016.

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Definitions:

Realized Gross Profit

The gross income that a company has earned and recognized from its sales or services, after accounting for the cost of goods sold, but before deducting operating expenses.

Installment Sales Revenue

Revenue recognized from sales that are paid in installments over a period, rather than in a single transaction.

Installment Sales Method

An accounting technique used to recognize revenue from sales made on credit, where income is recognized proportionally as payments are received.

Recognized Gross Profit

Gross profit that has been realized and reported in the financial statements of a company, calculated as sales revenue minus the cost of goods sold.