Using the Indirect Method, If Land Costing $85,000 Was Sold

question 76

True/False

Using the indirect method, if land costing $85,000 was sold for $145,000, the amount reported in the financing activities section of the statement of cash flows would be $85,000.

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Definitions:

Commercial Banks

The largest and oldest of all financial institutions, relying mainly on checking and savings accounts as sources of funds for loans to businesses and individuals.

Credit CARD Act

A US federal law enacted in 2009 aimed at reducing abusive practices in the credit card industry, enhancing consumer protections.