Cash Flows Assignment
Determining Cash Flows from Investing Activities Burns Company's 2011 and 2010 balance sheets presented the following data for equipment: Equipment Accumulated depreciation Book value 12/31/2011 $275,000 128,300 $ 146,700 12/31/2010 $225,000 92,700 $ 132,300
During 2011, equipment costing $35,000 with accumulated depreciation of $31,575 was sold for cash, producing a $4,000 gain. 1. Calculate the amount of depreciation expense for 2011. 2. Calculate the amount of cash spent for equipment during 2011. to 3. Calculate the amount that should be included as a cash inflow from the disposal of equipment.
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