ACCT 2050 at University of Minnesota--Twin Cities

5. Gain on Sale of Equipment

in Topic 13 (Problem 5 of 7)

Maverick Co. sold equipment with a cost of $30,000 and accumulated depreciation of $12,000 for an amount that resulted in a gain of $4,000. What amount should Maverick report on the statement of cash flows as "proceeds from sale of plant assets"?

  1. 30,000
  2. 14,000
  3. 22,000
  4. 34,000
Watch Solution (1:16) Hide Solution Reveal Solution

The Rest Of The Practice Problems

Click Here to View All Topic 13 Problems at Once View
1 Depreciation in Indirect Cash Flows Easy
2 Investing Activity Classification Easy
3 Operating Activities, Indirect Method Easy
4 Cash Flows and Gains Moderate
5 Gain on Sale of Equipment
You are here. 		Moderate
6 Investing vs Financing Moderate
7 Comprehensive Cash Flow Hard
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Topic 13 Videos

1 Cash Flow Overview 6:02
2 Operating Cash Flows 18:41
3 Indirect Method 14:26
4 Investing Cash Flows 5:14
5 Financing Cash Flows 3:17
6 Depreciation in Cash Flows 5:50
7 PPE for Cash Flows 2:39
8 Bringing it All Together 13:57