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DiKsa [7]
4 years ago
14

Connecticut, Inc. uses the indirect method to prepare its statement of cash flows. Refer to the following portion of the compara

tive balance sheet: Connecticut, Inc. Comparative Balance Sheet December 31, 2019 and 2018 2019 2018 Increase/(Decrease) Cash $25,000 $22,000 $3000 Accounts Receivable 31,000 38,000 (7000) Merchandise Inventory 55,000 26,000 29,000 Plant and Equipment 124,000 93,000 31,000 Accumulated Depreciation-Plant and Equipment (47,000) (43,000) (4000) Total Assets $188,000 $136,000 $52,000 Additional information provided by the company includes the following: Equipment was purchased for $67,000 with cash. Equipment with a cost of $36,000 and accumulated depreciation of $7300 was sold for $48,000. What was the amount of net cash provided by (used for) investing activities?
Business
1 answer:
Solnce55 [7]4 years ago
4 0

Answer:

cash <u>used</u> for investing activities   19,000

Explanation:

The indirect mehtod impact the calculations for operating activities.

The investing and financing activities balance will be the same on both method.

Investing activities: purchase and sale of long term assets and securities trading:

proceeds from sale of equipment          48,000

purchase of equipment                          (67,000)

        cash <u>used</u> for investing activities   19,000

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