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Elena-2011 [213]
2 years ago
14

In 2019, BayKing Company sold used equipment for $17,000. The equipment had an original cost of $80,000 and accumulated deprecia

tion as of the date of sale was $60,000. BayKing also purchased held−to−maturity securities for $7,000. Net income for the year was $76,000. There were no other transactions conducted during the period. What are the 2019 net operating cash flows for BayKing under the indirect method
Business
1 answer:
miv72 [106K]2 years ago
7 0

Answer:

$73,000

Explanation:

Equipment net book value (NBV) = $80,000 - $60,000 = $20,000

Loss on sale of equipment = NBV - Sales proceed = $20,000 - $17,000 = $3,000

Net operating cash flows for 2019 = Net income - Loss on sale of equipment = $76,000 - $3,000 = $73,000

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