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vodomira [7]
3 years ago
13

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

ative balance​ sheet: ​Connecticut, Inc. Comparative Balance Sheet December​ 31, 2019 and 2018 2019 2018 Increase​ / ​(Decrease) Cash Accounts Receivable ​(​) Merchandise Inventory Plant and Equipment Accumulated DepreciationPlant and Equipment ​(​) ​(​) ​(​) Total Assets Additional information provided by the company includes the​ following: 1. Equipment was purchased for with cash. 2. Equipment with a cost of and accumulated depreciation of was sold for . What was the amount of net cash provided by​ (used for) investing​ activities?

Business
1 answer:
11111nata11111 [884]3 years ago
6 0

Answer:

Net cash used by investing activities  -$16,000

Explanation:

The computation of the amount of net cash provided or used by investing activities is shown below:

Equipment purchase for cash            -$66,000  

Proceeds from the sale of equipment $50,000  

Net cash used by investing activities  -$16,000

The purchase is a cash outflow so it is in negative sign while the sale is cash inflow so it is to be shown in a positive sign

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