Business, 13.07.2021 15:20 raytaygirl

Illinois Woodworking Company is preparing its statement of cash flows using the indirect method. During the year, Illinois Woodworking sold equipment for $5990 cash. The net book value of the asset was $4770. Which of the following statements is true? A. The gain on sale of $1,020 is shown as a positive cash flow in the financing activities section.
B. The gain on sale of $1,020 is added back to net income in the operating activities section.
C. The book value of the assets sold is shown as a negative cash flow in the investing activities section.
D. The cash receipt of $5,990 is shown as a positive cash flow in the investing activities section.

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Illinois Woodworking Company is preparing its statement of cash flows using the indirect method. Dur...

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