If a gain of $11,000 is realized in selling (for cash) office equipment having a book value of $55,000, the total amount reported in the cash flows from investing activities section of the statement of cash flows is
A) $44,000
B) $11,000
C) $55,000
D) $66,000

Question

Quizplus · Accepted Answer

The cash flows from investing activities section reports the cash received from the sale of assets. The equipment was sold for its book value of $55,000 plus a gain of $11,000, totaling $66,000 in cash received.

If a Gain of $11,000 Is Realized in Selling (For