During 2020, Quinn Company sold equipment with a book value of $90,000 for proceeds of $109,000....

 

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During 2020, Quinn Company sold equipment with a book value of $90,000 for proceeds of $109,000. The company purchased new equipment for $240,000 by signing a long- term note payable. No other transactions impacted long-term asset accounts during 2020. The investing section of the statement of cash flows will report Onet cash outflows of $226,000 Onet cash inflows of $14,000. Onet cash inflows of $109,000 net cash outflows of $131,000 During 2020, Quinn Company sold equipment with a book value of $90,000 for proceeds of $109,000. The company purchased new equipment for $240,000 by signing a long- term note payable. No other transactions impacted long-term asset accounts during 2020. The investing section of the statement of cash flows will report Onet cash outflows of $226,000 Onet cash inflows of $14,000. Onet cash inflows of $109,000 net cash outflows of $131,000

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Quinn Company Cash flow Statement for the year ended 2020 Particulars Amount Cash f... View the full answer