During the period, Sanchez Company sold some excess equipment at a loss. The following information was...

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During the period, Sanchez Company sold some excess equipment at a loss. The following information was collected from the company's accounting records: From the Income Statement Depreciation expense 860 3,700 Loss on sale of equipment From the Balance Sheet Beginning equipment Ending equipment 20,800 11,600 Beginning accumulated depreciation Ending accumulated depreciation 1,880 1,790 No new equipment was bought during the period. Required: ► 1. For the equipment that was sold, determine its original cost, its accumulated depreciation, and the cash received from the sale (Use the equipment and accumulated depreciation T-accounts to infer the book value of the equipment sold.) Cost of equipment sold Accumulated depreciation on sold equipment Cash received from sale 2. Sanchez Company uses the indirect method for the Operating Activities section of the cash flow statement. What amount related to the sale would be added or subtracted in the computation of Net Cash Flows from Operating Activities?(Input the amount as positive value.) The would be 3. What amount related to the sale would be added or subtracted in the computation of Net Cash Flows from Investing Activities? (Input the amount as positive value.) The cash would be s During the period, Sanchez Company sold some excess equipment at a loss. The following information was collected from the company's accounting records: From the Income Statement Depreciation expense 860 3,700 Loss on sale of equipment From the Balance Sheet Beginning equipment Ending equipment 20,800 11,600 Beginning accumulated depreciation Ending accumulated depreciation 1,880 1,790 No new equipment was bought during the period. Required: ► 1. For the equipment that was sold, determine its original cost, its accumulated depreciation, and the cash received from the sale (Use the equipment and accumulated depreciation T-accounts to infer the book value of the equipment sold.) Cost of equipment sold Accumulated depreciation on sold equipment Cash received from sale 2. Sanchez Company uses the indirect method for the Operating Activities section of the cash flow statement. What amount related to the sale would be added or subtracted in the computation of Net Cash Flows from Operating Activities?(Input the amount as positive value.) The would be 3. What amount related to the sale would be added or subtracted in the computation of Net Cash Flows from Investing Activities? (Input the amount as positive value.) The cash would be s

Answer rating: 100% (QA)

1 Beginning Equipment 20700 Less Ending rquipment 10500 ... View the full answer