Question: The accountant for Alpine Hobby Stores prepared the following selected information for the year ended December 31, 2011: Equipment with a book value of $18,000

The accountant for Alpine Hobby Stores prepared the following selected information for the year ended December 31, 2011:

Equipment with a book value of $18,000 was sold for $16,000 cash. The original cost of the equipment was $21,000. Determine the cash inflows and outflows during 2011 associated with each of the accounts listed. Indicate how the cash flows for each item would be presented on the statement of cashflows.

Dec. 31, 2011 Dec. 31, 2010 (a) Equipment $55,000 13,900 20,000 16,000 $62,000 2,800 25,000 2,000 (c) Long-Term Debt (d) Common Stock

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