Question 16 (Part Level Submission) Each of the following items must be consider

Question

Question 16 (Part Level Submission) Each of the following items must be considered in preparing a statement of cash flows for Blackwell statement, if at all. or the year ended December 31 20·State where each tem s be shown m the Plant assets that had cost $18,000 6.5 years before and were being depreciated on a straight-line basis over 10 years with no estimated scrap value were sold for $4,000. Blackwell Inc Statement of Cash Flows Net Income Adjustments to reconcile net income to Attempts: 0 of 15 used SAVE FOR LATER SUBMIT ANSWER

Explanation / Answer

(a)

Blackwell Inc.

Statement of Cash Flows

Cash flows from operating activities Net income XXXX Adjustments to reconcile net income to net cash provided by operating activities: Loss on sale of plant assets[($18,000 ÷ 10) x 31/2] - $4,000 $2,300 Cash flows from investing activities Sale of plant assets $4,000

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