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What amount was reported on the statement of cash flows

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Reference no: EM132345199

Question

You do not understand the answer to this problem at all. 'where do they get the $7000 cash to balance the entry?

Where do they get the $8500 for Depreciation Expense

The answers are here but no explanation as to how to get to them. Can you please help?

The T-accounts for Equipment and the related Accumulated Depreciation-Equipment for Luo Company at the end of 2014 are shown here.

Equipmentt (Beg. bal.77,120 Disposals21,190

Acquisitions39,240

End. bal.95,170

Accumulated Depreciation-Equipment

Disposals5,480 Beg. bal.47,560

Depr. exp.14,470

End. bal.56,550

In addition, Luo Company's income statement reported a loss on the disposal of equipment of $5,690. What amount was reported on the statement of cash flows as "cash flow from sale of equipment"?

Reference no: EM132345199

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