Practice Quiz

CLEP Accounting

Category - Accounting

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Cartman’s Cats sells one of their delivery trucks with proceeds of $5,000 and a gain of $3,000. How much is reported on the statement of cash flows under cash from investing activities?
  1. None
  2. $2,000
  3. $8,000
  4. $3,000
  5. $5,000
Explanation

Answer - E - $5,000. The proceeds from the sale will be reported on the statement of cash flows under cash from investing activities.

Key Takeaway: The proceeds from the sale of a long term asset are reported under cash from investing activities on the statement of cash flows.
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