Cornerstone Exercise 11-20 Determining Net Cash Flow from Investing Activities Davis Inc. reported the following...
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Accounting
Cornerstone Exercise 11-20 Determining Net Cash Flow from Investing Activities
Davis Inc. reported the following information:
| 12/31/2019 | 12/31/2018 | |||
| Equipment | $ 220,000 | $155,000 | ||
| Accumulated depreciation | (135,000) | (115,200) | ||
| Investment (long-term) | 20,200 | 12,000 | ||
In addition, Davis sold equipment costing $22,900 with accumulated depreciation of $18,150 for $3,500 cash, producing a $1,250 loss. Davis reported net income for 2019 of $122,350.
Required:
Compute net cash flow from investing activities. Use a minus sign to indicate negative cash flows (outflows).
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