Croft Company sold land costing $10,000 for $12,000. In the investing activities section of the statement...
Croft Company sold land costing $10,000 for $12,000. In the investing activities section of the statement of cash flows, the company will report:
An inflow of $2,000
An inflow of $12,000
An outflow of $10,000
An outflow of $12,000
Homework Answers
The correct option is:
An inflow of $12,000
In the investing activities section;cash proceeds received from sale of land would only be reported as an inflow.The resulting gain/loss would be treated for in the cash flow from operating activities section.
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Croft Company sold land costing $10,000 for $12,000. In the
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