Total cash used in investing activities

Assignment Help Financial Accounting

Reference no: EM133531

Question :

Company reported total income of $420,000 for 2014. Changes occurred in numerous balance sheet accounts as follows:

Equipment $35,000 increase

Accumulated Depreciation $56,000 increase

Notes Payable $42,000 increase

Additional information:

-In 2014, Company sold equipment costing $35,000, with accrue depreciation of $16,800, for a profit of $7,000

-In December 2014, Company purchased equipment costing $70,000 WITH CASH and a 12 percent note payable of $42,000

-Depreciation expense for the year was $72,800

In Company's 2014 statement of cash flows, total cash used in investing activities should be?

Reference no: EM133531

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