Multiple Choice
Puget Sound Co. sold available-for-sale marketable securities costing $80,000 for $92,000 cash. In the company's income statement and statement of cash flows, respectively, this will appear as:
A) A $12,000 gain and a $92,000 cash receipt.
B) A $92,000 gain and an $8,000 cash receipt.
C) A $12,000 gain and an $80,000 cash receipt.
D) A $92,000 sale and a $92,000 cash receipt.
Correct Answer:
Verified
Correct Answer:
Verified
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