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My response: I don't understand the explanation on the impact on the cashflow statement, seems to be missing some things on the impact on the cashflow statement. Let me see if I get this right, assuming tax is 40%, here are the impacts on the 3 financial statements: (1) P&L: Add: gain from asset sale +$1.5k, Less: tax effect: -600, Impact on net income: +900. (2) Cashflow statement: (a) CFO: impact from net income: +900, less: gain in asset sale: -1.5k, change in CFO: -600, (b) CFI: Add: proceeds from sale of asset: +10k, change in CFI: +10k, (c) CFF: no change, (d) net change in cash: -600 + 10k = +9.4k. (3) Balance sheet: (a) Asset side: Cash: +9.4k Net PPE: -8.5k, Asset change: +900, (b) Liability side: no change, (c) Equity side: Retained earnings: +900, (d) hence both sides A and L+E are balanced where each side is +900. is this correct? Read More