User Account

All Pages

What amount should be reported as cash received on sale

Assignment Help Financial Accounting
Reference no: EM132796912

The following account balances appear on Jenkins Company's balance sheets at the beginning and end of 20X7:

                                         1/1/20X7                12/31/20X7

Equipment                               $540,000                  $478,000

Accumulated depreciation              230,000               202,000

Problem 1: Jenkins sold a piece of equipment with an original cost of $109,000 for a gain of $2,000. The equipment had associated accumulated depreciation of $64,000. On a statement of cash flows, what amount should be reported as cash received on sale of equipment?

a. $50,000

b. $43,000

c. $47,000

d. $45,000

e. $49,000

 

Reference no: EM132796912

Questions Cloud

How much is the total costs controllable by the supervisor : How much is the total costs controllable by the supervisor of the Painting department? How much is the total costs directly identifiable
What amount of current income tax liability should reported : Milan Company reported P9,000,000 income before provision for income tax. What amount of current income tax liability should be reported at year-end
What is pacific company cost of equity : Under the tax rate of 40%, an unlevered firm Pacific Company's WACC is currently 14 percent. The company can borrow at 6 percent.
How will you prepare children and their families : How will you prepare those children, their families, and the staff in your care in each competency? Be sure you provide specific details on each competency.
What amount should be reported as cash received on sale : The equipment had associated accumulated depreciation of $64,000. On a statement of cash flows, what amount should be reported as cash received on sale?
What is the effect of this property dividend : What is the effect of this property dividend on 2016 retained earnings after all nominal accounts are closed
What is the amount of cash received on the sale of equipment : Equipment with an original cost of $80,000 and a book value of $60,000 is sold at a loss of $6,000. What is the amount of cash received on the sale of equipment
What would be the return on the stock : The required return on the stock is 15%, and the market return is 10 percent. What would be the return on the stock
What weights should mv corporation use in its? wacc : Its common equity trades at $55 per? share, and the firm has 6.1 million shares outstanding. What weights should MV Corporation use in its? WACC?

Reviews

Write a Review

Financial Accounting Questions & Answers

  What is the lowest apy that you would want to make sure

You win a grand prize. You have two options. 1.) Take $100,000 today, or 2.) receive $121,000 in five years. You chose the first option, and decide to invest it for 5 years. What is the lowest APY that you would want to make sure you made the right c..

  Find carrying amount of McAndrews Corporation bonds

Using straight-line amortization, the carrying amount of McAndrews Corporation's bonds at December 31, 2015, is? McAndrews Corporation issued $500,000 of 7.0%

  What is felices internal rate of return

How much money will his daughter have in her college fund? (Do not round intermediate calculations, round answer to four decimals, i.e. 123.45)

  Compute the unit cost for one brush

Compute the ratio of operating expense to total revenue and operating income to total revenue and compute the unit cost for one brush.

  What monthly amount will have to be invested

What monthly amount will have to be invested in the beginning of each month into the savings account to be able to accumulate R50 000.00

  Prepare financial statements make professional judgement

Identify four areas in which the accountant preparing financial statements must make professional judgements that will affect the content of the statements.

  Which will increase the dividend yield of a stock

Which will increase the dividend yield of a stock? an increase in the dividend amount. a decrease in the dividend amount. an increase in the stock price

  How much money will have at the end of

You anticipate earning 8% intereston all invested funds. Of course you'd like to know how much money you will have at the end of ?

  Should put a memo in the financial statement

Should put a memo in the financial statement. CI is currently engaged in a legal case over the patent for Check Me Out. Mark Ramsey, the ex-boyfriend

  Milano pizza is a small neighborhood pizzeria

Milano Pizza is a small neighborhood pizzeria that has a small area for in-store dining as well as offering take-out and free home delivery services.

  Determine have enough monies to live comfortably each year

Determine whether you have enough monies to live comfortably each year for 20 years in your dream state. Social Security - $18,000 per year for 20 years.

  How do calculate the beta of the portfolio

Calculate the beta of the portfolio? what does it tells regarding the riskiness of the portfolio. Calculate each of the stock's expected return

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd