Reference no: EM132314951
Question
2004 2005
From statement of cash flows :
Cash proceeds from sale of equipment $100 million
Cash outflow for purchase of equipment 170 million
Depreciation 50 million
Gain from sale of equipment 40 million
1. The net book value of equipment sold was:
2. If the beginning and ending property, plant, and equipment are $500 million and $550 million respectively, the gross book value of equipment sold was:
3. Beginning and ending plant assets are $325,000 and $370,000 respectively. Beginning and ending accumulated depreciation are $82,800 and $95,000 respectively. Depreciation expense for the period was $30,000, and new assets of $76,000 were purchased. Plant assets were sold at a $10,500 loss. What were the cash proceeds from the sale?
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As of 12/31
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2005
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2004
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PPE
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$570,000
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$530,000
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Accumulated depreciation
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102,000
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92,000
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Depreciation expense
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30,000
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32,000
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1. What was the book value of the sold assets?
2. What were the cash proceeds from the sale?
3. Beginning and ending prepaid insurance is $36,000 and $26,500 respectively. During the period, $30,500 of insurance expense was recorded. How much new insurance was purchased?
4. The balance for supplies is $41,000 and $27,000 for 12/31/05 and 12/31/06, respectively. During the 2006, the company recorded $30,500 of supplies expense was recorded. How much new supplies were purchased?
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