1.
A. $8,000
B. $22,000
C. $20,000
D. $14,000
2. If Cost of Goods sold is $145,800 and the beginning and ending Inventory balances are $18,400 and $13,400, respectively, inventory purchases for cash equal:
3. Which of the following would not be included in the cash and cash equivalents amount reported on the balance sheet?
-
A. Money market funds
-
B. Checking accounts
-
C. Treasury bills
-
D. Notes receivable due in 90 days
Homework Answers
Solution 1:
Accumulated depreciation on Equipment sold = Cost of equipment sold - Book Value = $20000 - $6000 = $14,000
Depreciation expense to be reported in operating activities section = Ending Accumulated Depreciation - (Beginning Accumulated Depreciation - Accumulated depreciation on Equipment sold)
= $184000 - ($190000 - $14000) = $184000 - $176000 = $8,000
Hence option "a" is correct.
Solution 2:
Inventory purchases = Cost of goods sold + Ending inventory - Beginning inventory
= $145800 + $13400 - $18400
= $140,800
Solution 3:
Checking accounts would not be included in the cash and cash equivalents amount reported on the balance sheet.
Add Answer to:
1.
A. $8,000
B. $22,000
C. $20,000
D. $14,000
2. If Cost of Goods sold is...
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