Cash paid for depreciation = $0
Explanation : Depreciation is a non cash items which is charged for the obsolescence of the assets.
Patterson Co.'s Depreciation Expense is $20,800 and the beginning and ending accumulated depreciation balances are $150,400...
ABC Co. Sales were $210,000 before a $10,000 cash return. Depreciation expense was $10,000. Salary Expense was $5,000. Rent Expense was $5,000. Retained earnings had a beginning of the year balance of $25,000. Dividends paid were $5,000. Other balances include: Cash ending balance $50,000; Accounts Receivable ending balance of $80,000; Accumulated depreciation had a $40,000 ending balance; allowance for doubtful accounts had an ending $20,000 balance. Supplies had a beginning balance of $50,000, purchases during the year of $140,000, and...
Help A statement of cash flows explains the differences between the beginning and ending balances of 0 Net Income 0 0 Cash Cash equivalents, and short term mements 0 Cash and cash equivalents 0 Working on The statement of cash flows is Multiple Choice Ο Another name for the statement of financial position Ο A financial statement that is the types and amounts of assets, labies and equity of a business on a specific date Ο O A financial statement...
16 Caleb Co. owns a machine that had cost $47.200 with accumulated depreciation of $20,800. Caleb exchanges the machine for a newer model that has a market value of $56,000. 1. Record the exchange assuming Caleb paid $32.400 cash and the exchange has commercial substance. 2. Record the exchange assuming Caleb paid $24,400 cash and the exchange has commercial substance Skipped View transaction list Journal entry worksheet Record the exchange assuming Caleb paid $32,400 cash and the exchange has commercial...
Company X sold Equipment with a $150,000 cost and $40,000 of Accumulated Depreciation for $125,000. At the time of the sales, the company’s PPE account had a beginning and ending debit balances of $245,000 and $300,000 respectively. The company’s accumulated depreciation accounting and beginning and ending credit balances of $100,000 and $98,000 respectively. How much was the gain or loss from the sale of the equipment. How much PPE did Company X purchase during the year? What was Company’s X’s...
Pete's Boats has beginning long-term debt of $840 and ending long-term debt of $790. The beginning and ending total debt balances are $1,220 and $1,360, respectively. The interest paid is $30. What is the amount of the cash flow to creditors? Multiple Choice −$110 $80 $110 −$80 $20
12 Taylor Co. had beginning inventory of $1150 and ending inventory of $1,630. Taylor Co. had cost of goods sold amounting to $3.230. What is the amount of inventory that was purchased during the period? Multiple Choice (2 60025 Ο $2. Ο Ο 53,710 Ο Ο 50,000 Ο Ο μιο Saved Help fine following information applies to me questions displayed below. Chase Co. uses the perpetual Inventory method. The inventory records for Chase reflected the following information: Jan 1 Jan...
Minor Company installs a machine in its factory at the beginning of the year at a cost of $135,000. The machine's useful life is estimated to be 5 years, or 300,000 units of product, with a $15,000 salvage value. During its first year, the machine produces 64,500 units of product. What journal entry would be needed to record the machines' first year depreciation under the units-of-production method? Multiple Choice 0 Debit Depletion Expense $25,800; credit Accumulated Depletion $25,800 0 Debit...
A company reports operating expenses of $5 million. Operating expenses include rent expense. Prepaid rent at the beginning and end of the year is $120,000 and $80,000, respectively. All other operating expenses were paid in cash as incurred. What is the amount of cash paid for operating expenses? Multiple Choice Ο $5,000,000. Ο $5,040,000. 55,000 Ο $4,960,000. Ο $5,080,000.
Ridge Crest Co. has beginning Retained Earnings of $25,000, ending Retained Earnings of $33,800, and net income of $16.500. What was the amount of dividends declared during the year? Multiple Choice O $8.800 $7,700 O $8.500 O $16,500 Which account below is a permanent account? Multiple Choice Service Revenue Deferred Revenue Dividends Depreciation Expense
Help Save & Exit Minor Company installs a machine in its factory at the beginning of the year at a cost of $135,000. The machine's useful life is estimated to be 5 years, or 300,000 units of product, with a $15,000 salvage value. During its first year, the machine produces 64,500 units of product. What journal entry would be needed to record the machines' first year depreciation under the units-of-production method? s 18 Multiple Choice Debit Depletion Expense $25,800, credit...