The following selected information is from Manning Companys comparative balance sheets. The income statement reports depreciation expense
Question:
The income statement reports depreciation expense for the year of $36,000. Also, furniture costing $105,000 was sold for its book value. Compute the cash received from the sale offurniture.
Transcribed Image Text:
At December 31 2009 2008 Accumulated depreclation-Furnlture ( (174400) (221.400)
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 54% (11 reviews)
Computation of cash inflow from sale of furniture Cost of furniture sold given 105000 ...View the full answer
Answered By
Bhartendu Goyal
Professional, Experienced, and Expert tutor who will provide speedy and to-the-point solutions. I have been teaching students for 5 years now in different subjects and it's truly been one of the most rewarding experiences of my life. I have also done one-to-one tutoring with 100+ students and help them achieve great subject knowledge. I have expertise in computer subjects like C++, C, Java, and Python programming and other computer Science related fields. Many of my student's parents message me that your lessons improved their children's grades and this is the best only thing you want as a tea...
3.00+
2+ Reviews
10+ Question Solved
Related Book For
Question Posted:
Students also viewed these Managerial Accounting questions
-
The following selected information is from Mooney Companys comparative balance sheets. The income statement reports depreciation expense for the year of $36,000. Also, furniture costing $105,000 was...
-
The following selected information is from Ellerby Companys comparative balance sheets. The income statement reports depreciation expense for the year of $ 18,000. Also, furniture costing $ 52,500...
-
The following selected information is from the Tanner Companys comparative balance sheets. The companys net income for the year ended December 31, 2009, was $96,000. 1. Compute the cash received from...
-
Which statement is correct? A) Tax credits reduce tax liability on a dollar-for-dollarbasis. B) Tax deductions reduce tax liability on a dollar-for-dollarbasis. C) The benefit of a tax credit depends...
-
Referring to the CICA research study mentioned in this chapter, discuss some limitations of the financial statement analysis done in BE23-19. In BE23-19 2014 2013 $780 546 234 156 78 2012 Net sales...
-
1. Physicists are the only scientists who theorize about the nature of time, and Stephen Hawking certainly does that. Therefore, Stephen Hawking must be a physicist. 2. Whenever suicide rates...
-
A fixed asset (a machine) was purchased by Adjourn plc on 1 July 20X1 at a cost of 25,000. The company prepares its annual accounts to 31 March in each year.The policy of the company is to depreciate...
-
Last Resort Industries Inc. is a privately held diversified company with five separate divisions organized as investment centers. A condensed income statement for the Specialty Products Division for...
-
Given f(x)= {2x+1 if x>0 x+1 if x0 find: f(3) 06 07 O 1 O 10 O x + 2x
-
In 2015 there was a viral story about the colors of a dress in a picture. Some saw the colors as blue and black and others saw them as white and gold. Suppose you take a sample of 100 people and ask...
-
Use the following information to determine this company's cash flows from operating activities using the indirectmethod. LOLLAND COMPANY Selected Balance Sheet Information December 31, 2009 and 2008...
-
Use the indirect method to prepare the cash provided or used from operating activities section only of the statement of cash flows for thiscompany. AMMONS, INC. Income Statement For Year Ended...
-
Grace is a self-employed sales consultant who spends significant time entertaining potential customers. She keeps all the appropriate records to substantiate her entertainment. She has the following...
-
Describe the characteristics of multigenerational team members and their influence on the team. If employed, discuss how these differences are seen in your place of employment. If you are not...
-
Newton's second law: Net Force = Mass x Acceleration. An elevator filled with passengers has a mass of 1,447 kg. It decelerates up at 1.55 m/s2 What is the tension (in Si units) in the cable...
-
Wildhorse Inc. began operations on October 1 , 2 0 2 5 . The company acquired a building on that date for $ 4 0 4 0 0 0 . The useful life of the building is 2 5 years and the salvage value is $ 4 4 3...
-
K Points: 0.5 of 2 In a survey of 3242 adults aged 57 through 85 years, it was found that 86.2% of them used at least one prescription medication. Complete parts (a) through a. How many of the 3242...
-
1. To cure his insomnia, Mr. Ming takes a sleeping pill just before bedtime. It is most likely that this practice A. reduces his risk of sleep apnea. B. reduces his REM sleep. C. increases his risk...
-
Two coherent sources of water waves of frequency \(f\) and speed \(c\) are a distance \(d\) apart and equal in amplitude. Nodal lines exist where the path lengths from the sources differ by an odd...
-
Imagine a sound wave with a frequency of 1.10 kHz propagating with a speed of 330 m/s. Determine the phase difference in radians between any two points on the wave separated by 10.0 cm.
-
Show that satisfies the equation y = e(A cost + B sin t) + 2 sin 2t - cos 2t
-
Refer to the information about Bekham Company in Exercise 16-6. Use the direct method to prepare only the cash provided or used by operating activities section of the statement of cash flows for...
-
Use the following information to determine this companys cash flows from investing activities. a. Sold land costing $315,000 for $400,000 cash, yielding a gain of $15,000. b. Paid $106,000 cash for a...
-
Use the following information to determine this companys cash flows from financing activities. a. Net income was $472,000. b. Issued common stock for $75,000 cash. c. Paid cash dividend of $13,000....
-
hello , can you please help me answer those a question correctly, thank you. Saved Help Save & Exit Subn Keisha owns 100% of DEF Company and has a basis ofof $12,000. Keisha has a: $10,000 in its...
-
Accountants that are focused on issuing financial statements to serve the dicision making needs of external users of the business are called
-
Under the default provisions, the financial rights between member-management owners and manager-management owners is: Question 2 options: a) immaterial. b) material, giving a higher percentage of...
Study smarter with the SolutionInn App