Refer to the data in QS 12-11. Furniture costing $55,000 is sold at its book value in
Question:
Refer to the data in QS 12-11.
Furniture costing $55,000 is sold at its book value in 2018. Acquisitions of furniture total $45,000 cash, on which no depreciation is necessary because it is acquired at year-end. What is the cash inflow related to the sale of furniture?
Transcribed Image Text:
CRUZ, INC. Comparative Balance Sheets December 31, 2018 2018 2017 Assets Cash. $ 94,800 $ 24,000 Accounts receivable, net. 41,000 51,000 Inventory.... 85,800 95,800 Prepaid expenses.. 5.400 4.200 Total current assets 227,000 175,000 Furniture ... 109,000 119,000 (17,000) $319,000 (9,000) $285,000 Accum. depreciation-Furniture Total assets... Liabilities and Equity Accounts payable.. $ 15,000 $ 21,000 Wages payable.. 9,000 5,000 Income taxes payable.. Total current liabilities . Notes payable (long-term).. 1.400 2,600 25,400 28,600 29,000 69,000 Total liabilities.. 54,400 97,600 Equity Common stock, $5 par value. Retained eamings... Total liabilities and equity.. 229,000 179,000 35,600 $319,000 8,400 $285,000 .....
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 64% (14 reviews)
Computation of cash inflow from sale of furniture Cost of furniture sold given 5...View the full answer
Answered By
JAPHETH KOGEI
Hi there. I'm here to assist you to score the highest marks on your assignments and homework. My areas of specialisation are:
Auditing, Financial Accounting, Macroeconomics, Monetary-economics, Business-administration, Advanced-accounting, Corporate Finance, Professional-accounting-ethics, Corporate governance, Financial-risk-analysis, Financial-budgeting, Corporate-social-responsibility, Statistics, Business management, logic, Critical thinking,
So, I look forward to helping you solve your academic problem.
I enjoy teaching and tutoring university and high school students. During my free time, I also read books on motivation, leadership, comedy, emotional intelligence, critical thinking, nature, human nature, innovation, persuasion, performance, negotiations, goals, power, time management, wealth, debates, sales, and finance. Additionally, I am a panellist on an FM radio program on Sunday mornings where we discuss current affairs.
I travel three times a year either to the USA, Europe and around Africa.
As a university student in the USA, I enjoyed interacting with people from different cultures and ethnic groups. Together with friends, we travelled widely in the USA and in Europe (UK, France, Denmark, Germany, Turkey, etc).
So, I look forward to tutoring you. I believe that it will be exciting to meet them.
3.00+
2+ Reviews
10+ Question Solved
Related Book For
Financial Accounting Information for Decisions
ISBN: 978-1259917042
9th edition
Authors: John J. Wild
Question Posted:
Students also viewed these Business questions
-
Refer to the data in QS 12-6. 1. How much cash is paid to acquire merchandise inventory during year 2009? 2. How much cash is paid for operating expenses during year 2009?
-
Refer to the data in QS 12-6. Use the direct method to prepare the cash provided or used from operating activities section only of the statement of cash flows for this company.
-
Refer to the data in QS 12-6. QS 12-6 1. How much cash is paid to acquire merchandise inventory during year 2013? 2. How much cash is paid for operating expenses during year 2013? CRUZ, INC....
-
Figure shows a hypothetical speed distribution for particles of a certain gas: P(v) = Cv2 for 0 v0. Find (a) An expression for C in terms of v0, (b) The average speed of the particles, and (c) Their...
-
Sandhoff disease is due to a mutation in a gene that encodes a protein called hexosaminidase B. This disease has symptoms that are similar to Tay-Sachs disease. Weakness begins in the first 6 months...
-
For the following exercises, evaluate the limits algebraically. |x - 4| lim x-4 4-x
-
Refer to the data given for the Pruitt Company in Problem P12-3A. Required a. Compute the change in cash that occurred in 2019. b. Prepare a statement of cash flows using the direct method. Use one...
-
Inventory Errors At December 31, 2010, Dwight Corporation reported current assets of $390,000 and current liabilities of $200,000. The following items may have been recorded incorrectly. Dwight uses...
-
Question 1) explain what a letter of credit is and provide an example when it would be used. Question 2) How can government restrictions affect international payments among countries?
-
Palins Muffler Shop has one standard muffler that fits a large variety of cars. The shop wishes to establish a periodic review system to manage inventory of this standard muffler. Use the information...
-
Use the indirect method to prepare the cash provided or used from operating activities section only of the statement of cash flows for this company. CRUZ, INC. Comparative Balance Sheets December 31,...
-
Refer to Simon Companys financial information in Exercises 13-6 and 13-8. Additional information about the company follows. To help evaluate the companys profitability, compute and interpret the...
-
What arguments can be advanced in favour of absorption costing?
-
1. Use Ford-Fulkerson algorithm to solve the max-flow problem based on the following network where the capacity of each edge has been labeled. Draw, separately, the residual graph when you cannot...
-
1. Discuss the relationship between money market Funds and mutual funds. How does one influences the other? Give example. 2. Discuss the concept of Money Market Mutual Funds and give examples. 3....
-
Sandra operates a craft sewing business, making $15,000 in gross income during the year. Her only costs are inventory. She begins the year with $6,000 in inventory items, and purchases $4,500 more...
-
Automaton, Inc. recently issued a $20 million par bond, which pays an annual coupon of 10%. What is the bond's yield-to-maturity if it currently trades at 92% of par value and matures in 10 years?
-
1. Estimate weekly or monthly usage of each household expenditure. A minimum of 40 items is required from various areas of spending including groceries, transportation and entertainment. (E.g....
-
Explain how you would use IR spectroscopy to distinguish between trans-3-hexene and 2, 3-dimethyl-2-butene.
-
For the data in Exercise 17-19, use the FIFO method to summarize total costs to account for, and assign these costs to units completed and transferred out, and to units in ending work in process....
-
Spiller Corp. plans to issue 10%, 15-year, $500,000 par value bonds payable that pay interest semiannually on June 30 and December 31. The bonds are dated December 31, 2008, and are issued on that...
-
Spiller Corp. plans to issue 10%, 15-year, $500,000 par value bonds payable that pay interest semiannually on June 30 and December 31. The bonds are dated December 31, 2008, and are issued on that...
-
The following data are for the two products produced by Aplan Company. The company's direct labor rate is $20 per direct labor hour (DLH). Additional information follows. Required 1. Compute the...
-
pronghorn company expects to produce 1248000 units of product xx in 2022 monthly production is expected to range from 83200 to 124800
-
A project entails an initial investment of Rs 600 million. The project has a life of 5 years. The Sales in the first year are projected at Rs 350 million. Over the next 3 years, Sales are expected to...
-
Assuming that I am a supply chain managers for a company supplying products to Rebel Sport, my task is to develop a forecast and distribution plan for supplying a JBL headphone to Rebel Sport outlets...
Study smarter with the SolutionInn App