Burns Company's 2009 and 2008 balance sheets presented the following data for equipment: During 2009, equipment costing
Question:
Burns Company's 2009 and 2008 balance sheets presented the following data for equipment:
During 2009, equipment costing $35,000 with accumulated depreciation of $30,000 was sold for cash, producing a $4,400 gain.
Required:
1. Calculate the amount of depreciation expense for 2009.
2. Calculate the amount of cash spent for equipment during 2009.
3. Calculate the amount that should be included as a cash inflow from the sale ofequipment.
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Related Book For
Cornerstones of Financial and Managerial Accounting
ISBN: 978-0324787351
1st Edition
Authors: Rich Jones, Mowen, Hansen, Heitger
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