1) The Enterprise purchased an equipment on January 1^st, 2011 that had an estimated useful life of 10 years.The equipment cost $50,000 and estimated residual value was $5,000 at the time of purchase. After three full years of use, the equipment was sold for cash and recognized a $3,000 gain on the sale of that equipment. How much cash did the enterprise receive for the equipment?

2) Aqua Company started the year with the following:

Assets $100,000; Liabilities $60,000; Common Stock $30,000; and a Retained Earnings balance. During the year,

a) The company earned revenue of $200,000. $190,000 of that revenue was collected in cash, the remainder was still outstanding at the end of the year

b) The company started the year with $20,000 in Accounts Receivable, all the amount was collected during the year

c) Aqua Company incurred expenses of $180,000 and 10% of those expenses were unpaid as of the end of the year

d) Aqua company declared and paid dividends of $5,000 during the year

Make the equations in these orders (Table

Item : Assets = Liabilities + Common Stock + Retained Earnings

Beginning Balance Assets = Liabilities + Common Stock + Retained Earnings

A) Assets = Liabilities + Common Stock + Retained Earnings

B) Assets = Liabilities + Common Stock + Retained Earnings

C) Assets = Liabilities + Common Stock + Retained Earnings

D) Assets = Liabilities + Common Stock + Retained Earnings

Ending Balance for Assets = Liabilities + Common Stock + Retained Earnings