Question
Additional information: Equipment with a book value of $400 was sold during 2019. All accounts payable relate to inventory purchases. Equipment costing $260 was purchased
Additional information:
Equipment with a book value of $400 was sold during 2019.
All accounts payable relate to inventory purchases.
Equipment costing $260 was purchased with a mortgage during 2019. This fact is already reflected in the balance sheet numbers reported above. All other purchases of equipment in 2019 were cash transactions.
42. Assuming Kimball uses the direct method, what is cash collected from customers?
$10,128
$10,100
$10,072
$9,950
43. Assuming Kimball uses the direct method, what is cash paid to suppliers?
($6,860)
($6,340)
($6,930)
($6,530)
44. Assuming Kimball uses the direct method, what is cash paid for general expenses?
($1,650)
($1,600)
($2,100)
($1,550)
45. Assuming Kimball uses the direct method, what is cash paid for taxes?
($815)
($885)
($850)
($1,150)
46. What is cash paid for the purchase of PP&E?
$944
$545
$684
$424
Cashi...... The following financial statements are available for Kimball Corporation (all dollar amounts Balance Sheet Data (December 31) 2019 2018 300 $ 200 Inventory .............. 1,320 Prepaid general expenses..... 500 550 Property, plant & equipment (PPE)......... 2,800 2,39 Accumulated depreciation ...... (420) (239 Total Assets ......... $ 4.500 $ 3.890 990 $ 19: 33: La payable ............ 178 . . . . . . . . . . . . . . . . . . . . . . . . . . Accounts payable. Income tax payable Unearned sales revenue .......... .... Dividends payable .................... Mortgage payable ........................... Common stock ........... Retained earnings (ending balance, after closing).......... Total Liabilities and Equity ........... 265 300 150 140 1,000 1,000 1.645 $ 4.500 12 1,26 600 1.198 $ 3.896 $ 10,100 Income Statement Data (for 2019) Sales ............... Loss on sale of PPE ... $ (160) Cost of goods sold ... (6,600) General expenses ....... (1,600) Depreciation expense..... (320) Income tax expense....... (850) Total expenses .......... Net income.... $ (9,530) 570Step by Step Solution
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