Question
Grant Company has the following information available: Equipment, Dec 31, 2009 $65 Equipment, Dec 31, 2010 $72 Accum depr, Dec 31, 2009 $39 Accum depr,
Grant Company has the following information available:
Equipment, Dec 31, 2009 $65 Equipment, Dec 31, 2010 $72 Accum depr, Dec 31, 2009 $39 Accum depr, Dec 31, 2010 $30
During 2006, Grant sold equipment with a cost of $22 and accumulated depreciation of $20. A gain of $1 was recognized on the sale.
What amount of cash did Grant receive from the sale of the equipment?
| a. | $2.00 | |
| b. | $2.10 | |
| c. | $2.30 | |
| d. | $3.00 | |
| e. | none of the above |
Refer to the information above for Grant Company.
How much cash did Grant Company pay during the year 2010 to purchase equipment?
| a. | $15 | |
| b. | $20 | |
| c. | $27 | |
| d. | $29 | |
| e. | none of the above |
Refer to the information above for Grant Company.
How much did Grant report as depreciation expense for the year 2010?
| a. | $6 | |
| b. | $9 | |
| c. | $10 | |
| d. | $11 | |
| e. | none of the above |
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started
Internal Auditing And Risk Management The Mediating Effect Of Role Ambiguity On Factors Performance Relationship
Authors: Shabnam Fazli Aghghaleh, Zakiah Mohammadun Mohammed, Azlina Ahmad
1st Edition
3846587397, 978-3846587393
