Required Information [The following information applles to the questlons displayed below.] The following events apply to Gulf Seafood for the Year 1 fiscal year: 1. The company started when it acquired $31,000 cash by Issuing common stock. 2. Purchased a new cooktop that cost $16,600 cash. 3. Earned $19,600 in cash revenue. 4. Pald $12,500 cash for salarles expense. 5. Adjusted the records to reflect the use of the cooktop. Purchased on January 1, Year 1, the cooktop has an expected useful life of five years and an estimated salvage value of $3,400. Use straight-Ine depreciation. The adjusting entry was made as of December 31 , Year 1. c. What is the net income for Year 1 ? Required Information [The following information applles to the questlons displayed below.] The following events apply to Gulf Seafood for the Year 1 fiscal year: 1. The company started when it acquired $31,000 cash by Issuing common stock. 2. Purchased a new cooktop that cost $16,600 cash. 3. Earned $19,600 in cash revenue. 4. Paid $12,500 cash for salarles expense. 5. Adjusted the records to reflect the use of the cooktop. Purchased on January 1, Year 1, the cooktop has an expected useful Iffe of five years and an estimated salvage value of $3,400. Use straight-line depreciation. The adjusting entry was made as of December 31 , Year 1. d. What amount of depreclation expense would Gulf Seafood report on the Year 2 Income statement? Required Information [The following information applies to the questions displayed below.] The following events apply to Gulf Seafood for the Year 1 fiscal year: 1. The company started when it acquired $31,000 cash by Issuing common stock. 2. Purchased a new cooktop that cost $16,600 cash. 3. Earned $19,600 in cash revenue. 4. Paid $12,500 cash for salarles expense. 5. Adjusted the records to reflect the use of the cooktop. Purchased on January 1, Year 1, the cooktop has an expected useful Iffe of five years and an estimated salvage value of $3,400. Use straight-IIne depreciation. The adjusting entry was made as of December 31 , Year 1. e. What amount of accumulated depreciation would Gulf Seafood report on the December 31 , Year 2 , balance sheet? Required Information [The following information applies to the questions dlsplayed below.] The following events apply to Gulf Seafood for the Year 1 fiscal year: 1. The company started when it acquired $31,000 cash by Issuing common stock. 2. Purchased a new cooktop that cost $16,600 cash. 3. Earned $19,600 in cash revenue. 4. Pald $12,500 cash for salarles expense. 5. Adjusted the records to reflect the use of the cooktop. Purchased on January 1, Year 1, the cooktop has an expected useful life of five years and an estimated salvage value of $3,400. Use straight-IIne depreciation. The adjusting entry was made as of December 31, Year 1. f. Would the cash flow from operating activities be affected by depreciation in Year 2? Yes No
