Return to Blackboard IS Klemes, Survey of Accounting, 2e CALCULATOR PRINTER VERSION BACK NEXT Exercise 7-9 Shown below is a tabular summary relating to equipment that was purchased for cash by a company on the first day of the current year. The equipment was deprecated on a straight-line basis with an estimated useful Ife of 10 years and a salvage value of $110. Part of the equipment was sold on the last day of the current year for cash proceeds. Use the information in the tabular summary to derive the missing amounts: (a) Purchase of equipment on January 1. What was the cash paid? (b) Depreciation recorded on December 31. What was the depreciation expense? Sale of part of the equipment on December 31. What was the gain on disposal? (If a transaction causes a decrease in Assets, Liabilities or Stockholders' Equity, place a negative sign (or parentheses) in front of the amount entered for the particular Asset, Liability or Equity item that was reduced.) Assets Liabilities + Stockholders' Equity Retained Earnings Cash + Equipment. Accum. Depr. - Equip- + Common Stock + Revenue Expense - Dividend Jan. 1 $1,220 Dec 31 -111 Dec. 31 432 454 (c) Click if you would like to show Work for this questioni Open Show Worx LINK TO TEXT LINK TO TEXT LINK TO TEXT Question Attempts: 0 of 3 used SAVE FOR LATES SUBMIT ANSWER MacBook Return to DISORDoard Kimmel, Survey of Accounting, le LUS Hide System Announcements CALCULATOR INTERVISTON BACH NEXT RCES Problem 7-7 Ex Your answer is incorrect. Try again. Culver Corporation and Bridgeport Corporation, two companies of roughly the same stre, are both involved in the manufacture of shoe-tracing devices. Each company depreciates its plant assets using the straight-line approach. An investigation of their financial statements reveals the information shown below Culver Bridgeport Corp. Corp. Net Income $ 230,520 $ 247,020 Sales revenue 1,152,600 1.235.100 Total assets (average) 3,390,000 2,791,326 Plant assets (average) 279,000 1,091,000 Intangible assets (goodwill) 400,100 0 (a) For each company, calculate these values: (Round answers to 3 decimal places, ... 6.250% or 17.540) Culver Corp. Bridgeport Corp 06 (1) Return on assets (2) Profit margin times (3) Asset turnover Click if you would like to show Work for this questioni Oren Show Work LINK TO TY Question Attemptsi 1 of used MeBook