Question
Use the information below to determine cash flow from operations for 2015. Equipment, December 31, 2014 $65,000 Equipment, December 31, 2015 $72,000 Accumulated Depreciation, December
Use the information below to determine cash flow from operations for 2015.
Equipment, December 31, 2014 $65,000 Equipment, December 31, 2015 $72,000 Accumulated Depreciation, December 31, 2014 $39,000 Accumulated Depreciation, December 31, 2015 $30,000
During 2015, the company sold equipment with a cost of $30,000 and accumulated depreciation of $25,000. A gain of $3,000 was recognized on the sale of the equipment.
What was Depreciation Expense for 2015? Group of answer choices $16,000 $9,000 $21,000 $30,000 $2,000 | ||
Summary Income Statement Information | |
Revenue | $3,300 |
COGS | (1,000) |
Gross Profit | 2,300 |
Depreciation Expense | (120) |
Rent Expense | (800) |
Salary Expense | (870) |
Income from Operations | 510 |
Gain on Sale | 30 |
Net Income | $540 |
Cash Flow from Operations for 2015 is:
Group of answer choices
$660
$540
$840
$810
None of the above
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