Use the following information for the Quick Study below. (Algo) [The following information applies to the questions displayed below] The plant assets section of the comparative balance sheets of Anders Company is reported below. ANDERS COMPANY Comparative Year-End Balance Sheets 2021 Plant assets Equipment Accumulated depreciation-Equipment Equipment, net Buildings Accumulated depreciation-Buildinge buildings, net $215,000 (114.000) $ 101,000 $415,000 (121,000) $ 294,000 1 Cash received from sale of equipment 2 Depreciation expense 2020 $ 305,000 (224,999) $ 81,000 435,000 (306,000) 129,000 QS 12-10 (Algo) Computing investing cash flows LO P3 During 2021, equipment with a book value of $47,000 and an original cost of $245,000 was soid at a loss of $4,400. 1. How much cash did Anders receive from the sale of equipment? 2. How much depreciation exponse was recorded on equipment during 20217 3. What was the cost of new equipment purchased by Anders during 2021?
Use the following information for the Quick Study below. (Algo) [The following information applies to the questions displayed below] The plant assets section of the comparative balance sheets of Anders Company is reported below. ANDERS COMPANY Comparative Year-End Balance Sheets 2021 Plant assets Equipment Accumulated depreciation-Equipment Equipment, net Buildings Accumulated depreciation-Buildinge buildings, net $215,000 (114.000) $ 101,000 $415,000 (121,000) $ 294,000 1 Cash received from sale of equipment 2 Depreciation expense 2020 $ 305,000 (224,999) $ 81,000 435,000 (306,000) 129,000 QS 12-10 (Algo) Computing investing cash flows LO P3 During 2021, equipment with a book value of $47,000 and an original cost of $245,000 was soid at a loss of $4,400. 1. How much cash did Anders receive from the sale of equipment? 2. How much depreciation exponse was recorded on equipment during 20217 3. What was the cost of new equipment purchased by Anders during 2021?
Survey of Accounting (Accounting I)
8th Edition
ISBN:9781305961883
Author:Carl Warren
Publisher:Carl Warren
Chapter7: Fixed Assets, Natural Resources, And Intangible Assets
Section: Chapter Questions
Problem 7.2.1MBA
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