Question :
136.Mercury Company reports depreciation expense of $40,000 for Year 2. : 1236507
136.Mercury Company reports depreciation expense of $40,000 for Year 2. Also, equipment costing $150,000 was sold for its book value in Year 2. The following selected information is available for Mercury Company from its comparative balance sheet. Compute the cash received from the sale of the equipment.
A.$32,000.
B.$68,000.
C.$38,000.
D.$40,000.
E.$36,000.
137.Jamison Company reports depreciation expense of $35,000 for Year 2. Also, equipment costing $140,000 was sold for a $5,000 gain in Year 2. The following selected information is available for Jamison Company from its comparative balance sheet. Compute the cash received from the sale of the equipment.
A.$23,000.
B.$35,000.
C.$38,000.
D.$40,000.
E.$67,000.
138.Jeffreys Company reports depreciation expense of $40,000 for Year 2. Also, equipment costing $240,000 was sold for a $10,000 loss in Year 2. The following selected information is available for Jeffreys Company from its comparative balance sheet. Compute the cash received from the sale of the equipment.
A.$62,000.
B.$38,000.
C.$28,000.
D.$18,000.
E.$58,000.
139.Bagwell’s net income for the year ended December 31, Year 2 was $185,000. Information from Bagwell’s comparative balance sheets is given below. Compute the cash received from the sale of its common stock during Year 2.
A.$185,000.
B.$106,000.
C.$95,000.
D.$50,000.
E.$145,000.
140.Bagwell’s net income for the year ended December 31, Year 2 was $175,000. Information from Bagwell’s comparative balance sheets is given below. Compute the cash paid for dividends during Year 2.
A.$79,000.
B.$201,000.
C.$95,000.
D.$50,000.
E.$69,000.
141.Scranton, Inc. reports net income of $230,000 for the year ended December 31. It also reports $87,700 depreciation expense and a $5,000 gain on the sale of equipment. Its comparative balance sheet reveals a $35,500 decrease in accounts receivable, a $15,750 increase in accounts payable, and a $12,500 decrease in wages payable. Calculate the cash provided (used) in operating activities using the indirect method.
A.$376,450.
B.$351,450.
C.$356,450.
D.$319,950.
E.$263,750.
142.Alvez Company reports net income of $305,000 for the year ended December 31. It also reports $93,700 depreciation expense and a $10,000 loss on the sale of equipment. Its comparative balance sheet reveals a $40,200 increase in accounts receivable, a $10,200 decrease in prepaid expenses, a $15,200 increase in accounts payable, a $12,500 decrease in wages payable, and a $100,000 decrease in notes payable. Calculate the cash provided (used) in operating activities using the indirect method.
A.$461,800.
B.$371,400.
C.$381,400.
D.$351,000.
E.$361,000.
143.Alvez reports net income of $305,000 for the year ended December 31. It also reports $93,700 depreciation expense and a $10,000 loss on the sale of equipment. Its comparative balance sheet reveals a $40,200 increase in accounts receivable, a $10,200 decrease in prepaid expenses, a $15,200 increase in accounts payable, a $12,500 decrease in wages payable, a $75,000 increase in equipment, and a $100,000 decrease in notes payable. Calculate the net increase in cash for the year.
A.$216,400.
B.$281,400.
C.$381,400.
D.$206,400.
E.$406,400.
144.Fernwood Company is preparing the company’s statement of cash flows for the fiscal year just ended. The following information is available:
A.$343,000.
B.$213,000.
C.$293,000.
D.$297,500.
E.$301,000.
145.Fernwood Company is preparing the company’s statement of cash flows for the fiscal year just ended. The following information is available:
A.$52,000.
B.$60,000.
C.$58,000.
D.$50,000.
E.$42,000.
