Use the information below for Shorter Inc. for 2016 and 2017 to answer the following question....
Use the information below for Shorter Inc. for 2016 and 2017 to answer the following question. Equipment, December 31, 2016 $65,000 Equipment, December 31, 2017 72,000 Accumulated depreciation, December 31, 2016 39,000 Accumulated depreciation, December 31, 2017 30,000 During 2017, Shorter Inc. 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 This was the only equipment sale during the year. Assume that all purchases of equipment were paid with cash. How much cash was paid by Shorter for the purchase of equipment during 2017? a. $7,000 b. $30,000 c. $37,000 d. $72,000
Homework Answers
Answer:
Option c) is correct. i.e $37,000.
| Amount($) | |
| Equipment, December 31, 2016 | 65,000 |
| Equipment Sold | 30,000 |
| Net Equipment | 35,000 |
| Equipment, December 31, 2017 | 72,000 |
| Cash Equipment Purchases | 37,000 |
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Use the information below for Shorter Inc. for 2016 and 2017 to
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