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levacccp [35]
3 years ago
9

Equipment, beginning of year $ 340,000 Equipment, end of year 420,000 Accumulated depreciation, beginning of year 190,000 Accumu

lated depreciation, end of year 184,000 Equipment with a cost of $20,000 and a book value of $6,000 was sold during the year for cash of $18,000. Additional equipment was purchased during the year for cash. What was the amount of cash paid for purchases of equipment during the year
Business
1 answer:
sertanlavr [38]3 years ago
3 0

Answer:

$100,000

Explanation:

The computation of the amount of cash paid for the purchase of equipment is shown below:

= Ending balance of an equipment + book value of the equipment - beginning balance of an equipment

= $420,000 + $20,000 - $340,000

= $440,000 - $340,000

= $100,000

We simply applied the above formula so that the amount of cash paid for the purchase of the equipment could come

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That's how I do it. I hope it helps!

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