In a condition wherein a machine costing $148,000 and accumulates depreciation of $103,000 is sold for $59,000 cash, then the amount that should be reported as a source of cash under the cash flows from investing activities will be $59,000. Therefore, the option C holds true.
Cash flows from investing activities include the amount(s) spent by an organization over investing in different classes of assets with a view to pursue monetary returns. They include the amounts that are received or sent as cash at the time of purchase or sales of an asset of an organization.
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Complete question
g a machine with a cost of $148,000 and accumulated depreciation of $103,000 is sold for $59,000 cash. the amount that should be reported as a source of cash under cash flows from investing activities is:
a. Zero.
b. This is a financing activity.
c. $59,000.
d. $14,000.
e. This is an operating activity.
f. $45,000.
Answer:
The cost of ending inventory is $2340
Explanation:
Under the weighted average method of inventory valuation, we value the ending inventory based on the weighted average of all the available inventory for the period. The inventory available for the period includes the beginning inventory plus the purchases for the period.
The weighted average cost of inventory can be calculated by adding the total cost of available inventory and dividing it by total number of units of available inventory.
The weighed average cost of inventory per unit for Glasgow is,
Total cost = 80 * 7.5 + 200 * 9 + 150 * 9.3 + 50 * 10.5 = $4320
Total number of units = 80 + 200 + 150 + 50 = 480 units
Weighted average cost per unit = 4320 / 480 = $9 per unit
The units of ending inventory are = 480 - 220 = 260 units
The cost of ending inventory is = 260 * 9 = $2340
Answer:
option (b) $35,556
Explanation:
Given:
Cost of purchase of assets = $200,000
Asset Adjusted Basis Fair Market Value
Inventory $25,000 $50,000
Equipment $60,000 $40,000
Supplies $20,000 $20,000
Building $80,000 $95,000
Land $10,000 $20,000
Total $195,000 $225,000
Now,
since, fair market value is greater than Basis,
Percentage FMV on Equipment =
⇒ Percentage FMV on Equipment = 
= 17.77%
thus,
Nanci's basis in the equipment = Percentage FMV × Assets
= 17.77% × $200,000
= $35,555.56 ≈ $35,556
Hence,
The correct answer is option (b) $35,556
<u>Explanation:</u>
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