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Bingel [31]
3 years ago
6

Belvedere Corporation had a balance in its Equipment account on January 1, Year 1 of $341,200. During the year, equipment origin

ally costing $93,100 and having Accumulated Depreciation of $24,500 was sold for $70,600. The ending balance of the Equipment Account was $304,700. How much did the company spend to purchase additional equipment during Year 1
Business
1 answer:
Varvara68 [4.7K]3 years ago
5 0

Answer:

$56,600.00

Explanation:

The amount the company spent on purchase of additional equipment during year 1 can be ascertained using the formula below:

amount spent on additional equipment=ending balance of equipment-(beginning balance-cost of equipment sold)

ending balance of equipment is  $304,700

beginning balance is $341,200

cost of equipment sold is $93,100

amount on additional equipment=$304,700-($341,200-$93,100)=$56,600.00  

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Answer:

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Beginning Cash Balance                                     58,050                  35,475

Add: Receipts

Collections from Customers                               109,650                 193,500

Sale of Marketable Securities                              <u>15,480</u>                 <u>       0      </u>

Total Receipts                                                   <u>   125,130    </u>             <u>  193,500</u>

Total Available Cash                                            183,180                  228,975

Less: Disbursements

Direct Materials                                                  64,500                      96,750

Direct Labour                                                      38,700                       58,050

Manufacturing Overhead                                  25,155                        30,315

Selling and Administrative                                 19,350                        25,800

Total Disbursements                                       <u>  147,705       </u>             <u>   210,915</u>

Cash Balance                                                     35,475                        18,060

Financing

Add: Borrowings                                                   0                                  7,740

Less: Repayments                                          <u>       0           </u>                    <u>      0    </u>

Ending Cash Balance                                        35,475                         25,800

The company wants to maintain a minimum monthly cash balance of $25,800 so in February they will have to borrow;

= 25,800 - 18,060

= $7,740

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is the journal entry.

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