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2 years ago

The following selected account balances are taken from the records of Cooper Corporation for the past two years.

Business

1 answer:

kumpel [21]2 years ago

3 0

Answer:

Cooper Corporation

1. Cash received from the sale of equipment:

= d. 70

2. Decrease in cash from investing activities:

= b. (522)

3. Increase in cash from financing activities:

= c. 30

Explanation:

a) Data and Calculations:

December 31

2018 2017 Change

Equipment $750 $400 +$350

Accumulated depreciation (160) (225) +65

Land 92 50 +42

Bonds payable 30 50 -20

Common stock 120 100 +20

Additional paid in capital 400 320 +80

Retained earnings 825 675 +150

Net income for the year = $200

Depreciation expense = $70

Less Gain from sale of equipment $5

Equipment

Account Titles Debt Credit

Beginning balance $400

Cash purchase 550

Sale of equipment $200

Ending balance 750

Sale of equipment

Equipment $200

Accumulated depreciation $135

Cash 70

Gain from sale 5

Retained earnings:

Beginning balance $675

Net income 200

Dividends 50

Ending balance 825

Statement of Cash Flows (partial):

Investing activities:

Sale of equipment $70

Purchase of equipment -550

Purchase of land -42

Decrease in cash $522

Financing activities:

Bonds payable -20

Common stock +20

Additional paid in capital +80

Dividends paid -50

Increase in cash $30

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Determine the Betty's AGI value.Betty operates a beauty salon as a sole proprietorship. Betty also owns and rents an apartment building. In 2020, Betty had the following income and expenses. You may assume that Betty will owe $2,562 in self-employment tax on her salon income, with $1,281 representing the employer portion of the self-employment tax. You may also assume that her divorce from Rocky was finalized in 2016 and that Betty itemizes her deductions this year.

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