Maurice Tutor

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    Argosy University/ Phoniex University/
    Nov-2005 - Oct-2011

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    Phoniex University
    Oct-2001 - Nov-2016

Category > Accounting Posted 09 Aug 2017 My Price 3.00

Company reported net income

Company reported net income of $420,000 for 2014. Changes occurred in several balance sheet accounts as follows: Equipment $35,000 increase Accumulated Depreciation $56,000 increase Notes Payable $42,000 increase Additional information: -During 2014, Company sold equipment costing $35,000, with accumulate depreciation of $16,800, for a gain of $7,000 -In December 2014, Company purchased equipment costing $70,000 WITH CASH and a 12% note payable of $42,000 -Depreciation expense for the year was $72,800 In Company's 2014 statement of cash flows, net cash used in investing activities should be?

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Maurice Tutor
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Status NEW Posted 09 Aug 2017 04:08 PM My Price 3.00

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