Quiz 3 - 32,000 Gain on sale of investments 53,000 Net...

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Name: 4-Digit Number: Section # : Statement of Cash Flows [073Q3live] Listed below are selected account balances for the Chris Corp. at December 31, Yr. 1 and Yr. 2. Selected information from the income statement for the Chris Corp. for the year ended Dec. 31, Year 2, is also available. Selected balance sheet accounts: Year 1 Year 2 Assets: Cash $14,000 $11,000 Accounts Receivable 22,000 17,000 Prepaid Salaries 2,000 4,000 Interest Receivable 2,800 3,300 320,000 360,000 (Accumulated Depreciation) (128,000) (152,000) Investments 85,000 97,000 Equity: Salaries Payable 31,000 42,000 Interest Payable 3,800 4,600 Notes Payable 49,000 55,000 Dividends Payable 3,000 23,000 Contributed Capital 31,000 53,000 Retained Earnings 18,000 29,000 Selected income statement information for the year ended December 31, Year 2: Sales revenue $292,000 Depreciation 92,000 Salaries Expense ???? Interest Expense 11,600 Loss on sale of equipment
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Unformatted text preview: 32,000 Gain on sale of investments 53,000 Net Income 83,000 Additional information: 1. During Year 2, Property, Plant & Equipment costing $150,000 was sold at a loss. 2. During Year 2, $86,000 of Notes Payable were issued in exchange for Property, Plant and Equipment. 3. During Year 2, the firm sold Investments for $94,000 cash. 4. Cash paid for salaries in Year 2 was $211,000. Required: Determine the correct dollar amounts for each of the following items. Place your answers in the spaces provided. Salaries Expense in Year 2. $ 220,000 Payments to purchase Investments in Year 2. $ 53,000 Notes Payable paid off in Year 2. $ 80,000 Cash dividends paid in Year 2 $ 52,000 Cash received from the sale of Property, Plant and Equipment in Year 2 $ 50,000 Cash paid for Property, Plant & Equipment in Year 2 $ 104,000 Cash Paid for Interest in Year 2 $ 10,800...
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