083Q3 - 11,000 Depreciation 82,000 Salaries Expense 127,000...

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Name____________________________________4-Digit #________Section_____________ Statement of Cash Flows Selected Requirements: [083Q3] Listed below are selected account balances for the Cassie Corporation at December 31, Year 2 and Year 1. Also available for you is selected information from the income statement for the Cassie Corporation for the year ended December 31, Year 2. Selected balance sheet accounts: Year 2 Year 1 Assets: Accounts Receivable $17,000 $17,000 Interest Receivable 3,000 2,000 Prepaid Salaries 3,000 4,000 320,000 210,000 (Accumulated Depreciation) (131,000) (69,000) Investments 58,000 96,000 Equity: Salaries Payable 32,000 21,000 Unearned Interest Revenue 2,000 4,000 Notes Payable 46,000 45,000 Dividends Payable 3,000 14,000 Contributed Capital 34,000 22,000 Retained Earnings 51,000 24,000 Selected income statement information for the year ended December 31, Year 2: Sales revenue $284,000 Interest revenue
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Unformatted text preview: 11,000 Depreciation 82,000 Salaries Expense 127,000 Loss on sale of equipment 39,000 Gain on sale of investments 23,000 Net Income 62,000 Additional information: 1. During Year 2, Property, Plant & Equipment costing $140,000 was sold for cash. 2. During Year 2, $85,000 of Notes Payable were issued in exchange for Property, Plant and Equipment. 3. During Year 2, the firm sold Investments costing $83,000 for cash. Required: Determine the correct dollar amounts for each of the following items. Place your answers in the spaces provided. Payments to purchase Investments in Year 2. $_________ Notes Payable paid off in Year 2. $_________ Cash dividends paid in Year 2 $__________ Cash received from the sale of Property, Plant and Equipment in Year 2 $__________ Cash received from the sale of Investments in Year 2 $_________ Cash received from borrowers in Year 2 $_________...
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