Question

Consider the following facts for Espresso Place:
a. Beginning and ending Retained Earnings are $ 44,000 and $ 70,000, respectively. Net income for the period is $ 61,000.
b. Beginning and ending Plant Assets are $ 124,800 and $ 130,800, respectively.
c. Beginning and ending Accumulated Depreciation—Plant Assets are $ 20,800 and $ 21,800, respectively.
d. Depreciation Expense for the period is $ 17,000 and acquisitions of new plant assets total $ 28,000. Plant assets were sold at a $ 5,000 gain.

Requirements
1. How much are cash dividends?
2. What was the amount of the cash receipt from the sale of plant assets?



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  • CreatedJanuary 16, 2015
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