Question 3 On January 1, 2025, Abel Company purchased three assets for $400,000. The information below...

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Question 3 On January 1, 2025, Abel Company purchased three assets for $400,000. The information below relates to the assets that were purchased: Forklift Bulldozer Truck In order to make the forklift usable, Abel Company had to spend $8,000 to get the forklift in working condition. Current Market Value $144,500 $119,000 $161,500 Information related to the depreciation of the forklift and the bulldozer is given below: Salvage value Life Depreciation method Forklift $5,400 11 years sum-of-the years-digits Bulldozer $7,000 14 years straight-line Calculate the forklift's book value at December 31, 2028. 4 pts Question 4 On January 1, 2025, Abel Company purchased three assets for $400,000. The information below relates to the assets that were purchased: Forklift Bulldozer Truck Current Market Value $144,500 $119,000 $161,500 In order to make the forklift usable, Abel Company had to spend $8,000 to get the forklift in working condition. Information related to the depreciation of the forklift and the bulldozer is given below: Salvage value Life Depreciation method Forklift $5,400 11 years sum-of-the years-digits Bulldozer $7,000 14 years straight-line On July 31, 2035, the bulldozer was sold for $51,000 cash. Calculate the amount of the gain recorded on the sale of the bulldozer. Do not enter your answer with a minus sign in front of your number. 4 pts Question 5 ABC Company's balance sheets for March appear below: March 1 March 31 ASSETS: Cash Accounts receivable Inventory Land LIABILITIES + EQUITY: Accounts payable Advertising payable Notes payable Common stock Retained earnings Sales revenue Cost of goods sold Rent expense 29,000 55,000 Advertising expense Income tax expense Net income 49,000 31,000 22,000 18,000 46,000 37,000 41,000 ABC Company's income statement for March is below: 368,000 242,000 37,000 17,000 64,000 38,000 94,000 49,000 16,000 24,000 25,000 11,000 32,000 86,000 59,000 Calculate the amount of cash paid for advertising reported by ABC Company in its March statement of cash flows. 4 pts Question 6 ABC Company's balance sheets for March appear below: March 31 ASSETS: Cash Accounts receivable Inventory Land LIABILITIES + EQUITY: Accounts payable Advertising payable Notes payable Common stock Retained earnings Sales revenue Cost of goods sold Rent expense March 1 Advertising expense Income tax expense Net income 29,000 55,000 49,000 31,000 22,000 18,000 46,000 37,000 41,000 17,000 64,000 38,000 94,000 ABC Company's income statement for March is below: 368,000 242,000 37,000 49,000 16,000 24,000 25,000 11,000 32,000 86,000 59,000 Calculate the amount of cash paid to suppliers for purchases of inventory reported by ABC Company in its March statement of cash flows. 4 pts Question 7 ABC Company's balance sheets for March appear below: ASSETS: Cash Accounts receivable Inventory Land LIABILITIES + EQUITY: Accounts payable Advertising payable Notes payable Common stock Retained earnings Sales revenue Cost of goods sold Rent expense March 1 Advertising expense Income tax expense Net income 29,000 55,000 49,000 31,000 22,000 18,000 46,000 37,000 41,000 March 31 17,000 64,000 38,000 94,000 ABC Company's income statement for March is below: 368,000 242,000 37,000 49,000 16,000 24,000 25,000 11,000 32,000 86,000 59,000 Calculate the net cash flow from financing activities reported by ABC Company in its March statement of cash flows. If your answer is negative, place a minus sign in front of your answer with no spaces in between. (e.g., -1234). 4 pts Question 3 On January 1, 2025, Abel Company purchased three assets for $400,000. The information below relates to the assets that were purchased: Forklift Bulldozer Truck In order to make the forklift usable, Abel Company had to spend $8,000 to get the forklift in working condition. Current Market Value $144,500 $119,000 $161,500 Information related to the depreciation of the forklift and the bulldozer is given below: Salvage value Life Depreciation method Forklift $5,400 11 years sum-of-the years-digits Bulldozer $7,000 14 years straight-line Calculate the forklift's book value at December 31, 2028. 4 pts Question 4 On January 1, 2025, Abel Company purchased three assets for $400,000. The information below relates to the assets that were purchased: Forklift Bulldozer Truck Current Market Value $144,500 $119,000 $161,500 In order to make the forklift usable, Abel Company had to spend $8,000 to get the forklift in working condition. Information related to the depreciation of the forklift and the bulldozer is given below: Salvage value Life Depreciation method Forklift $5,400 11 years sum-of-the years-digits Bulldozer $7,000 14 years straight-line On July 31, 2035, the bulldozer was sold for $51,000 cash. Calculate the amount of the gain recorded on the sale of the bulldozer. Do not enter your answer with a minus sign in front of your number. 4 pts Question 5 ABC Company's balance sheets for March appear below: March 1 March 31 ASSETS: Cash Accounts receivable Inventory Land LIABILITIES + EQUITY: Accounts payable Advertising payable Notes payable Common stock Retained earnings Sales revenue Cost of goods sold Rent expense 29,000 55,000 Advertising expense Income tax expense Net income 49,000 31,000 22,000 18,000 46,000 37,000 41,000 ABC Company's income statement for March is below: 368,000 242,000 37,000 17,000 64,000 38,000 94,000 49,000 16,000 24,000 25,000 11,000 32,000 86,000 59,000 Calculate the amount of cash paid for advertising reported by ABC Company in its March statement of cash flows. 4 pts Question 6 ABC Company's balance sheets for March appear below: March 31 ASSETS: Cash Accounts receivable Inventory Land LIABILITIES + EQUITY: Accounts payable Advertising payable Notes payable Common stock Retained earnings Sales revenue Cost of goods sold Rent expense March 1 Advertising expense Income tax expense Net income 29,000 55,000 49,000 31,000 22,000 18,000 46,000 37,000 41,000 17,000 64,000 38,000 94,000 ABC Company's income statement for March is below: 368,000 242,000 37,000 49,000 16,000 24,000 25,000 11,000 32,000 86,000 59,000 Calculate the amount of cash paid to suppliers for purchases of inventory reported by ABC Company in its March statement of cash flows. 4 pts Question 7 ABC Company's balance sheets for March appear below: ASSETS: Cash Accounts receivable Inventory Land LIABILITIES + EQUITY: Accounts payable Advertising payable Notes payable Common stock Retained earnings Sales revenue Cost of goods sold Rent expense March 1 Advertising expense Income tax expense Net income 29,000 55,000 49,000 31,000 22,000 18,000 46,000 37,000 41,000 March 31 17,000 64,000 38,000 94,000 ABC Company's income statement for March is below: 368,000 242,000 37,000 49,000 16,000 24,000 25,000 11,000 32,000 86,000 59,000 Calculate the net cash flow from financing activities reported by ABC Company in its March statement of cash flows. If your answer is negative, place a minus sign in front of your answer with no spaces in between. (e.g., -1234). 4 pts

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Question 3 Forklifts book value at December 31 2028 Purchase price in 2025 144500 Repairs cost in 2025 8000 Total cost 144500 8000 152500 Salvage value 5400 Life 11 years Depreciation method Sumofthey... View the full answer