The following selected account balances were taken from Buckeye Company's general ledger at January 1, 2007 and
Question:
The following selected account balances were taken from Buckeye Company's general ledger at January 1, 2007 and December 31, 2007:
January 1, 2007 December 31, 2007
Accounts receivable 50,000 71,000
Inventory 39,000 28,000
Accounts payable 45,000 54,000
Salaries payable 7,000 3,000
Investments 59,000 46,000
Common stock 110,000 130,000
Retained earnings 21,000 45,000
The following selected information was taken from Buckeye Company's 2007 statement of cash
flows:
Cash collected from customers $385,000
Cash paid to purchase inventory 199,000
Cash paid to employees 80,000
Cash received from sale of investments 15,000
Cash paid for dividends 30,000
Calculate the amount of the gain on sale of investments reported in Buckeye Company's 2007 income statement. Do not use decimals in your answer or type the word gain after your answer.
Accounting Principles Part 3
ISBN: 978-1118306802
6th Canadian edition Volume 1
Authors: Jerry J. Weygandt, Donald E. Kieso, Paul D. Kimmel, Barbara Trenholm, Valerie Kinnear, Joan E. Barlow