16Question textOn January 1, 2015, a company purchased a new piece of equipment to use in its business. The details of the purchase are as follows:Purchase Price $45,000 Shipping Costs $250 Install/Setup Costs $1,000 Salvage Value $3,950 Useful Life 6 Years What is the capitalized cost of the equipment?Select one:a. $46,000b. $45,000c. $45,250d. $46,250Question17Not yet answeredMarked out of 3.75Flag questionQuestion textOn January 1, 2015, a company purchased a new piece of equipment to use in its business. The details of the purchase are as follows:Purchase Price $45,000 Shipping Costs $250 Install/Setup Costs $1,000 Salvage Value $3,950 Useful Life 6 Years Using straight-line depreciation, what is the depreciation expense in 2015?Select one:a. $7,008b. $6,842c. $6,883d. $7,050Question18Not yet answeredMarked out of 3.75Flag questionQuestion textA company issued 20,000 shares of $10 par value common stock at a market price of $16. As a result of this transaction, the amount of stockholders’ equity would:Select one:a. increase by $120,000.b. increase by $320,000.c. increase by $200,000.d. not changeQuestion19Not yet answeredMarked out of 3.75Flag questionQuestion textBased on the following information, what is the company’s true cash balance?Bank Statement Balance $14,000 Unadjusted Book Balance $11,750 Outstanding Checks $2,300 Deposits in Transit $580 Collection of Notes Receivable $500 Bank Service Charge Fee $10 Interest Earned $40Select one:a. $10,030b. $14,530c. $12,810d. $12,280Question20Not yet answeredMarked out of 3.75Flag questionQuestion textOn January 1, 2015, Accounts Receivable was $20,000.Sales on account for 2015 totaled $160,000.The ending balance of Accounts Receivable was $32,000.What is the amount of cash collected from customers?Select one:a. $128,000b. $148,000c. $172,000d. $180,000
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