teachinD https://v2.cengagenow.com/ilrn/takeAssignment/takeAssignmentMain.do?invoker=&takeAssignmentSessionLocatPRE-TESTProblem #1 of 20The following information relates to Zync Inc. Calculate the ending balance of assets on December 31, 20Y7.1.Opening balance of cash on January 1, 20Y7$4,0002Net increase in cash during the year$1,500Opening balance of equipment on January 1, 20Y7$7,0003.Equipment purchased during the year, purchased on account$4,500Depreciation on equipment$1,000O a.a. $12,000O b. $10,0009.c.C. $16,000O d. $9,5008.6.1011Save aTou must finish your in-progress quiz take beforeCengage Learning | Cengage Technical SupportPreclass Assignmen..docxOpen fileDiscussion questio...docxOpen fileaO Type here to search4.6 7CO

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Description: teachinD https://v2.cengagenow.com/ilrn/takeAssignment/takeAssignmentMain.do?invoker=&takeAssignmentSessionLocatPRE-TESTProblem #1 of 20The following information relates to Zync Inc. Calculate the ending balance of assets on December 31, 20Y7.1.Open

Net Equipment = Beginning value of Equipment + Equipment purchased - Depreciation = $7,000 + $4,500…

Business

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The following information relates to Zync Inc. Calculate the ending balance of assets on December 31, 20Y7. $4,000 Opening balance of cash on January 1, 20Y7 $1,500 Net increase in cash during the year $7,000 Opening balance of equipment on January 1, 20Y7 $4,500 Equipment purchased during the year, purchased on account $1,000 Depreciation on equipment O a. $12,000 O b. $10,000 O c. $16,000 O d. $9,500

The following information relates to Zync Inc. Calculate the ending balance of assets on December 31, 20Y7. $4,000 Opening balance of cash on January 1, 20Y7 $1,500 Net increase in cash during the year $7,000 Opening balance of equipment on January 1, 20Y7 $4,500 Equipment purchased during the year, purchased on account $1,000 Depreciation on equipment O a. $12,000 O b. $10,000 O c. $16,000 O d. $9,500

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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