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What would be the excel formula for "Cash received from sale of equipment?" I know it is $10,000, but the system will only accept Excel cells (along with +-*/).

What would be the excel formula for "Cash received from sale of equipment?" I know it is $10,000, but the system will only accept Excel cells (along with +-*/).

FINANCIAL ACCOUNTING
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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What would be the excel formula for "Cash received from sale of equipment?" I know it is $10,000, but the system will only accept Excel cells (along with +-*/). 

 

1 2 3 4 The following financial statements and additional information are reported. At June 30 Assets Cash 5 6 7 8 9 10 11 12 13 Equipment 14 Accumulated depreciation-Equipment 15 Total assets 16 Liabilities and Equity 17 Accounts payable 18 19 20 21 22 23 24 25 26 27 Accounts receivable, net Inventory Prepaid expenses Total current assets A Wages payable Income taxes payable Total current liabilities Notes payable (long term) Total liabilities IKIBAN INCORPORATED Comparative Balance Sheets Equity Common stock, $5 par value Retained earnings Total liabilities and equity B 2021 $87,500 65,000 63,800 4,400 220,700 124,000 (27,000) $317,700 $25,000 6,000 3,400 34,400 30,000 64,400 220,000 33,300 $317,700 с 2020 $44,000 51,000 86,500 5,400 186,900 115,000 (9,000) $292,900 $30,000 15,000 3,800 48,800 60,000 108,800 160,000 24,100 $292,900
Transcribed Image Text:1 2 3 4 The following financial statements and additional information are reported. At June 30 Assets Cash 5 6 7 8 9 10 11 12 13 Equipment 14 Accumulated depreciation-Equipment 15 Total assets 16 Liabilities and Equity 17 Accounts payable 18 19 20 21 22 23 24 25 26 27 Accounts receivable, net Inventory Prepaid expenses Total current assets A Wages payable Income taxes payable Total current liabilities Notes payable (long term) Total liabilities IKIBAN INCORPORATED Comparative Balance Sheets Equity Common stock, $5 par value Retained earnings Total liabilities and equity B 2021 $87,500 65,000 63,800 4,400 220,700 124,000 (27,000) $317,700 $25,000 6,000 3,400 34,400 30,000 64,400 220,000 33,300 $317,700 с 2020 $44,000 51,000 86,500 5,400 186,900 115,000 (9,000) $292,900 $30,000 15,000 3,800 48,800 60,000 108,800 160,000 24,100 $292,900
28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 Additional Information 44 a. A $30,000 notes payable is retired at its $30,000 carrying (book) value in exchange for cash. 45 b. The only changes affecting retained earnings are net income and cash dividends paid. 46 47 48 49 IKIBAN INCORPORATED Income Statement For Year Ended June 30, 2021 Sales Cost of goods sold Gross profit Operating expenses (excluding depreciation) Depreciation expense Other gains (losses) Gain on sale of equipment Income before taxes Income taxes expense Net income $678,000 411,000 267,000 67,000 58,600 141,400 2,000 143,400 43,890 $99,510 c. New equipment is acquired for $57,600 cash. e. Received cash for the sale of equipment that had cost $48,600, yielding a $2,000 gain. f. Prepaid Expenses and Wages Payable relate to Operating Expenses on the income statement. g. All purchases and sales of inventory are on credit. Notes Payable Cash paid for Equipment Equipment cost $30,000 $57,600 $48,600
Transcribed Image Text:28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 Additional Information 44 a. A $30,000 notes payable is retired at its $30,000 carrying (book) value in exchange for cash. 45 b. The only changes affecting retained earnings are net income and cash dividends paid. 46 47 48 49 IKIBAN INCORPORATED Income Statement For Year Ended June 30, 2021 Sales Cost of goods sold Gross profit Operating expenses (excluding depreciation) Depreciation expense Other gains (losses) Gain on sale of equipment Income before taxes Income taxes expense Net income $678,000 411,000 267,000 67,000 58,600 141,400 2,000 143,400 43,890 $99,510 c. New equipment is acquired for $57,600 cash. e. Received cash for the sale of equipment that had cost $48,600, yielding a $2,000 gain. f. Prepaid Expenses and Wages Payable relate to Operating Expenses on the income statement. g. All purchases and sales of inventory are on credit. Notes Payable Cash paid for Equipment Equipment cost $30,000 $57,600 $48,600
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