Use the Following Selected Data and Additional Information from the Records

question 213

Essay

Use the following selected data and additional information from the records of Utah Corp. to answer the questions that follow.
1 Equipment with a cost of $15,000 and a book value of $3,000 was sold for $5,000 during 2016.
2 Common stock was issued to retire bonds payable during 2016.
3 The only items affecting retained earnings in 2016 were net income and dividends declared and paid.
-Review the data for Utah Corp.
REQUIRED:
A What amount was paid to acquire equipment during 2016?
B What amount was recorded as depreciation expense during 2016?
C What amount was declared and paid for dividends during 2016?

---

Definitions:

Operational Obstacles

Challenges or barriers that occur during the day-to-day operations of a business, impacting its efficiency and effectiveness.

Goals And Incentives

Objectives set by an organization to guide its actions and the motivational tools or rewards used to encourage desired behaviors among its stakeholders.

Supply Chain Coordination

Aligning and integrating the activities among all participants in the supply chain to improve efficiency and responsiveness to market demands.

Product Visibility

The ability to track and view the status and location of products throughout the supply chain, from production to delivery.