Use the Following Selected Data and Additional Information from the Records

question 189

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 of cash was collected from customers during 2016?
B What is the amount paid for purchases of merchandise during 2016?
C What is the amount paid for operating expenses during 2016?

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Definitions:

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A set of rules outlining the norms, rules, and responsibilities of, or proper practices for, an individual, party or organization.

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