Use the Information Below for Shorter Inc During 2018,Shorter Inc

question 133

Multiple Choice

Use the information below for Shorter Inc.for 2017 and 2018 to answer the following question: $\begin{array}{lr}\text { Equipment, December } 31,2017 & \$ 65,000 \\\text { Equipment, December 31,2018 } & 72,000 \\\text { Accumulated depreciation, December 31,2017 } & 39,000 \\\text { Accumulated depreciation, December 31,2018 } & 30,000\end{array}$ During 2018,Shorter Inc.sold equipment with a cost of $30,000 and accumulated depreciation of $25,000.A gain of $3,000 was recognized on the sale of the equipment.This was the only equipment sale during the year.
Assume that all purchases of equipment were paid with cash.How much cash was paid by Shorter for the purchase of equipment during 2018?

• A)$7,000
• B)$30,000
• C)$37,000
• D)$72,000

Interpret the requirements for a valid tender of delivery and the opportunities for cure by the seller of nonconforming goods.

Understand and apply the concept of simple and compound interest calculations.

Execute basic mathematical operations and conversions involving decimals, fractions, and percentages.

Apply the principles of basic algebra to solve finance-related problems.

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