The Following Statements Represent Several Independent Situations with an Unknown

question 55

Essay

The following statements represent several independent situations with an unknown value:
a_Payments for inventory for the current period are $375,000.Accounts payable on January 1 had a balance of $75,000 and a balance of $89,000 on December 31.Determine the amount of merchandise inventory purchased during the year.
b_Purchases of inventory on account during the current year amount to $275,000.Accounts payable on January 1 had a balance of $36,000 and a balance of $25,200 on December 31.Determine the cash payments to suppliers for purchases of inventory during the current period.
c_Accumulated amortization-equipment had a January 1 balance of $20,500 and a December 31 balance of $17,600.During the current period,equipment with a book value of $50,000 and a cost of $76,000,was sold for $47,500.Determine the current period's amortization expense.
d_Equipment (net_had a January 1 balance of $500,000 and a December 31 balance of $450,000.During the year,equipment costing $36,000 was purchased for cash.The income statement reports a loss on sale of equipment of $15,000.There were no other transactions affecting equipment during the year.Determine the cash received from the sale of the equipment.

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Definitions:

Somatosensory Cortex

A region of the brain that processes sensory input from various body parts, contributing to our sense of touch, temperature, and body position.

Motor Cortex

The region of the cerebral cortex involved in the planning, control, and execution of voluntary movements.

Parietal Lobes

Regions of the brain located behind the frontal lobes, responsible for processing sensory information and spatial orientation.

Association Cortex

Regions of the cerebral cortex that integrate sensory and motor information, playing a crucial role in complex cognitive processes like thinking, planning, and language.