An Analysis of Changes in Selected Statement of Financial Position

question 103

Multiple Choice

An analysis of changes in selected statement of financial position accounts of Hierarchy Corporation shows the following for the current year:
$\begin{array} { | c | l | } \hline \text { Property, Plant, and Equipment accounts: } & \\\hline \text { Debit entries to asset accounts } & \$ 504,000 \\\hline \text { Credit entries to asset accounts } & \$ 768,000 \\\hline \begin{array} { c } \text { Debit entries to accumulated depreciation accounts } \\\text { (resulting from sale of PPE assets) }\end{array} & \$ 72,000 \\\hline \begin{array} { c } \text { Credit entries to accumulated depreciation accounts } \\\text { (representing depreciation for the current year) }\end{array} & \$ 192,000 \\\hline\end{array}$ Hierarchy's income statement for the current year includes a $9,600 gain on disposal of property, plant, and equipment. All payments and proceeds relating to purchase or sale of property, plant, and equipment were in cash.

-The amount of cash paid by Hierarchy to acquire property, plant, and equipment during the current year was:

• A) $252,000.
• B) $504,000.
• C) $724,000.
• D) $768,000.

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Definitions:

Media

Channels or systems of communication that disseminate information, entertainment, or promotional materials to the public.

Asia and Latin America

Two geographically diverse regions known for their rich cultures, histories, and significant economic and political developments in the global context.

Nonmaterial Culture

The norms, laws, customs, ideas, and beliefs of a group of people.

Cultural Hegemony

A concept where the dominant cultural norms and values of a society are imposed by the ruling class as the cultural norm.