Utah Corp. Use the Following Selected Data and Additional Information from the from the Records

question 147

Essay

Utah Corp.
Use the following selected data and additional information from the records of Utah Corp.to answer the questions that follow.
Additional information:
Review the data for Utah Corp.
REQUIRED:
(A)What amount was paid to acquire equipment during 2014?
(B)What amount was recorded as depreciation expense during 2014?
(C)What amount was declared and paid for dividends during 2014?

---

Definitions:

Prime Rate

The interest rate that commercial banks charge their most credit-worthy customers, often used as a reference for setting various interest rates.

Great Recession

A severe global economic downturn that occurred from late 2007 through mid-2009, marked by significant declines in housing prices and increased unemployment rates.

Required Reserve Ratio

The fraction of deposits that regulators require a bank to hold in reserve and not loan out, in order to ensure bank liquidity.

Money Supply

The comprehensive sum of all money available in an economy, counting cash, coins, and figures in checking and savings accounts, at a precise time.