[The Following Information Applies to the Questions Displayed Below

question 45

Multiple Choice

[The following information applies to the questions displayed below.]
An analysis of changes in selected balance sheet accounts of Johnson Corporation shows the following for the current year:
Johnson's income statement for the current year includes a $14,000 loss on disposal of plant assets.All payments and proceeds relating to purchase or sale of plant assets were in cash.
-The amount of cash paid by Johnson to acquire plant assets during the current year was:

• A)$ 53,000.
• B)$267,000.
• C)$ 42,000.
• D)$160,000.

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Definitions:

Industrial Markets

Markets comprised of companies and organizations that purchase goods and services for use in producing their own products or for operating their businesses.

Manufacturing Firms

Companies engaged in the industrial production of goods, transforming raw materials into finished products through manual labor or machinery.

Industrial Market

The market for goods and services traded among businesses and institutions, rather than between businesses and private consumers.

Fisheries

Industry or activity concerned with catching, processing, or selling fish, shellfish, and sometimes whales.