12.4 Preparing the Financial Budgets Pipers Tooling Shops cash budget for 2022 shows a planned...

70.2K

Verified Solution

Question

Accounting

12.4 Preparing the Financial Budgets

Pipers Tooling Shops cash budget for 2022 shows a planned purchase of new machinery costing $175,000. Pipers 2022 manufacturing overhead budget shows annual depreciation on machinery of $10,174. Piper also owns office equipment that cost $52,000 with depreciation expected to be $6,595 in 2022. Pipers December 31, 2021, balance sheet reported the machinery net of accumulated depreciation at $245,000. Calculate the amount of net machinery and equipment that would be reported on the budgeted balance sheet for December 31, 2022.

Select answer from the options below

$455,231

$351,231

$420,231

$403,231

Answer & Explanation Solved by verified expert

Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:

Unlimited Question Access with detailed Answers
Zin AI - 3 Million Words
10 Dall-E 3 Images
20 Plot Generations
Conversation with Dialogue Memory
No Ads, Ever!
Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!

Become a Member