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MC Qu. 169 Fernwood Company is... Fernwood Company is preparing the company's statement of cash...

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Accounting

MC Qu. 169 Fernwood Company is...

Fernwood Company is preparing the company's statement of cash flows for the fiscal year just ended. The following information is available:

Retained earnings balance at the beginning of the year $ 313,000
Cash dividends declared for the year 70,000
Proceeds from the sale of equipment 120,200
Gain on the sale of equipment 6,900
Cash dividends payable at the beginning of the year 30,800
Cash dividends payable at the end of the year 38,000
Net income for the year 154,000

The ending balance in retained earnings is:

Multiple Choice

$397,000.

$313,400.

$409,300.

$467,000.

$403,900.

MC Qu. 137 A machine with a cost of...

A machine with a cost of $142,000, accumulated depreciation of $91,000, and current year depreciation expense of $20,000 is sold for $44,800 cash. The amount that should be reported as a source of cash under cash flows from investing activities is:

Multiple Choice

$44,800.

$46,200.

$26,200.

$6,200.

$20,000.

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