How much cash was paid to employees as wages and paid

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Problem

A company reported annuZimmer Company owns an executive plane that originally cost $1,280,000. It has recorded straight-line depreciation on the plane for seven full years, calculated assuming a $160,000 expected salvage value at the end of its estimated 10-year useful life. Zimmer disposes of the plane at the end of the seventh year. a. At the disposal date, what is the (1) cumulative depreciation expense and (2) net book value of the plane? (1) cumulative depreciation expense Answer 1 112,000 (2) net book value of the plane Answer 2 496,000 b. How much gain or (loss) is reported at disposal if the sales price is: 1. A cash amount equal to the plane's net book value. Answer 3 0 2. $285,000 cash. Answer 4 (211,000) 3. $700,000 cash. Answer 5 204,000al wages expense of $278,400 and insurance expense of $33,600. During the year, wages payable decreased from an $14,400 beginning balance to a $10,560 ending balance, and prepaid insurance decreased from a $72,000 beginning balance to a $43,200 ending balance. Get the instant assignment help. How much cash was paid to employees as wages and paid for insurance during the year?

Reference no: EM133927394

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