Reference no: EM132523307
Questions -
Q1. Paragon Company is preparing CFS for the year ended December 31, 2015. It has the following balances:
Dec 31, 2014 Dec 31, 2015
Machinery $250,000 $320,000
Accumulated Depreciation 102,000 120,000
Loss on sale of machinery 4,000
During 2015, Paragon sold for $26,000 a machine that cost $40,000, and purchased several other items of machinery.
Required -
a. How much depreciation expense was recorded on machinery for 2015?
b. What was the amount of machinery purchased in 2015?
Q2. Haggard, Inc. reported net income of $300,000 for 2015. Changes occurred in several balance sheet accounts:
Equipment $25,000 increase
Accumulated depreciation 40,000 increase
Note payable 30,000 increase
Additional information:
i. During 2015 Haggard sold equipment that cost $25,000 and had accumulated depreciation of $12,000, for a gain of $5,000.
ii. In December 2015 Haggard purchased equipment costing $50,000 with $20,000 cash and a 12% note payable of $30,000.
iii. Depreciation expense for the year was $52,000.
Required -
a. In Haggard's 2015 statement of cash flows, what should be CFO?
b. In Haggard's 2015 statement of cash flows CFI?
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