What would be the excel formula for "Cash received from sale of equipment?" I know it is $10,000, but the system will only accept Excel cells (along with +-*/). 1234The following financial statements and additional information are reported.At June 30AssetsCash5678910111213Equipment14 Accumulated depreciation-Equipment15Total assets16Liabilities and Equity17Accounts payable18192021222324252627Accounts receivable, netInventoryPrepaid expensesTotal current assetsAWages payableIncome taxes payableTotal current liabilitiesNotes payable (long term)Total liabilitiesIKIBAN INCORPORATEDComparative Balance SheetsEquityCommon stock, $5 par valueRetained earningsTotal liabilities and equityB2021$87,50065,00063,8004,400220,700124,000(27,000)$317,700$25,0006,0003,40034,40030,00064,400220,00033,300$317,700с2020$44,00051,00086,5005,400186,900115,000(9,000)$292,900$30,00015,0003,80048,80060,000108,800160,00024,100$292,900 28293031323334353637383940414243 Additional Information44a. A $30,000 notes payable is retired at its $30,000 carrying (book) value in exchange for cash.45 b. The only changes affecting retained earnings are net income and cash dividends paid.46474849IKIBAN INCORPORATEDIncome StatementFor Year Ended June 30, 2021SalesCost of goods soldGross profitOperating expenses (excluding depreciation)Depreciation expenseOther gains (losses)Gain on sale of equipmentIncome before taxesIncome taxes expenseNet income$678,000411,000267,00067,00058,600141,4002,000143,40043,890$99,510c. New equipment is acquired for $57,600 cash.e. Received cash for the sale of equipment that had cost $48,600, yielding a $2,000 gain.f. Prepaid Expenses and Wages Payable relate to Operating Expenses on the income statement.g. All purchases and sales of inventory are on credit.Notes PayableCash paid for EquipmentEquipment cost$30,000$57,600$48,600

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What would be the excel formula for "Cash received from sale of equipment?" I know it is $10,000, but the system will only accept Excel cells (along with +-*/).

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter12: Intangibles

Section: Chapter Questions

Problem 10MC

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