Question 9 options:
The following selected account balances were taken from ABC Company’s general ledger at January 1, 2011
and December 31, 2011:
January 1, 2011
December 31, 2011
Accounts receivable 52,000 36,000
Cash 23,000 47,000
Inventory 31,000 18,000
Accounts payable 11,000 37,000
Equipment 123,000 144,000
Salaries payable 2,000 4,000
Investments 42,000 ?
Land 91,000 40,000
Mortgage payable 111,000 60,000
Common stock 110,000 125,000
Retained earnings 32,000 37,000
Additional information for 2011 appears below:
1. ABC Company reported net cash inflows from operating activities of $60,000 and net cash outflows from
financing activities of $87,000 2. ABC Company sold land costing $60,000 and recorded an $8,000 loss on the sale 3. ABC Company purchased equipment for $21,000 cash 4. ABC Company purchased investments for $60,000 cash and sold investments and reported a $25,000 gain on
the sale
Calculate the
balance in the investments account at December 31, 2011. Do not use decimals in your answer.
Question 9 options: The following selected account balances were taken from ABC Company’s general ledger at January 1, 2011?and December 31, 2011: January 1, 2011 December 31, 2011 Accounts receivable 52,000 36,000 ?Cash 23,000 47,000 Inventory 31,000 18,000 Accounts payable 11,000 37,000 ?Equipment 123,000 144,000 Salaries payable 2,000 4,000 Investments 42,000 ? Land 91,000 40,000 Mortgage payable 111,000 60,000 Common stock 110,000 125,000 Retained earnings 32,000 37,000 Additional information for 2011 appears below: 1. ABC Company reported net cash inflows from operating activities of $60,000 and net cash outflows from? financing activities of $87,000 2. ABC Company sold land costing $60,000 and recorded an $8,000 loss on the sale 3. ABC Company purchased equipment for $21,000 cash 4. ABC Company purchased investments for $60,000 cash and sold investments and reported a $25,000 gain on? the sale Calculate the balance in the investments account at December 31, 2011. Do not use decimals in your answer.
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