Question

The following data came from the balance sheet of Han Company as of December 31, 20X2....

The following data came from the balance sheet of Han Company as of December 31, 20X2.

      

Dec. 31, 20X2

Dec. 31, 20X1

Machine

$3,500

$2,950

Accumulated depreciation on machines

1,400

1,300

Cash

135

180

The following additional data were found in Han Company’s financial statements for 20X2.

Sales

$10,000

Cash dividends paid

65

New machines purchases (for cash)

1,000

Net income

300

Depreciation expense

270

Gain on sale of old machines

210

How much cash did Han Company receive from the sale of old machines during the year? (Assume that all machine sales were cash transactions.)

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Answer #1

Cash received by Han Company from the sale of old machines during the year is $490.

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