Use the information below for Shorter Inc.for 2015 and 2016 to answer the following question. During 2016, Shorter Inc.sold equipment with a cost of $30,000 and accumulated depreciation of $25,000.A gain of $3,000 was recognized on the sale of the equipment This was the only equipment sale during the year.
Assume that all purchases of equipment were paid with cash.How much cash was paid by Shorter for the purchase of equipment during 2016?
A)$ 7,000
B)$30,000
C)$37,000
D)$72,000

Question

Use the information below for Shorter Inc.for 2015 and 2016 to answer the following question.  During 2016, Shorter Inc.sold equipment with a cost of $30,000 and accumulated depreciation of $25,000.A gain of $3,000 was recognized on the sale of the equipment This was the only equipment sale during the year.
Assume that all purchases of equipment were paid with cash.How much cash was paid by Shorter for the purchase of equipment during 2016?
A)$ 7,000 
B)$30,000 
C)$37,000 
D)$72,000

Quizplus · Accepted Answer

The Answer of Use the information below for Shorter Inc.for 2015 and 2016 to answer the following question.  During 2016, Shorter Inc.sold equipment with a cost of $30,000 and accumulated depreciation of $25,000.A gain of $3,000 was recognized on the sale of the equipment This was the only equipment sale during the year.
Assume that all purchases of equipment were paid with cash.How much cash was paid by Shorter for the purchase of equipment during 2016?
A)$ 7,000 
B)$30,000 
C)$37,000 
D)$72,000

Use the Information Below for Shorter Inc