Multiple Choice
Robert purchased a truck for $35,000 with a residual value of $10,000 and a life expectancy of 5 years; using straight-line depreciation,the amount of the depreciation adjustment for the first year would be:
A) $5,000.
B) $6,000.
C) $6,400.
D) $4,000.
Correct Answer:
Verified
Correct Answer:
Verified
Q56: The company pays $2,000 per 5 day
Q58: On the worksheet,the Income Statement debit column
Q61: What type of account is Salaries Payable?<br>A)Asset<br>B)Expense<br>C)Liability<br>D)Owner's
Q80: What is the purpose of adjusting entries?
Q102: On January 1 the Prepaid Insurance account
Q108: The original cost of equipment is reduced
Q176: As accumulated depreciation is recorded, the book
Q180: The inside columns on the financial statements
Q182: The capital balance amount shown in the
Q192: The worksheet contains a trial balance.