Multiple Choice
On the first day of the year Major Renos purchased scaffolding for $25 000 which is to be depreciated over 10 years with a zero residual value. At the end of the first year:
A) Depreciation in the income statement is $1250 and the carrying value of the scaffolding in the balance sheet is $23 750.
B) Depreciation in the income statement is $5 000 and the carrying value of the scaffolding in the balance sheet is $20 000.
C) Depreciation in the income statement is $2 500 and the carrying value of the scaffolding in the balance sheet is $22 500.
D) Depreciation in the income statement is $0 and the carrying value of the scaffolding in the balance sheet is $25 000.
Correct Answer:
Verified
Correct Answer:
Verified
Q48: Accrued salaries is a/an:<br>A) contra asset account.<br>B)
Q49: ABC Rentals collects rent from several properties.
Q50: The period of time over which a
Q51: If a company has earned income which
Q52: The office supplies stock account is a/an:<br>A)
Q54: Obligations of the entity that can be
Q55: Preparing adjusting entries at the end of
Q56: _refers to the excess of current assets
Q57: Which of the following statements concerning accrual
Q58: Everything Bikes is owed $550 rent which