The following normal balances appear on the adjusted trial balance of Portland Company: Equipment ..........................................................$70,000Accumulated depreciation, equipment ................. 18,000Depreciation expense, equipment .........................6,000The book value of the equipment is
A: $64,000
B: $46,000
C: $52,000
D: $34,000
A: $64,000
B: $46,000
C: $52,000
D: $34,000
举一反三
- R company sold old equipment for $25 000. The equipment had a cost of $50 000 and accumulated depreciation of $30 000. The entry to record the sale of the equipment would include a ( ). A: loss on disposal of $25 000 B: gain on disposal of $25 000 C: loss on disposal of $5 000 D: gain on disposal of $5 000
- Transaction e. Depreciation of office equipment for July, 2020 is $3,500.The correct adjusting entry is: A: Dr. Depreciation expense 3,500 Cr. Office equipment 3,500 B: Dr. Accumulated depreciaiton 3,500 Cr. Office equipment 3,500 C: Dr. Depreciation expense 3,500 Cr. Accumulated depreciation 3,500
- ____________________ is relevant in a decision to replace equipment. A: a. Cost of old equipment B: b. Book value of old equipment C: c. Depreciation accrued on old equipment D: d. Future maintenance costs of old equipment
- Oliver Ltd purchased a piece of equipment for $20 000. It paid GST of $2000, shipping charges of $500, and insurance during transit of $200. Installation and testing of the new equipment cost $1000. The total to be debited to the Equipment account is: A: $22 000 B: $22 700 C: $23 000 D: $23 700
- On January 4, 2012, Mary's Cafe acquired equipment for $200,000. The estimated life of the equipment is 8 years or 60,000 hours. The estimated residual value is $10,000. What is the balance in the Accumulated Depreciation account at December 31, 2013 if the straight-line method is used? A: $10,000 B: $25,000 C: $47,500 D: $50,000