2019 2020 2019 2020 Cash $2,000 $1,600 Accounts payable $4,000 $3,500 Accounts receivable $4,200 $4,500 Utilities payable $800 $1,500 Inventory $2,600 $4,000 Salaries payable $2,200 $2,600 Prepaid rent $800 $500 Notes payable $10,000 $9,000 Equipment $24,000 $24,000 Interest payable $600 $900 Accum. depreciation ($2,200) ($2,800) Common stock $18,000 $18,000 Land $10,000 $6.500 Retained earnings $5,800 $2,800 $41,400 $38,300 $41,400 $38,300 How much was depreciation expense in 2020? $21,200 $600 O $2,800 O $0 O None of the above

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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2019
2020
2019
2020
Cash
$2,000
$1,600
Accounts payable
$4,000
$3,500
Accounts receivable
$4,200
$4,500
Utilities payable
$800
$1,500
Inventory
$2,600
$4,000
Salaries payable
$2,200
$2,600
Prepaid rent
$800
$500
Notes payable
$10,000
$9,000
Equipment
$24,000 $24,000
Interest payable
$600
$900
Accum. depreciation
($2,200) ($2,800)
Common stock
$18,000 $18,000
Land
$10,000
$6,500
Retained earnings
$5,800
$2,800
$41,400 $38,300
$41,400
$38,300
How much was depreciation expense in 202O?
$21,200
O $600
$2,800
O $0
None of the above
Transcribed Image Text:2019 2020 2019 2020 Cash $2,000 $1,600 Accounts payable $4,000 $3,500 Accounts receivable $4,200 $4,500 Utilities payable $800 $1,500 Inventory $2,600 $4,000 Salaries payable $2,200 $2,600 Prepaid rent $800 $500 Notes payable $10,000 $9,000 Equipment $24,000 $24,000 Interest payable $600 $900 Accum. depreciation ($2,200) ($2,800) Common stock $18,000 $18,000 Land $10,000 $6,500 Retained earnings $5,800 $2,800 $41,400 $38,300 $41,400 $38,300 How much was depreciation expense in 202O? $21,200 O $600 $2,800 O $0 None of the above
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