21. The following items are taken from the financial statements of the Freight Service for the year ending December 31, 2016: Accounts payable Accounts receivable Accumulated depreciation - equipment Advertising expense Cash Owner's capital (1/1/16) Owner's drawings Depreciation expense Equipment Insurance expense Note payable, due 6/30/17 Prepaid insurance (12-month policy) Rent expense Salaries and wages expense Service revenue Supplies Supplies expense What is the book value of the equipment at December 31, 2016? a. $172,000 b. $184,000 c. $210,000 d. $236,000 $ 19,000 13,000 26,000 21,200 15,000 104,000 11,000 12,000 210,000 3,800 72,000 7,200 16,000 32,000 135,000 5,000 6,000

21. The following items are taken from the financial statements of the Freight Service for the year ending December 31, 2016: Accounts payable Accounts receivable Accumulated depreciation - equipment Advertising expense Cash Owner's capital (1/1/16) Owner's drawings Depreciation expense Equipment Insurance expense Note payable, due 6/30/17 Prepaid insurance (12-month policy) Rent expense Salaries and wages expense Service revenue Supplies Supplies expense What is the book value of the equipment at December 31, 2016? a. $172,000 b. $184,000 c. $210,000 d. $236,000 $ 19,000 13,000 26,000 21,200 15,000 104,000 11,000 12,000 210,000 3,800 72,000 7,200 16,000 32,000 135,000 5,000 6,000

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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