70,500 90,000 Accumulated Depreciation-Equipment 14,800 3,600 Salary Expense Accounts Receivable Supplies Equipment 74,000 Fees Earned 175,200 7,400 Miscellaneous Expense Salaries Payable 1,500 Kate, Capital 90,400 Cash 38,000 Kate, Drawing 12,000 Supplies Expense Depreciation Expense Accounts Payable 6,000 4,800 24,400 1. Prepare and Income Statement

70,500 90,000 Accumulated Depreciation-Equipment 14,800 3,600 Salary Expense Accounts Receivable Supplies Equipment 74,000 Fees Earned 175,200 7,400 Miscellaneous Expense Salaries Payable 1,500 Kate, Capital 90,400 Cash 38,000 Kate, Drawing 12,000 Supplies Expense Depreciation Expense Accounts Payable 6,000 4,800 24,400 1. Prepare and Income Statement

Name: Salary Expense70,500Accounts Receivable90,000Accumulated Depreciation
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Description: Salary Expense70,500Accounts Receivable90,000Accumulated Depreciation-Equipment 14,800SuppliesEquipment3,60074,000Fees Earned175,2007,400Miscellaneous ExpenseSalaries Payable1,500Kate, Capital90,400Cash38,000Kate, Drawing12,000Supplies ExpenseDeprec

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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Concept explainers

Depreciation Methods

The word "depreciation" is defined as an accounting method wherein the cost of tangible assets is spread over its useful life and it usually denotes how much of the assets value has been used up. The depreciation is usually considered as an operating expense. The main reason behind depreciation includes wear and tear of the assets, obsolescence etc.

Depreciation Accounting

In terms of accounting, with the passage of time the value of a fixed asset (like machinery, plants, furniture etc.) goes down over a specific period of time is known as depreciation. Now, the question comes in your mind, why the value of the fixed asset reduces over time.

Topic Video

Question

Salary Expense
70,500
Accounts Receivable
90,000
Accumulated Depreciation-Equipment 14,800
Supplies
Equipment
3,600
74,000
Fees Earned
175,200
7,400
Miscellaneous Expense
Salaries Payable
1,500
Kate, Capital
90,400
Cash
38,000
Kate, Drawing
12,000
Supplies Expense
Depreciation Expense
Accounts Payable
6,000
4,800
24,400
1. Prepare and Income Statement

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What is the total value of tangible assets that will be reflected in the balance sheet? Land 5,000 Building 40,000 Plant and Equipment 20,000 Commercial Vehicles 35,000 Accumulated Depreciation 30,000 $60,000 O $70,000 O $100,000 O $80,000
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