Salary Expense70,500Accounts Receivable90,000Accumulated Depreciation-Equipment 14,800Supplies3,60074,000EquipmentFees Earned175,200Miscellaneous Expense7,400Salaries Payable1,500Kate, Capital90,40038,00012,000CashKate, DrawingSupplies ExpenseDepreciation ExpenseAccounts Payable6,0004,80024,4001. Prepare and Income Statement2. Prepare a Statement of Owner's Equity3. Prepare a Balance Sheet

Name: Salary Expense70,500Accounts Receivable90,000Accumulated Depreciation
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Description: Salary Expense70,500Accounts Receivable90,000Accumulated Depreciation-Equipment 14,800Supplies3,60074,000EquipmentFees Earned175,200Miscellaneous Expense7,400Salaries Payable1,500Kate, Capital90,40038,00012,000CashKate, DrawingSupplies ExpenseDeprec

Income Statement Particulars Amount Fees Earned 175200 Less: Expenses Salary expense…

Business

Accounting

70,500 Salary Expense Accounts Receivable 90,000 Accumulated Depreciation-Equipment 14,800 Supplies Equipment 3,600 74,000 Fees Earned 175,200 Miscellaneous Expense 7,400 1,500 Salaries Payable Kate, Capital 90,400 Cash 38,000 12,000 Kate, Drawing Supplies Expense Depreciation Expense Accounts Payable 6,000 4,800 24,400 1. Prepare and Income Statement 2. Prepare a Statement of Owner's Equity 3. Prepare a Balance Sheet

70,500 Salary Expense Accounts Receivable 90,000 Accumulated Depreciation-Equipment 14,800 Supplies Equipment 3,600 74,000 Fees Earned 175,200 Miscellaneous Expense 7,400 1,500 Salaries Payable Kate, Capital 90,400 Cash 38,000 12,000 Kate, Drawing Supplies Expense Depreciation Expense Accounts Payable 6,000 4,800 24,400 1. Prepare and Income Statement 2. Prepare a Statement of Owner's Equity 3. Prepare a Balance Sheet

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
3,600
74,000
Equipment
Fees Earned
175,200
Miscellaneous Expense
7,400
Salaries Payable
1,500
Kate, Capital
90,400
38,000
12,000
Cash
Kate, Drawing
Supplies Expense
Depreciation Expense
Accounts Payable
6,000
4,800
24,400
1. Prepare and Income Statement
2. Prepare a Statement of Owner's Equity
3. Prepare a Balance Sheet

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