On its December 31 prior year balance sheet, Calgary Industries reports equipment of $540,000 and accumulated depreciation of $91,000. During the current year, the company plans to purchase additional equipment costing $97,000 and expects depreciation expense of $47,000. Additionally, it plans to dispose of equipment that originally cost $59,000 and had accumulated depreciation of $7,300. The balances for equipment and accumulated depreciation, respectively, on its December 31 current year budgeted balance sheet are: Multiple Choice $578,000: $138,000. $481,000, $91,000 $637,000; $130,700. $637,000; $138,000. $578,000, $130,700.

On its December 31 prior year balance sheet, Calgary Industries reports equipment of $540,000 and accumulated depreciation of $91,000. During the current year, the company plans to purchase additional equipment costing $97,000 and expects depreciation expense of $47,000. Additionally, it plans to dispose of equipment that originally cost $59,000 and had accumulated depreciation of $7,300. The balances for equipment and accumulated depreciation, respectively, on its December 31 current year budgeted balance sheet are: Multiple Choice $578,000: $138,000. $481,000, $91,000 $637,000; $130,700. $637,000; $138,000. $578,000, $130,700.

Name: On its December 31 prior year balance sheet, Calgary Industries repor
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Description: On its December 31 prior year balance sheet, Calgary Industries reports equipment of $540,000 and accumulated depreciation of $91,000. During thecurrent year, the company plans to purchase additional equipment costing $97,000 and expects depreciatio

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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