If the estimated amount of depreciation on equipment for a period is $3,500, the adjusting entry to record depreciation would beO a. debit Depreciation Expense $3,500; credit Accumulated Depreciation $3,500.b. debit Equipment $3,500; credit Depreciation Expense $3,500.O c. debit Accumulated Depreciation $3,500; credit Depreciation Expense $3,500.O d. debit Depreciation Expense $3,500; credit Equipment $3,500. The following are line items from the vertical analysis of an income statement:Total revenuesTotal expensesNet incomeAmount$600400$200Percent300%200%100%What needs to be changed on the statement?O a. The percentage for net income should be 25%.O b. The percentage for total expenses should be 33%.O c. Total revenues should be the base expressed as 100%.O d. The percentage for total expenses should be 50%.

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the estimated amount of depreciation on equipment for a period is $3,500, the adjusting entry to record depreciation would be a. debit Depreciation Expense $3,500; credit Accumulated Depreciation $3,500. b. debit Equipment $3,500; credit Depreciation Expense $3,500. c. debit Accumulated Depreciation $3,500; credit Depreciation Expense $3,500. O d. debit Depreciation Expense $3,500; credit Equipment $3,500.

the estimated amount of depreciation on equipment for a period is $3,500, the adjusting entry to record depreciation would be a. debit Depreciation Expense $3,500; credit Accumulated Depreciation $3,500. b. debit Equipment $3,500; credit Depreciation Expense $3,500. c. debit Accumulated Depreciation $3,500; credit Depreciation Expense $3,500. O d. debit Depreciation Expense $3,500; credit Equipment $3,500.

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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