A company's December 31 work sheet for the current period appears below. Based on the information provided, what is net income for the current period? Unadjusted Trial Adjustments Credit Debit Balance Debit Credit Cash 1,155 Accounts receivable 480 Prepaid insurance Supplies 5,400 330 360 250 Equipment Accumulated depreciation-equipment Accounts payable Salaries payable 15,720 370 2,940 495 Unearned revenue 6,300 555 Owner, Capital Owner, Withdrawals 12,780 3,450 Services revenue 11,790 1,035 Rent expense Salaries expense Utilities expense 3, зее 3,900 495 525 Insurance expense Supplies expense Depreciation expense-equipment 330 250 370 Totals 33,810 33,810 2,480 2,480 Multiple Choice $4,220. $4,065. $9,890. $2,480. $3,655.
A company's December 31 work sheet for the current period appears below. Based on the information provided, what is net income for the current period? Unadjusted Trial Adjustments Credit Debit Balance Debit Credit Cash 1,155 Accounts receivable 480 Prepaid insurance Supplies 5,400 330 360 250 Equipment Accumulated depreciation-equipment Accounts payable Salaries payable 15,720 370 2,940 495 Unearned revenue 6,300 555 Owner, Capital Owner, Withdrawals 12,780 3,450 Services revenue 11,790 1,035 Rent expense Salaries expense Utilities expense 3, зее 3,900 495 525 Insurance expense Supplies expense Depreciation expense-equipment 330 250 370 Totals 33,810 33,810 2,480 2,480 Multiple Choice $4,220. $4,065. $9,890. $2,480. $3,655.
College Accounting (Book Only): A Career Approach
13th Edition
ISBN:9781337280570
Author:Scott, Cathy J.
Publisher:Scott, Cathy J.
Chapter4: Adjusting Entries And The Work Sheet
Section: Chapter Questions
Problem 5E: Complete the work sheet for Ramey Company, dated December 31, 20, through the adjusted trial balance...
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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.
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