The following information relates to Horizon Financial Services on 30 June 2021. Equipment 54,000 Prepaid Insurance 5,400 Wages Expenses 28,800 Cash at Bank 39,000 Service Revenue 64,000 Wages Payable 13,500 Depreciation expense - Equipment 5,400 Accounts receivable 5,300 Supplies Expense 2,760 Owner, Drawings 1,100 Unearned revenue 5,000 Supplies 2,600 Electricity Expense 4,440 Accounts payable 3,900 Capital ? Loan payable (due in 2025) 7,000 Accumulated Depreciation- Equipment 24,000
The following information relates to Horizon Financial Services on 30 June 2021. Equipment 54,000 Prepaid Insurance 5,400 Wages Expenses 28,800 Cash at Bank 39,000 Service Revenue 64,000 Wages Payable 13,500 Depreciation expense - Equipment 5,400 Accounts receivable 5,300 Supplies Expense 2,760 Owner, Drawings 1,100 Unearned revenue 5,000 Supplies 2,600 Electricity Expense 4,440 Accounts payable 3,900 Capital ? Loan payable (due in 2025) 7,000 Accumulated Depreciation- Equipment 24,000
Cornerstones of Financial Accounting
4th Edition
ISBN:9781337690881
Author:Jay Rich, Jeff Jones
Publisher:Jay Rich, Jeff Jones
Chapter7: Operating Assets
Section: Chapter Questions
Problem 5MCQ: Refer to the information for Cox Inc. above. What amount would Cox record as depreciation expense at...
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The following information relates to Horizon Financial Services on 30 June 2021.
| Equipment | 54,000 |
| Prepaid Insurance | 5,400 |
| Wages Expenses | 28,800 |
| Cash at Bank | 39,000 |
| Service Revenue | 64,000 |
| Wages Payable | 13,500 |
| 5,400 | |
| 5,300 | |
| Supplies Expense | 2,760 |
| Owner, Drawings | 1,100 |
| Unearned revenue | 5,000 |
| Supplies | 2,600 |
| Electricity Expense | 4,440 |
| Accounts payable | 3,900 |
| Capital | ? |
| Loan payable (due in 2025) | 7,000 |
| 24,000 |
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