Question
1.Assume the following general ledger account balances for Xenon Inc. for December 31, 2019 Accumulated Depreciation 50,000 Building 70,000 Depreciation Expense 20,000 Equipment 53,000 Land
1.Assume the following general ledger account balances for Xenon Inc. for December 31, 2019
Accumulated Depreciation | 50,000 |
Building | 70,000 |
Depreciation Expense | 20,000 |
Equipment | 53,000 |
Land | 90,000 |
Unused Supplies | 3,000 |
What is the carrying amount of the companys plant and equipment section of the balance sheet at December 31, 2019?
2.Artisan Industries Inc. purchased a machine for $48,000 on January 1, 2019. It estimates that its residual value is $12,000 and its useful life is 6 years. What is the depreciation expense for 2019 if the company uses the straightline depreciation method?
3.
The final step in the accounting cycle is to:
Group of answer choices
A.Prepare an adjusted trial balance
B.Prepare the financial statements
C.Prepare a postclosing trial balance
D.Prepare closing entries
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