Question
Accounts payable 2,300 Accounts Receivable 1,500 Accumulated depreciation - Equipment 4,000 Cash 2,600 Common Stock 4,800 Equipment 7,500 Inventory 400 Land 10,000 Land held as
| Accounts payable | 2,300 |
| Accounts Receivable | 1,500 |
| Accumulated depreciation - Equipment | 4,000 |
| Cash | 2,600 |
| Common Stock | 4,800 |
| Equipment | 7,500 |
| Inventory | 400 |
| Land | 10,000 |
| Land held as long term investment | 8,000 |
| Notes payable (due in 5 Years) | 6,000 |
| Patent | 2,500 |
| Retained Earnings 1/1 | 16,000 |
| Short- term investments | 1,000 |
| Wages Payable | 400 |
Required: Calculate following amounts. Show all work.
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Total Current Assets (in order of liquidity)
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Total property, plant, and equipment
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Total Assets
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Total Current liabilities
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Total Liabilities
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Total Stockholders equity
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Prove that A=L+SE with answers calculated above
#4
A corporation purchased a truck for $86,000. The company expected the truck to last for 5 years or 100,000 miles, with an estimated value of $5,000 at the end of that time. During the second year, the truck was driven 18,000 miles. Compute depreciation for the second year under each of the methods below.
Show all work
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Straight-line
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Double-declining balance
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Unity of Activity
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