D E F H 1 B G Unearned Fees 2 Dec. 1 0 3 Dec. 8 2,400 4 5 6 Dec. 1 $0 Beginning balance 7 Dec. 8 $2,400 Cash received from customers in advance for work to be performed in December and January 8 December 40% Portion of work completed as of December 31. 9 January 60% Portion of work to be completed in January 10 11 Dec. 31 Amount of revenue reported on the December 31 income statement. 12 Dec. 31 Amount of Unearned Fees reported on the December 31 balance sheet. Which ula in cell B12 correctly calculates the amount of Unearned Fees reported on the Decembe ince sheet? Multiple Choice --B2-B8 --B7-B8 --B7B9 --B7B8 D F G H NM B 1 Equipment 2 Jan. 1 20,000 3 4 5 6 Cost $20,000 Purchased equipment on January 1 of the current year. 7 Salvage value $2,000 8 Estimated useful life (Years) 6 Years 9 10 Amount of straight-line depreciation reported on the December 31 income statement. 11 Amount of Accumulated Depreciation reported on the December 31 balance sheet. 12 Book value of Equipment reported on the December 31 balance sheet. Which formula in cell B10 correctly calculates the amount of straight-line depreciation expense reported on the December 31 Income statement? Multiple Choice =-(B6-87/88 --06-B7/B8 --B6-B7/B8 O =-(B6-B7)/88 D E F G H B Equipment 20,000 Jan. 1 1 2 3 4 5 6 Cost $20,000 Purchased equipment on January 1 of the current year. 7 Salvage value $2,000 8 Estimated useful life (Years) 6 Years 9 10 Amount of straight-line depreciation reported on the December 31 income statement. 11 Amount of Accumulated Depreciation reported on the December 31 balance sheet. 12 Book value of Equipment reported on the December 31 balance sheet. Which formula in cell B11 correctly calculates the amount of Accumulated Depreciation - Equipment reported on the December 31 balance sheet? 10 Multiple Choice --B6-B7/B8 =-(B6-B7)/88 --(B6-877/B8 --B6-B7/B8 D H 1 1 Equipment 20,000 Jan. 1 Purchased equipment on January 1 of the current year. 6 Cost 7 Salvage value 8 Estimated useful life (Years) $20,000 $2,000 6 Years 10 Amount of straight-line depreciation reported on the December 31 income statement. 11 Amount of Accumulated Depreciation reported on the December 31 balance sheet. 12 12 Book value of Equipment reported on the December 31 balance sheet. Which formula in cell B12 correctly calculates the Book Value of the Equipment reported on the December 31 balance sheet? Hint: Remember when evaluating a formula, Excel follows a standard math protocol called "order of operations". Use the acronym PEMDAS. (Parentheses Exponents Multiplication Division Addition Subtraction). First any expressions in parentheses are evaluated. Next Excel solves for any exponents. After exponents, Excel performs multiplication and division, then addition and subtraction. Multiple Choice --B6-(B6-87)/BB) --B6-86-87)/B8 --B6-(B6-B7/B8) --B6-86-87/B8
