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Quentin began 2014 with the following non-current asset balances: Plant and equipment (net) $59,000; Patent (net) $28,000. No long-term assets were purchased or sold during
Quentin began 2014 with the following non-current asset balances: Plant and equipment (net) $59,000; Patent (net) $28,000. No long-term assets were purchased or sold during the year. How much amortization and depreciation expense did Quentin record during 2014?
12. The next six questions refer to Quentin Company's December 31, 2014, Balance Sheet. Quentin began 2014 with the following non-current asset balances: Plant and equipment (net) $59,000; Patent (net) $28,000. No long-term assets were purchased or sold during the year. How much amortization and depreciation expense did Quentin record during 2014? O $3,000 O $4,000 O $7,000 O Cannot be estimated Quentin Company Balance Sheet as of December 31,2014 Assets Liabilities Current Liabilities Accounts payable. Current Assets Cash. Inventory. Prepaid expense. $ 42,000 36,000 $ 30,000 Short-term debt.. 42.000 12,000 Total current liabilities.. $ 72,000 Total current assets. $ 90,000 Non-current Liabilities Non-current Assets Plant and equipment (net). Patent (net).. Total Assets Bond payable. Owners' Equity Common stock. Retained earnings. 34,000 58,000 24,000 20,000 $ 170,000 44,000 Total Liabilities and Owners' Equity S 170,000
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