Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

The following is the straight line depreciation schedule for Ever-Peace company's furniture : Date of depreciation Calculation Depreciation expenses Accumulated Book Value Depreciation December 31,

image text in transcribed

The following is the straight line depreciation schedule for Ever-Peace company's furniture : Date of depreciation Calculation Depreciation expenses Accumulated Book Value Depreciation December 31, 2014 ($ 41,000 - $1,000) / 5 $ 8,000 $ 8,000 $ 33,000 December 31, 2015 ($ 41,000 - $1,000) / 5 $ 8,000 $ 16,000 $ 25,000 December 31, 2016 ($ 41,000 - $1,000) / 5 $ 8,000 $ 24,000 $ 17,000 December 31, 2017 ($ 41,000 - $1,000) / 5 $ 8,000 $ 32,000 $ 9,000 December 31, 2018 ($ 41,000 - $1,000) / 5 $ 8,000 $ 40,000 $ 1,000 Which of the following correctly presents Ever-peace furniture's account on the company's balance sheet at the end of 2015: Select one: 25,000 O Furniture Less: Depreciation Expenses (8,000) 17,000 O Furniture 41,000 Add: Accumulated Depreciation 16,000 55,000 17,000 O Furniture Add: Depreciation Expenses 8,000 25,000 Furniture 41,000 Less: Accumulated Depreciation (16,000) 25,000 O Furniture 41,000 Less: Accumulated Depreciation (24,000) 17,000

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Theory And Practice Of Australian Auditing

Authors: Schelluch Gul, Teoh, Andrew

1st Edition

0170092445, 978-0170092449

More Books

Students also viewed these Accounting questions

Question

Discuss consumer-driven health plans.

Answered: 1 week ago