Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

The following long-term asset accounts appeared in the Creech, Inc. balance sheets for the years ending December 31, 2009 and 2010: Gross fixed assets: 2009

The following long-term asset accounts appeared in the Creech, Inc. balance sheets for the years ending December 31, 2009 and 2010:

Gross fixed assets:

2009 = $11,310,646

2010 = $18,844,934

(Accumulated Depreciation):

2009 = (3,348,002)

2010 = (4,186,233)

Assuming that the company did not sell any long-term assets in 2010 what did Creech report as Depreciation expense on its 2010 income statement?

Record your answer rounded to the nearest dollar. Do not include a dollar sign or commas in your answer. For example, record $1,234,567.89 as 1234568.

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_2

Step: 3

blur-text-image_3

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

Foundations of Finance The Logic and Practice of Financial Management

Authors: Arthur J. Keown, John D. Martin, J. William Petty

8th edition

132994879, 978-0132994873

More Books

Students also viewed these Finance questions

Question

How did the authors avoid the post hoc fallacy?

Answered: 1 week ago

Question

Outline the steps of the strategic pricing process.

Answered: 1 week ago