Best Construction purchased a delivery truck on June 1, 2021. The following information is available:Cost = $90,000Estimated service life = 5 yearsEstimated residual value = $15,000Calculate depreciation expense for the year ended December 31, 2021, using straight-line depreciation.
A. $6,250.
B. $18,000.
C. $8,750.
D. $15,000.
Answer: C
You might also like to view...
According to the AICPA, the auditor needs to form an opinion on the financial statements based on an evaluation of the audit evidence obtained. This is stated in which AICPA principle governing an audit conducted in accordance with GAAS?
a. Principle 1 b. Principle 4 c. Principle 5 d. Principle 7
Joe Girard, popular sales trainer and consultant, used the "________" concept to illustrate the relationship between prospecting and the loss of customers due to attrition
Fill in the blanks with correct word
The budgeted income statement is a cash-based income statement
Indicate whether the statement is true or false
Jan showed the following financial items at the ends of 2007 and 2085:
2007 2008 Checking account balance 1,300 1,200 Credit card balances due 700 500 Auto loan ($900 due within one year) 2,700 3,600 Automobile 7,000 8,000 Jewelry 400 300 Stamp collection 1,200 1,000 Jan's net worth changed in 2008 by A) + $100. B) - $700. C) + $400. D) + $800.