On January 1, Year 1, Parker Company purchased an asset costing $20,000. The asset had an expected five-year life and a $2,000 salvage value. The company uses the straight-line method. What are the amounts of depreciation expense and accumulated depreciation, respectively, that will be reported in the Year 2 financial statements?
A. $4,000 and $7,200
B. $3,600 and $7,200
C. $4,000 and $12,800
D. $3,600 and $3,600
Answer: B
You might also like to view...
Sheila wants to ensure that her goals for her department are specific. According to the text, she should ask ______.
A. how will we complete this? B. where will this need to occur? C. how should I start? D. who is the scapegoat?
In civil proceedings, the right to have the matter determined by a jury exists in all
provinces. Indicate whether the statement is true or false
Total assets for CEE in 2013 were ________. (See Table 3.1)
A) $ 45,895 B) $124,300 C) $ 58,603 D) $ 97,345
Sirignano Corporation produces and sells one product. The budgeted selling price per unit is $84. Budgeted unit sales for October, November, December, and January are 8,400, 12,000, 13,800, and 14,300 units, respectively. All sales are on credit with 40% collected in the month of the sale and 60% in the following month. The expected cash collections for November is closest to:
A. $826,560 B. $705,600 C. $403,200 D. $423,360