On January 1, 2013, Grills and Grates Inc. purchased equipment for $60,000. The company is depreciating the equipment at the rate of $800 per month. At January 31, 2014, the balance in Accumulated Depreciation is

Question

Quizplus · Accepted Answer

Depreciation for 2013 = $800 x 12 months = $9,600
Depreciation for January 2014 = $800
Total accumulated depreciation as of January 31, 2014 = $9,600 + $8,800 = $10,400. Therefore, the correct answer is choice C.