Hank's Tax Planning Service bought communications equipment for $7,200 on January 1,2012.It has an estimated useful life of 5 years.Hank records depreciation monthly.
-As of June 30,2012,the balance in the Accumulated depreciation account for this equipment is:
A) $1,440.
B) $600.
C) $120.
D) $720.

Question

Quizplus · Accepted Answer

D) Calculations: $7,200/60 = $120 × 6 = $720

Hank's Tax Planning Service Bought Communications Equipment for $7,200 on January