On a classified balance sheet,the Equipment account is reduced by ________.

Question

Quizplus · Accepted Answer

Equipment is a long-term asset that depreciates over time. Accumulated Depreciation represents the total amount of depreciation taken on the equipment to date, and is subtracted from the original cost of the equipment to arrive at its net book value. Therefore, option C is the correct answer. A and B are related to accounts receivable, while D represents an expense account and not a contra account.

On a Classified Balance Sheet,the Equipment Account Is Reduced by ________