On January 4,2019,Mary's Cafe acquired equipment for $500,000.The estimated life of the equipment is 8 years or 60,000 hours.The estimated residual value is $40,000.What is the balance in the Accumulated Depreciation account at December 31,2020 if the straight-line method is used?
A) $40,000
B) $62,500
C) $115,000
D) $57,500
Correct Answer:
Verified
Q89: Martin Company paid $900,000 for equipment.Martin uses
Q90: On January 2,2019,Mumford Corporation acquired equipment for
Q91: Gary Kraen Company purchased equipment on May
Q92: Which statement is FALSE?
A)Depreciation is caused by
Q93: Roho Company acquired equipment on July 1,2019,for
Q95: Cramer Company purchased equipment on May 1,2019
Q96: On January 2,2019,Saminski,Inc. ,acquired equipment for $200,000.The
Q97: Jerry Willis Company purchased equipment on May
Q98: For a plant asset that generates revenue
Q99: Income before depreciation and taxes amounts to
Unlock this Answer For Free Now!
View this answer and more for free by performing one of the following actions
Scan the QR code to install the App and get 2 free unlocks
Unlock quizzes for free by uploading documents