WorksheetsDepreciation
Total questions: 4
Worksheet time: 3mins
Accumulated depreciation
a contra an asset account
is the total depreciation expense taken on the asset
is reported on the balance sheet
All of the options are correct
On November 1, 2022, MK Inc. purchased and placed into service equipment
Cost: $15,000
Useful Life: 5 years
Salvage value: $0
What is the Depreciation expense on December 31, 2022, the company's year-end?
$3000
$250
$500
$15,000
At the end of an asset's useful live its book value will equal ___
its salvage value
its depreciable cost
accumulated depreciation
none of the options are correct
AZ Inc.'s balance sheet reports equipment of $15,000 and accumulated depreciation of $6,000. The income statement reports depreciation expense of $3,000. What is the book value of the equipment?
$15,000
$9,000
$12,000
none of the options are correct
