Accumulated Depreciation is: (a) a contra asset account. (b) an expense account. (c) a stockholders equity account.

Question:

Accumulated Depreciation is:

(a) a contra asset account.

(b) an expense account.

(d) a liability account.

Fantastic news! We've Found the answer you've been seeking!

Step by Step Answer:

Related Book For book-img-for-question

Financial Accounting

ISBN: 9781119298229,9781119305842

10th Edition

Authors: Jerry J. Weygandt , Donald E. Kieso , Paul D. Kimmel

See More Books

Question Posted: Feb 07, 2024 03:02 AM

See More Questions

1- Clever Computers has a five-day work week and pays the office staff $3,050 each week. If the month ends on a Thursday, the adjusting entry will credit Wages Payable for a. $610. b. $3,050. c....
On January 1, 2020, Stark Company purchased a new factory for $120,000. The company expects to utilize the factory for the next 20 years before they will require a new one, and estimate that it will...
On December 31, 2019, Metlock Inc. borrowed $3,300,000 at 13% payable annually to finance the construction of a new building. In 2020, the company made the following expenditures related to this...
You can use simple estimates to compare the cost and performance of a terabyte storage System made entirely from disks with one that incorporates tertiary storage. Suppose that magnetic disks each...
On January 10, 2019, Kirsten married Joe. Joe sold his personal residence on October 25, 2018, and excluded the entire gain of $175,000. Although they had originally planned to live in the house that...
Lauren is flying in her spaceship at 0.3c. If she doubles her speed to 0.6c, her momentum A. Doubles. B. More than doubles. C. Less than doubles.
The following selected transactions were taken from the books of Ripley Company for 2016: 1. On February 1, 2016, borrowed $70,000 cash from the local bank. The note had a 6 percent interest rate and...
Information that has been determined based on the best information available using the correct process, what is also provides an adequate explanation is an example of which fundamental characteristic?
Rivera Company computes depreciation on delivery equipment at $1,000 for the month of June. The adjusting entry to record this depreciation is as follows. (a) Depreciation Expense Accumulated...
Adjustments for prepaid expenses: (a) decrease assets and increase revenues. (b) decrease expenses and increase assets. (c) decrease assets and increase expenses. (d) decrease revenues and increase...
Faith Battle operates a health-food store, and she has been the only employee. Her business is growing, and she is considering hiring some additional staff to help her in the store. Explain to her...
Al Zain Company needs cars for its operations. On January 2019, Al Zain makes an "Ijarah Muntahia Bittamleek" contract with Meethaq Islamic Bank (MIB) for 11 years. MIB purchases 6 cars. Purchase...
Please write a letter of recommendation for position of employment in an organization. And make sure it is maximum of 3paragraph with the template of introduction, body and conclusion. (Please do...
Suppose Jeff Bezos deposits $1 million in currency in his checking account on the Moon. Calculate the change in the money supply on the Moon that follows this deposit.
The current cost of graduate school tuition is $12,000 per year. The cost of tuition is rising at 5.00% per year. You plan to attend graduate school for 2 years starting 2 years from now. How much do...
What are the prominent distinctions and commonalities in global leadership styles, as delineated by pertinent constructs? Furthermore, do leaders originating from particular cultural backgrounds...
What is the difference between simple interest and compound interest? Is the amount of interest higher or lower when the interest is simple rather than compound?
In Exercises delete part of the domain so that the function that remains is one-to-one. Find the inverse function of the remaining function and give the domain of the inverse function. f(x) = 16x4 -3...
Presented below are three receivables transactions. Indicate whether these receivables are reported as accounts receivable, notes receivable, or other receivables on a balance sheet. (a) Sold...
The financial statements of Minnesota Mining and Manufacturing Company (3M) report net sales of $20.0 billion. Accounts receivable (net) are $2.7 billion at the beginning of the year and $2.8 billion...
Why is it necessary to use comparative balance sheets, a current income statement, and certain transaction data in preparing a statement of cash flows? Discuss.
Solve the equation. 19 2x + 7 5 3 2x
4x - 4x 1. Let R(x) Transforn R(x) into each of the following: [2+2+2] x+x3 x2-x (a) (x+2)(x-2) (x+1)(x-1) (b) (x 4) x21 (c) Partial fractions.
Let f(x) = -2x - 12x + 3.

Accumulated Depreciation is: (a) a contra asset account. (b) an expense account. (c) a stockholders equity account.

Question:

Step by Step Answer:

a Accumulated Depreciation is a contra asset account it is ...View the full answer

Financial Accounting

Students also viewed these Business questions