Quentin began 2014 with the following non-current asset balances: Plant and equipment (net) $59,000; Patent (net) $28,000. No long-term assets were purchased or sold during the year. How much amortization and depreciation expense did Quentin record during 2014? 

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12. The next six questions refer to Quentin Company's December 31, 2014, Balance Sheet. Quentin began 2014 with the following non-current asset balances: Plant and equipment (net) $59,000; Patent (net) $28,000. No long-term assets were purchased or sold during the year. How much amortization and depreciation expense did Quentin record during 2014? O $3,000 O $4,000 O $7,000 O Cannot be estimated Quentin Company Balance Sheet as of December 31,2014 Assets Liabilities Current Liabilities Accounts payable. Current Assets Cash. Inventory. Prepaid expense. $ 42,000 36,000 $ 30,000 Short-term debt.. 42.000 12,000 Total current liabilities.. $ 72,000 Total current assets. $ 90,000 Non-current Liabilities Non-current Assets Plant and equipment (net). Patent (net).. Total Assets Bond payable. Owners' Equity Common stock. Retained earnings. 34,000 58,000 24,000 20,000 $ 170,000 44,000 Total Liabilities and Owners' Equity S 170,000 12. The next six questions refer to Quentin Company's December 31, 2014, Balance Sheet. Quentin began 2014 with the following non-current asset balances: Plant and equipment (net) $59,000; Patent (net) $28,000. No long-term assets were purchased or sold during the year. How much amortization and depreciation expense did Quentin record during 2014? O $3,000 O $4,000 O $7,000 O Cannot be estimated Quentin Company Balance Sheet as of December 31,2014 Assets Liabilities Current Liabilities Accounts payable. Current Assets Cash. Inventory. Prepaid expense. $ 42,000 36,000 $ 30,000 Short-term debt.. 42.000 12,000 Total current liabilities.. $ 72,000 Total current assets. $ 90,000 Non-current Liabilities Non-current Assets Plant and equipment (net). Patent (net).. Total Assets Bond payable. Owners' Equity Common stock. Retained earnings. 34,000 58,000 24,000 20,000 $ 170,000 44,000 Total Liabilities and Owners' Equity S 170,000

Answer rating: 100% (QA)

1 B 4000 Amortization is an accounting technique used to periodically lower the book value of a loan ... View the full answer