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Use the appropriate items from the following list to prepare in good form Owen Davis Companys balance

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Use the appropriate items from the following list to prepare in good form Owen Davis Company€™s balance sheet at December 31,2012.
Use the appropriate items from the following list to prepare
Balance Sheet
Balance sheet is a statement of the financial position of a business that list all the assets, liabilities, and owner’s equity and shareholder’s equity at a particular point of time. A balance sheet is also called as a “statement of financial...
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Value ($000) at December 31, 2012 Value ($000) at December 31, 2012 Item Item Inventories Land Long-term debts Machinery Marketable s Notes payable Accounts payable Accounts receivable 220 450 $ 375 100 420 420 Accumulated depreciation Buildings Cash Common stock (at par) Cost of goods sold Depreciation expense Equipment Furniture and fixtures General expense 265 225 215 90 2,500 45 140 170 320 ecurities 475 Paid-in capital in excess of par Preferred stock Retained carnings Sales revenue Vehicles 360 100 210 3,600 25

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Owen Davis Company Balance Sheet December 31 2012 Assets Current assets Cash 215000 M...View the full answer


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Depreciation of non-current assets is the process of allocating the cost of the asset over its useful life. The cost of the asset includes the purchase price, any additional costs incurred to bring the asset to its current condition and location, and any other costs that are directly attributable to the asset. The useful life of the asset is the period over which the asset is expected to be used by the company. To calculate the depreciation, companies use different methods such as straight-line, declining-balance, sum-of-the-years\'-digits, units-of-production, and group depreciation. The chosen method will depend on the type of asset, the company\'s accounting policies, and the accounting standards that are applicable. The straight-line method allocates an equal amount of the asset\'s cost over its useful life, while the declining-balance method calculates depreciation at a fixed rate, typically double the straight-line rate, but the amount of depreciation decreases over time. The sum-of-the-years\'-digits method is similar to the declining-balance method, but the rate of depreciation is calculated using a fraction that is based on the useful life of the asset. It\'s important to note that the depreciation expense will be recorded on the company\'s income statement and the accumulated depreciation will be recorded on the company\'s balance sheet. This will decrease the value of the asset on the balance sheet over time.

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