Accumulated depreciation appears on the
a. income statement as an operating expense
b. balance sheet in the current assets section
c. balance sheet in the long-term liabilities section
d. balance sheet in the property, plant and equipment section
Accumulated depreciation appears on the
| a. | income statement as an operating expense | |
| b. | balance sheet in the current assets section | |
| c. | balance sheet in the long-term liabilities section | |
| d. | balance sheet in the property, plant and equipment section |
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Related questions
In the blank next to each account, write the letter indicatingto which category of the Classified Balance Sheet it wouldbelong.
A. Current Assets E. Current Liabilities
B. Long-Term Investments F. Long-Term Liabilities
C. Property, Plant, and Equipment G. Stockholdersâ Equity
D. Intangible Assets H. Not on the Balance Sheet
Accumulated Depreciation | |
Common Stock | |
Building (used in operations) | |
Salaries Payable | |
Land (not used in operations) | |
Inventory | |
Unearned Revenue | |
Depreciation Expense | |
Dividends | |
Patents | |
Prepaid Rent | |
Mortgage Payable (due 2020) | |
Salaries Expense | |
Short-Term Debt investment | |
Income Tax Payable | |
Goodwill |
Birchett Corporation's most recent balance sheet appears below:
| Comparative Balance Sheet | ||
| Ending Balance | Beginning Balance | |
| Assets | ||
| Current assets: | ||
| Cash and cash equivalents | $27 | $26 |
| Accounts receivable | 65 | 59 |
| Inventory | 49 | 55 |
| Total current assets | 141 | 140 |
| Property, plant, and equipment | 533 | 490 |
| Less accumulated depreciation | 234 | 231 |
| Net property, plant, and equipment | 299 | 259 |
| Total assets | $440 | $399 |
| Liabilities and stockholders' equity | ||
| Current liabilities: | ||
| Accounts payable | $28 | $26 |
| Total current liabilities | 28 | 26 |
| Bonds payable | 169 | 200 |
| Total liabilities | 197 | 226 |
| Stockholdersâ equity: | ||
| Common stock | 71 | 70 |
| Retained earnings | 172 | 103 |
| Total stockholdersâ equity | 243 | 173 |
| Total liabilities and stockholders' equity | $440 | $399 |
The company's net income for the year was $91 and it did not sell or retire any property, plant, and equipment during the year. Cash dividends were $22. The net cash provided by (used in) operating activities for the year was:
| $5 | ||
| $130 | ||
| $86 | ||
| $96 |
