Homework Answers
Annual depreciation on equipment = (Cost price - Salvage value)/Useful life
= (15,600 - 2,500)/10
= 13,100/10
= $1,310
| Assets | = | Liabilities | + | Stockholders' Equity | ||||||||||
| = | + | Retained earnings | ||||||||||||
| Cash | + | Equipment | - | Accumulated depreciation - equipment | = | + | Common stock | + | Revenue | - | Expenses | - | Dividend | |
| 0 | 15,600 | 0 | 0 | 0 | 0 | 0 | 0 | |||||||
| 1,310 | = | 1,310 | ||||||||||||
| = | ||||||||||||||
| = | ||||||||||||||
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