The account Equipment appears on the balance sheet at $300,000 less accumulated depreciation of $100,000. ...
The account Equipment appears on the balance sheet at $300,000 less accumulated depreciation of $100,000.
a. The equipment’s book value is $200,000.
b. The equipment’s book value is $300,000.
c. The equipment’s book value is $400,000.
d. The equipment’s market value is $200,000.
The cost of the equipment in the prior question was most likely:
a. $200,000.
b. $300,000.
c. $400,000.
d. Some undeterminable amount.
Homework Answers
Equipment appears in the books at the cost price.
Cost price of equipment = $300,000
Accumulated depreciation = $100,000
Book value of equipment = Cost price of equipment - Accumulated depreciation
= 300,000 - 100,000
= $200,000
Correct option is (a)
Cost of equipment is $300,000
Correct option is (b)
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