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3 February, 02:13

The adjusted trial balance for Rowdy Profits Corporation reports that its equipment had cost $240,000. For the current year, the company has recorded $28,800 of depreciation, which brings the total depreciation to date to $144,000.

Balance Sheet Income Statement

Assets Revenues

Liabilities Expenses

Stockholders' Equity

Required:

Using the headings shown above, indicate the location and amounts that would be used to report the three items on the company's balance sheet and income statement. (Any deduction should be entered with a minus sign)

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  1. 3 February, 05:55
    0
    The reporting is shown below:

    Income statement

    Particulars Amount Particulars Amount

    Depreciation

    expense $28,800

    Balance sheet

    Liabilities Amount Assets Amount

    Equipment $240,000

    Less: Accumulated

    Depreciation - $144,000

    Net value of an equipment $96,000

    Only these items would be displayed on the income statement and the balance sheet
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