GB 518 Course Great Wisdom / tutorialrank.com GB 518 Course Great Wisdom / tutorialrank.com | Page 11

Common stock

$ 54,490

Question 17. Question :
incorrect?

Retained Earnings

?

Which of the following statements is

An income statement reports revenues earned
less expenses incurred
An unadjusted trial balance shows the account
balances after they have been revised to reflect the effects of end-ofperiod adjustments
Interim financial reports can be based on onemonth or three-month accounting periods
Property, plant and equipment are referred to
as plant assets

Question 18. Question :
On January 1, Able Company
purchased equipment costing $135,000 with an estimated salvage
value of $10,500, and an estimated useful life of five years. What is
the amount that should be recorded as depreciation on December
31?