GB 518 Course Great Wisdom / tutorialrank.com GB 518 Course Great Wisdom / tutorialrank.com | Page 35

Question 25. Question : A classified balance sheet: Measures a company's ability to pay its bills on time Organizes assets and liabilities into important ubgroups Presents revenues, expenses and net income Question 26. Question : A company purchased a new truck at a cost of $42,000 on July 1, 2011. The truck is estimated to have a useful life of 6 years and a salvage value of $3,000. How much depreciation expense will be recorded for the truck for the year ended December 31, 2011? $3,250