GB 518 RANK Career Path Begins/gb518rank.com GB 518 RANK Career Path Begins/gb518rank.com | Page 18

Report form balance sheet Account form balance sheet Classified balance sheet Unadjusted balance sheet

Question 25 . Question : A classified balance sheet :

bills on time

important subgroups

income

financing activities

Measures a company ' s ability to pay its

Organizes assets and liabilities into

Presents revenues , expenses and net

Reports operating , investing and

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 ?