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An unadjusted trial balance shows the
account balances after they have been revised to reflect the
effects of end-of-period adjustments
Interim financial reports can be based on
one-month 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?
Question 19. Question :
A classified balance sheet:
Measures a company's ability to pay its
bills on time
Organizes assets and liabilities into
important subgroups
Presents revenues, expenses and net
income
Reports operating, investing and
financing activities