Report form balance sheet
Account form balance sheet
Classified balance sheet
Unadjusted balance sheet
Question 25. 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
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?