A company has the following balances: Equipment $20,000, Accumulated Depreciation $5,000, and Accounts Payable $3,000. What is the net amount for Equipment in the trial balance?

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$20,000
$15,000
$25,000
$3,000

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Q: A company has the following balances: Equipment $20,000, Accumulated Depreciation $5,000, and Accounts Payable $3,000. What is the net amount for Equipment in the trial balance?

Solution: Net Equipment = Equipment - Accumulated Depreciation = $20,000 - $5,000 = $15,000.

Steps: 4

Step 1: Identify the total value of Equipment, which is $20,000.
Step 2: Identify the total value of Accumulated Depreciation, which is $5,000.
Step 3: Calculate the net amount for Equipment by subtracting Accumulated Depreciation from Equipment: $20,000 - $5,000.
Step 4: The result of the calculation is $15,000, which is the net amount for Equipment.

A company has the following balances: Equipment $20,000, Accumulated Depreciation $5,000, and Accounts Payable $3,000. What is the net amount for Equipment in the trial balance?

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