A company has the following balances: Equipment $15,000, Accumulated Depreciation $3,000, and Accounts Payable $2,000. What is the net value of Equipment in the trial balance?
Practice Questions
1 question
Q1
A company has the following balances: Equipment $15,000, Accumulated Depreciation $3,000, and Accounts Payable $2,000. What is the net value of Equipment in the trial balance?
$12,000
$15,000
$18,000
$3,000
The net value of Equipment is $15,000 - $3,000 = $12,000.
Questions & Step-by-step Solutions
1 item
Q
Q: A company has the following balances: Equipment $15,000, Accumulated Depreciation $3,000, and Accounts Payable $2,000. What is the net value of Equipment in the trial balance?
Solution: The net value of Equipment is $15,000 - $3,000 = $12,000.
Steps: 4
Step 1: Identify the total value of Equipment, which is $15,000.
Step 2: Identify the total amount of Accumulated Depreciation, which is $3,000.
Step 3: Subtract the Accumulated Depreciation from the Equipment value: $15,000 - $3,000.
Step 4: Calculate the result, which is $12,000. This is the net value of Equipment.
