Homework Answers
Answer to Question 1:
Annual Depreciation = (Cost of Equipment - Salvage Value) /
Useful Life
Annual Depreciation = ($142,800 - $14,400) / 5
Annual Depreciation = $128,400 / 5
Annual Depreciation = $25,680
Answer to Question 2:
Balance in Income Summary = Service Revenue - Rent Expense -
Utility Expense - Salary Expense - Depreciation Expense -
Advertising Expense
Balance in Income Summary = $253,000 - $10,300 - $3,800 - $18,800 -
$9,300 - $4,530
Balance in Income Summary = $206,270
Answer to Question 3:
Current Assets = Cash + Accounts Receivable + Office
Supplies
Current Assets = $6,954 + $15,733 + $2,825
Current Assets = $25,512
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