Question

How is depreciation calculated? C-S/L (C-L)/ S C/S C-S How do you determine the book value...

  1. How is depreciation calculated?
  1. C-S/L
  2. (C-L)/ S
  3. C/S
  4. C-S
  1. How do you determine the book value of an asset?
  1. C- Dep Expense
  2. C-S
  3. C- Accumulated depreciation
  4. C
  1. Which of the following is a contra-asset?
  1. Dividends
  2. Unearned revenue
  3. Accumulated depreciation
  4. Merchandise Inventory
Business   Accounting   
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Homework Answers

Answer #1

1. Depreciation is Calculated by using the below formula

Depreciation Expense = (Cost - Salvage Value )/ Useful Life of Asset

2. Book Value of an Asset

Book alue of Asset = Cost of the Asset - Accumulated Depreciation

3. Option Accumulated Depreciation

A contra asset account is an asset account in which the balance of the account will either be a zero or a credit (negative) balance. Such an account offsets the balance in the respective asset account that it is paired with on the balance sheet.

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