14:During August, 2022, Sheridans Supply Store generated revenues of $60800. The companys expenses were as...
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Accounting
14:During August, 2022, Sheridans Supply Store generated revenues of $60800. The companys expenses were as follows: cost of goods sold of $36100 and operating expenses of $4500. The company also had rent revenue of $900 and a loss on the sale of a delivery truck of $1700. Sheridans net income for August, 2022 is
$20200.
$24700.
$21100.
$19400.
4:A new accountant working for Concord Company records $1020 Depreciation Expense on store equipment as follows:
Dr. Depreciation Expense
1020
Cr. Cash
1020
The effect of this entry is to
overstate the book value of the depreciable assets at December 31.
understate the book value of the depreciable assets as of December 31.
adjust the accounts to their proper amounts on December 31.
understate total assets on the balance sheet as of December 31.
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