Answered

IDNLearn.com connects you with experts who provide accurate and reliable answers. Get step-by-step guidance for all your technical questions from our dedicated community members.

On January 1, 2020, Fiscus Company purchased equipment costing $90,000. Fiscus records depreciation expense for the equipment at the rate of $1,000/month. What is the credit balance in FIscus Company's accumulated depreciation account for this equipment at December 31, 2020

Sagot :

Answer:

the credit balance in FIscus Company's accumulated depreciation account for this equipment at December 31, 2020 is $120,000

Explanation:

The computation of the credit balance is shown below:

= Depreciation expense per month × number of months

= $1,000 × 12 months

= $120,000

Hence, the credit balance in FIscus Company's accumulated depreciation account for this equipment at December 31, 2020 is $120,000

Your engagement is important to us. Keep sharing your knowledge and experiences. Let's create a learning environment that is both enjoyable and beneficial. IDNLearn.com has the answers you need. Thank you for visiting, and we look forward to helping you again soon.