Answered

Find expert answers and community insights on IDNLearn.com. Join our knowledgeable community and access a wealth of reliable answers to your most pressing questions.

Type the correct answer in the box. Use numerals instead of words. If necessary, use / for the fraction bar.

What is the closing balance of the accumulated depreciation account?

Accumulated Depreciation Account
\begin{tabular}{|l|l|c|c|c|c|}
\hline Date & Item & [tex]$\$[/tex][tex]$ & Date & Item & $[/tex]\[tex]$[/tex] \\
\hline & & & Jan 1, 2012 & Balance b/t & 1,000 \\
\hline & & & Dec 31, 2012 & Depreciation Expense & 2,000 \\
\hline & & & & & \\
\hline & & 3,000 & & & 3,000 \\
\hline
\end{tabular}

The closing balance is _______.

Sagot :

GinnyAnsweridn
To find the closing balance of the accumulated depreciation account, we need to consider the starting balance and any additional depreciation recorded during the period.

- The initial balance as of January 1, 2012, is [tex]$1,000. - Additional depreciation recorded on December 31, 2012, is $[/tex]2,000.

To find the closing balance, we add the initial balance and the depreciation amount:

[tex]\[ 1,000 + 2,000 = 3,000 \][/tex]

Therefore, the closing balance of the accumulated depreciation account is [tex]\( \boxed{3000} \)[/tex].
We are delighted to have you as part of our community. Keep asking, answering, and sharing your insights. Together, we can create a valuable knowledge resource. IDNLearn.com has the solutions to your questions. Thanks for stopping by, and see you next time for more reliable information.