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What is the annual straight-line depreciation expense

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Reference no: EM132959275

Problem 1: Antonio's catered a reception. The total price was $850. Their customer paid half of the fee in cash and agreed to pay the remainder later. The journal entry to record this transaction is

A) Cash 425

Accounts Receivable 425

Catering Service Fees 850

B) Cash 850

Accounts Receivable 850

C) Cash 850

Catering Service Fees 850

D) Accounts Receivable 850

Cash 425

Catering Service Fees 425

Problem 2: A contra-asset is

A) in reality a liability.

B) an asset with a debit balance.

C) an account with an opposite balance of a normal asset.

D) an account that increases the asset.

Problem 3: Equipment with a cost of $150,000 has an accumulated depreciation of $50,000, and an estimated remaining life of 8 years. What is the annual straight-line depreciation expense for the equipment?

A) $12,500

B) $25,000

C) $50,000

D) $100,000

Reference no: EM132959275

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