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2 years ago

The following events apply to Guiltf Seafood for the 2018 fiscal year:

Business

1 answer:

Paladinen [302]2 years ago

6 0

Answer:

Cash + Equipment - Accumulated depreciation = Common stock + Retained = $46,460

Explanation:

Note: See the attached excel file for the horizontal statements model.

In the attached excel file, we have:

Accumulated depreciation = (Cost of cooktop or equipment - Estimated salvage value) / Expected useful life = ($39,000 - $3,200) / 5 = $2,440

From the attached excel file, the accounting equation can be proved from the balances as follows:

Cash + Equipment - Accumulated depreciation = $33,500 + 15,400 - $2,440 = $46,460

Common stock + Retained = $39,000 + $7,460 = $46,460

Therefore, we have:

Cash + Equipment - Accumulated depreciation = Common stock + Retained = $46,460

Download xlsx

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