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timofeeve [1]
3 years ago
6

Following are selected accounts for Target Corporation. (a) Indicate whether each account appears on the balance sheet (B) or in

come statement (I). ($ millions)AmountClassification Sales$61,471Answer I Accumulated depreciation7,887Answer B Retained earnings12,761Answer B Depreciation expense1,659Answer I Net income2,849Answer I Property, plant
Business
1 answer:
velikii [3]3 years ago
6 0

Answer:

Target Corporation

Accounts that appear on the balance or the income statement:

Balance Sheet:

Accumulated depreciation 7,887

Retained earnings 12,761

Property, plant

Income Statement:

Sales $61,471

Depreciation expense 1,659

Net income 2,849

Explanation:

The accounts that appear on the balance sheet of Target Corporation are permanent accounts, which are not closed to the income summary at the end of its financial period.  These accounts are carried over to the next accounting period.  They include assets, liabilities, and owners' equity.  The accounts that appear on the income statement of Target Corporation are the temporary accounts, which are closed to the income summary at the end of the company's financial period.  The accounts include revenue and expenses, which are compared to extract the net income or loss for the period.

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Answer:

Journal Entry

Dr.  Depreciation Expense        $7,250

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Depreciation is a expense which is charged against an asset over its useful life due to wear and tear of that asset. This expense is recorded as and Expense in Income statement and accumulated in an contra asset account asset account until the disposal of the asset.

Cost of Equipment = $100,000

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Depreciable value of the asset will be expenses equally every year over 5 years.

Depreciable value = Cost of the asset - Salvage value = $100,000 - $13,000 = $87,000

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Depreciation charge in 2008 = $17,400 x 5 / 12 = $7,250

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<u>Answer:</u>

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