Thurston Company Started Its Business on January 1, Year 1

question 62

Essay

Thurston Company started its business on January 1, Year 1 by issuing $15,000 of common stock. On January 1, the company purchased equipment for $10,500. The equipment is estimated to have a three-year useful life and a $1,500 salvage value. Customers paid Thurston $54,000 for services performed in Year 1. The company paid $33,000 for operating expenses, and paid a $900 dividend to the stockholders. At year-end, Thurston recognized depreciation expense on the equipment.Required:a)What is the book (carrying)value of the equipment at the end of Year 1?b)What is the net income for Year 1?

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Definitions:

Basin-shaped Outline

Descriptive of a geographical depression or low area that resembles the shape of a basin, often collecting water and sediment.

Calderas

Calderas are large, usually circular depressions formed by the collapse of a volcanic area following the eruption and expulsion of a significant amount of magma.

Pyroclastic Materials

Volcanic materials ejected during an eruption, including ash, pumice, lava bombs, and volcanic blocks.

Magma Chamber

A magma chamber is a large pool of liquid rock beneath the surface of the Earth, where magma accumulates before a volcanic eruption.