Hank's Tax Planning Service Bought Communications Equipment for $7,200 on January

question 117

Essay

Hank's Tax Planning Service bought communications equipment for $7,200 on January 1,2012.It has an estimated useful life of 5 years.Hank records depreciation monthly.
-As of June 30,2012,the balance in the Accumulated depreciation account for this equipment is:
A) $1,440.
B) $600.
C) $120.
D) $720.

• A) $1,440.
• B) $600.
• C) $120.
• D) $720.

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Definitions:

Criminal Matters

Legal issues pertaining to crimes, which are acts or omissions violating public law and are subject to punishment by the state.

Corporation

A legal entity created under state law, considered distinct from its owners, that can own property, incur debt, sue and be sued.

Service of Process

The procedure by which a party to a lawsuit gives an appropriate notice of initial legal action to another party, court, or administrative body.

President

The elected head of a Republican state or the chief executive officer of a company or organization.