QUESTION 17

What are the three items needed to calculate depreciation?

QUESTION 18

A piece of equipment is purchased for $10,000, has a salvage value of $2,000, and an estimated useful life of 4 years. Using the straight-line depreciation method, how much is depreciated per year for the next 4 years?

QUESTION 19

A piece of equipment is purchased for $10,000, has a salvage value of $2,000, and an estimated useful life of 4 years. Using the double-declining balance method, how much is depreciated per year for the next 2 years?

QUESTION 20

How does an “Accumulated Deprecation” account get increased; debit or credit?

QUESTION 21

What are the three levels of the Cash Flow Statement?

QUESTION 22

What type of income statement separates out the “Gross Margin”, “Operating Income” and “Net Income”?

QUESTION 23

What does FUTA stand for?

QUESTION 24

What does FICA stand for?