Already have an account? Get multiple benefits of using own account!
Login in your account..!
Remember me
Don't have an account? Create your account in less than a minutes,
Forgot password? how can I recover my password now!
Enter right registered email to receive password!
Q. Show Accumulated depreciation account with example?
Micro Train credits the depreciation amount to an accumulated depreciation account which is a contra asset rather than directly to the asset account. Companies utilize contra accounts when they want to show statement readers the original amount of the account to which the contra account relates. For example for the asset Trucks it is useful to know both the original cost of the asset and the total accumulated depreciation amount recorded on the asset. Thus the asset account shows the original cost. The contra account Accumulated Depreciation on Trucks shows the total amount of recorded depreciation from the date of acquisition. By keeping both original cost and the accumulated depreciation amounts a user can calculate approximately the approximate percentage of the benefits embodied in the asset that the company has consumed. For example assume the accumulated depreciation amount is about three-fourths the cost of the asset. After that the benefits would be approximately three-fourths consumed and the company may have to replace the asset soon.
Therefore to provide more complete balance sheet information to users of financial statements companies show both the original acquisition cost and accumulated depreciation. In the preceding instance for adjustment 4 the balance sheet at 2010 December 31 would show the asset and contra asset as follows
Assets
Trucks USD 40000
Less: Accumulated depreciation 750
USD 39250
As you may perhaps expect the accumulated depreciation account balance enhance each period by the amount of depreciation expense recorded until the remaining book value of the asset equals the estimated residual value.
Determine the terms of Recording sales of merchandise The SALES ACCOUNT is a temporary account with a normal credit balance. It's ONLY used to record sale of merchandise on
Controller: Controller another name for Chief Accountant is generally the head of the whole region of accounting, including internal audit. He is generally in charge of all types
Though the results of the operations of an exact enterprise can be termed as precisely only after the business has ceased to control, its assets have been sold off and responsibili
Q. Show Advantages and disadvantages of LIFO? The advantages of the LIFO method are based on the fact that prices have risen almost constantly for decades. LIFO supporters clai
The Bayside Company uses the LIFO cost flow method to value inventory. In the current year, profit at Bayside is running unusually high. The corporate tax rate is also high this ye
I submitted an assignment this morning and have heard nothing back
What process for excess payment to supplier I would like know without adjusting invoice that means how supplier will send back surplus amount how do in oracle apps? Ans
What is Federal unemployment tax Federal unemployment tax (FUTA) requires the payment of taxes to provide benefits for workers during periods of temporary unemployment. This
Q. What do you mean by consigned goods? FOB destination, freight collect - Seller acquires freight charges and buyer initially pays freight charges. Buyer deducts freight accus
Accrual basis of accounting means that the costs or revenues of events are renowned in the period in which they happens; by the cash flows may take place in another accounting peri
Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!
whatsapp: +1-415-670-9521
Phone: +1-415-670-9521
Email: [email protected]
All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd