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Area Company purchased a delivery van at a cost of $30,000 cash on January 1, 2013. The van has an estimated useful life of 6 years and a $6,000 estimated residual value. What is the effect on the accounting equation of the purchase of the van?Assets=Liabilities+Stockholders Equity and Revenues-Expenses=Net IncomeI need to know where the numberss go in these two equations please. I know what the depreciation will be but the question is asking how the purchase of the van effects the accounting equations. Does a ($30,000) credit get shown under assets? Does $30,000 get shown under assets for the van? Are there any numbers listed as stockholders equity, expenses, revenues, net income?
Kleener Co acquired a new delivery truck at the beginning of its current fiscal year. The truck cost 26,000 and has an estimated useful life of four years, and an estimated salvage value of 4000.
What are examples of irregular items? How does a change in accounting principles affect the financial statements? Who in the organization is responsible for the application of a change in an accounting principle? Why?
Prepare the necessary journal entry to close the overhead account of the balance is considered immaterial.
Assuming an income tax rate of 40% for all years, the affect of this accounting change on prior periods should be reported by a credit of what?
While preparing the bank reconciliation, you notice that a check, written by the company for $750, has been outstanding for 5 months. What is the best action for you to take?
stine company purchased machinery with a list price of 64000. they were given a 10 discount by the manufacturer. they
Best Rate Bank just issued some new preferred stock. The issue will pay a $10 annual dividend in perpetuity, beginning 10 years from now. If the market needs a 7% return on this investment
Actual cost of direct materials purchased and used, $176,000 Unfavorable direct-material quantity variance, $9,400The direct-material price variance is:
compute the ending inventories under the dollar value lifo method for 2011, 2012, 2013. the base period is January 1, 2011, and the beginning inventory cost at the date was $45,000. compute indexes to two decimal places.
The XYZ Corporation has $1000,000 which it plans to invest in marketable securities. The corporation is choosing between the following three equally risky securities
a. Calculate the predetermined overhead allocation rate. b. Calculate the overhead cost applied during the year.c. Determine the amount of over- or underapplied overhead.
life.com issued 22 million of commercial paper on april 1 on a nine-month note. interest was discounted at issuance at
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