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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 Income
I 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 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?
Present a list of the three controlling accounts used in the general ledger to record the inventories and, in each case, indicate the related subsidiary ledger.
Receivables Turnover Ratio - The receivables turnover ratio tells us how many times accounts receivable have been collected in a given accounting period. Receivables turnover is calculated by taking the last 12 months of sales and dividing by the ..
Assume that investors have recently become more risk averse, so the market risk premium has increased. Also, assume that the risk-free rate and expected inflation have not changed. Which of the following is most likely to occur?
Overhead applied to Standard using traditional costing using direct labor hours is
How do the calculation and comparison to previous years of the gross margin percentage and the ratio of accounts receivable to sales are related to the conformation of accounts receivable and other tests of the accuracy of accounts receivable?
During 2012, Crop-Paper-Scissors, a craft store, changed to the LIFO method of accounting for inventory. Suppose that during 2013 they switch back to the FIFO method and the following year switch back to LIFO again.
The third generally accepted standard of audit fieldwork requires that auditors obtain sufficient, competent audit evidence to afford a reasonable basis for an opinion regarding the financial statements under examination.
Your beginning food inventory was $26,000. You have purchased an additional $24,000 and have accepted $12,000 in transfers from other locations. In total, you sold $39,000 worth of food for the same time period. Your ending inventory is $29,000. W..
Why is it important to understand the difference between an originating temporary difference and permanent difference in a company? Explain if this concept is relevant for personal finance. ( Intermediate Accounting)
Moran corporation has these accounts at December 31:common stock,$10 par, 5000 shares issued,$50,000;paid in capital in excess of par value $18,000, retained earning $42,000, and treasury stock-common, 500 share,$12,000. Prepare the stock holders ..
maplewood co. uses process costing to account for the production of canned energy drinks. direct materials are added at
Molly, a CPA in public practice is on the board of directors of a local bank. One of Molly's clients has a $100,000 ninety day loan from the bank. Molly, while preparing the clients tax return finds that the client's revenues from their business i..
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