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Q. Show the examples of long-term assets? Property, plant, and equipment are assets with helpful lives of more than one year a company acquires them for use in the business r
Q. Preparing a separate trial balance? As an alternative of preparing a separate trial balance as accountants uses the Trial Balance columns on a work sheet. The numbers and ti
Q. Illustrate unearned service fees? Micro Train reports the service income in its income statement for 2010. The company enters the USD 3000 balance in the Unearned Service Fe
Debenture holder are those who gives long term loan at specific interest rate in term of cas. Creditor gives only short term credit in term of cash for purchasing of goods.
Steps in recording business transactions Look at Exhibit 5 to observe the steps in recording and posting the effects of a business transaction. Note that a source document offe
Q. Importance of proper inventory valuation? A merchandising company is able to prepare accurate statements of retained earnings, income statements and balance sheets only if i
FICA Tax (Social Security) Both the employee and the employer contribute equally. OASDI has a Taxable Wage Base that is the maximum amount of earnings during a calendar y
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Q. Interest rate implied in cash discounts? Interest rate implied in cash discounts to decide whether you should take benefit of discounts by using your cash or borrowing makes
how do we credit debit cash received from owner
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