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Q. Example of Accumulated Depreciation account?
Along with other items the trial balance of Korman Company for 2010 December 31 includes the following account balances
A few of the supplies represented by the USD 6000 balance of the Supplies on Hand accounts have been consumed. An inventory calculates of the supplies actually on hand at December 31 totalled USD 2400.
On May 1 of the present year a rental payment of USD 25200 was made for 12 months' rent it was debited to Prepaid Rent.
The annual depreciation for the buildings is place on the cost shown in the Buildings account less an estimated residual value of USD 10000. The estimated helpful lives of the buildings are 40 years each. The salaries expense of USD 124000 doesn't include USD 6000 of unpaid salaries earned since the last payday. The company has make one-fourth of the unearned delivery fees by December 31. Delivery services of USD 600 were carrying out for a customer but a bill has not yet been sent.
a. Organize the adjusting journal entries for December 31 assuming adjusting entries are prepared only at year-end.
b. Based on the adjusted balance exposed in the Accumulated Depreciation Buildings account how many years has Korman Company owned the building?
Concept of Conservatism: The concept of conservatism, also termed as the concept of prudence, is frequently stated as "anticipate no profit, give for all possible losses". It
Q. What do you mean by Overhead? Overhead -- a cost that doesn't vary with the level of production or sales and generally a costnot directly involved with sales or production.
A light truck is purchased on January 1 at a cost of $27,000. It is expected to serve for eight years and have a salvage value of $3,000. Calculate the depreciation expense for t
Q. Cash equivalents and investments? Cash as well as cash equivalents consist of cash on hand and marketable securities with original maturities of three months or less. SFA
Nance's Restaurant, a local independent restaurant, is evaluating new point-of-sale (POS) systems and must determine if a new installation is feasible. A new POS installation wou
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Q. Explain about Long-term assets? Long-term assets are assets that a business has on hand or else uses for a relatively long time. Examples include plant, property and equipme
Q. What is Cost-benefit? Cost-benefit The cost-benefit consideration engrosses deciding whether the benefits of including optional information in financial statements exceed th
Explain the types of Financial Statements Income Statement . This is a summary of a business's expenses and revenue for a specific period of time. It ONLY shows expenses and r
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