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Q. What is Asset cost and Estimated residual value?
Asset cost: The asset cost is the sum that a company paid to purchase the depreciable asset.
Estimated residual value: The estimated residual value (scrap value) is the sum that the company can probably sell the asset for at the end of its estimated useful life.
Personal accounts --> Debit the benefit receiver, credit the benefit giver Real accounts --> Debit what comes in, credit what goes out Nominal Accounts --> Debit all expenses
twhat is debit?
Q. Explain Statement of retained earnings? The statement of retained earnings demonstrates the change in retained earnings between the beginning and end of a period e.g. a mont
stpes to be taken prepaing for final accounts
You received an email from Carl the operations manager from the California Container division. They produce packaging for cell phones. Carl understands that his product is an imp
What is the full disclosure principle
Split common stock 4 to 1 and reduced PAR from $80 to $20. After the split there were 600,000 shares.
How to create account for barter transactions? As My Company is providing a service to another company and that company is reimbursing us with his service.
Determine the specific citation for accounting for each of the following items: 1. Accounts receivables from related parties should be shown separately from trade receivables. 2. T
#quest1. Use the general journal to journalize the following transactions completed during July of the current year. 2. Post from the general journal to the general ledger. Using
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