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Q. What is depreciable amount?
The dissimilarity between assets's cost and its estimated residual value is an asset's depreciable amount. To persuade the matching principle the firm should allocate the depreciable amount as an expense to the various periods in the asset's useful life. It does this by debiting the sum of depreciation for a period to a depreciation expense account and crediting the amount to an accumulated depreciation account. Micro Train's depreciation taking place on its delivery trucks for December is USD 750 The Company records the depreciation as follows
Subsequent to posting the adjusting entry the T-accounts appear as follow:
Wendell Corporation exchanged an old truck and $25,500 cash for a new truck. The old truck had a book value of $6,000 (original cost of $25,000 less $19,000 in accumulated depre
Acme Inc. has total liabilities of $120,000, total sales of $80,000, net income of $12,000, current assets of $90,000 and total assets of $150,000. What is the debt to equity rat
O B JECTIVES OF FINANCIAL STATEMENTS The fundamental purpose of financial statements according to AICPA is 'to offer qualitative financial information concerning to the busi
Acid test ratio = 2.5, current ratio = 1.5 net working capital = 10,00,000 fixed assets =? Share holder''s fund = 15,00,000 Stock inventory =? Bank overdraft =? Share capital =
Comprehensive Problem in Trial Balance Cash $ 26,470 A/R 14,222 Office Supplies 4,298 Prepaid Insurance 23,137 Equipment 131,495 A/D - Equipment $19,096 Accounts P
Q. Financial statements in European countries? In a few European countries the financial statements contain secret reserves. These secret reserves occur from a company not repo
The type of accounting concerned with providing information and analyses to managers within the organization is referred to as
accounts show the amount of money owed to the firm by customers. A. Supply B. Prepaid C. Receivables D. Payables
Hello, I'm having trouble understanding Direct Cost, Overhead Cost and Indirect Cost. ***Also Period cost and Product cost. please can anyone explain it and give examples for eac
Recording Private Company Credit Card Sales Goes to the individual company-not a bank. Treated as a sale on account. Credit card Company is responsible for collection of
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