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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:
Q. What is sales transaction? - In a sales transaction the seller transmits the legal ownership (title) of the goods to the buyer. - An invoice is a document prepared by the
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
Accounts payable subsidiary ledger Accounts are designed to show balance owed to every creditor. Liability accounts generally have credit balances. Accounts are not assigned nu
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Why it is important for independent auditor to be a member of a professional body?
Definite the meaning of accounting equation
Q. Show Tax benefits of LIFO? Tax benefits of LIFO The LIFO method outcomes in the lowest taxable income and thus the lowest income taxes when prices are rising. The Internal R
Mission statement for PCAOB and AICPA and how it contributed to GAAP 2-3 pages APA style
how its help
A store receives $400 cash after offering a chain discount of 10/10/5 on a good. What was the list price? A. $492.20 B. $519.82 C. $533.33 D. $612.00
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