Dwayne saw the subsequent information in an accounting

Assignment Help Cost Accounting
Reference no: EM13370253

Dwayne saw the subsequent information in an accounting report:

Motor Vehicle - $40,000
Less Accumulated Depreciation Motor Vehicle - 12,000

He believes that this seems that if it was sold on that day, the vehicle should have achieved a price of about $28,000.

Is Dwayne right? Justify your answer by describing what is meant by the term depreciation, the role and process of recognizing depreciation in accounting reports, and by identifying the accounting concepts that give the justification for recognizing depreciation.

Reference no: EM13370253

Questions Cloud

Lotus fixtures inc manufactures steel fittings each fitting : lotus fixtures inc manufactures steel fittings. each fitting needs both steel and an alloy that allows the fitting to
Exploratory company is a gas and oil exploration firm : exploratory company is a gas and oil exploration firm. during 2013 exploratory engaged in 86 different exploratory
Cameron bly is a sales manager for an automobile dealership : cameron bly is a sales manager for an automobile dealership. he earns a bonus every year based on revenue from number
Flo choi owns a small trade and manages its accounting her : flo choi owns a small trade and manages its accounting. her company just completed a year in which a large amount of
Dwayne saw the subsequent information in an accounting : dwayne saw the subsequent information in an accounting reportmotor vehicle - 40000 less accumulated depreciation motor
Peter mary and paul are planning on creating a new business : peter mary and paul are planning on creating a new business to buy restore and sell classic cars. the three individuals
The four kinds of accounting changes including error : the four kinds of accounting changes including error correction arechange in accounting principlechange in accounting
Mystical corporation found the subsequent errors in their : mystical corporation found the subsequent errors in their year-end financial statements as of dec. 2012
As of january 1 2011 survival industries inc brought a boat : as of january 1 2011 survival industries inc. brought a boat at a cost of 360000.when purchased the corporation was

Reviews

Write a Review

Cost Accounting Questions & Answers

  Describe the current marketing communication

Describe the current marketing communication, identity, and brand position of Plaza Home Health Services.

  1pink corporation is an accrual basis taxpayer that uses

1.pink corporation is an accrual basis taxpayer that uses the recurring item exception to the economic performance test

  Determine the present value of the lease payments

Determine the present value of the lease payments at June 30, 2013 (to the nearest $000) that Georgia-Atlantic uses to record the leased asset and lease liability.

  Compute the february conversion costs

Compute the February conversion costs in the Filtration Department and the Filtration Department completely processed 150,000 liters in February.

  What is a typical range in annual costs

What is a typical range in annual costs contributed by Jake into this hobby of performing with the Highlanders and compute a balance sheet for the Highlanders as of today.

  Articles of corporate and incorporation bylaws

Do a business proposition on a real or factious business from TN. with Acquired (state URL/probably the Secretary of State) the suitable organizational document templates.

  Analytical exercisescenario abc company sells widgets in

analytical exercisescenario abc company sells widgets in three varieties red yellow and blue but has lost money for

  Find the job costing approach

Prepare a 1-2 page paper describing the seven-step approach to job costing and how you would use each step to detail the job costing approach.

  Role of cost accounting in business planning-control

Describe the role of cost accounting in helping management plan, make decisions, and control the organization.

  Impressions of the peachtree payroll wizard

Describe your impressions of the Peachtree payroll wizard. Determine how much knowledge in accounting and/or payroll you would need and why.

  Determine the firm''s operating income

Which of the following will cause income determined with absorption costing to be higher than income determined with direct costing - An excess of cost of goods manufactured over cost of goods sold for the period represents

  Questionthe amortization of bond discounta increases the

questionthe amortization of bond discounta increases the cash paid to bondholders for interestbnbsp results in bond

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd