User Account

All Pages

Why is accumulated depreciation a credit balance

Assignment Help Financial Accounting
Reference no: EM132484260

Crimson Tide Music Academy offers lessons in playing a wide range of musical instruments. The unadjusted trial balance as of December 31, 2018, appears below. December 31 is the company's fiscal

year-end. Accounts Debits Credits

Cash 5 10,300

Accounts Receivable 9,500

Supplies 2,000

Prepaid Rent 7,200

Equipment 90,000

Accumulated Depreciation 5 12,000

Accounts Payable 7,700

Question 1: Why is accumulated depreciation a credit balance?

Reference no: EM132484260

Questions Cloud

What would be net income and return on assets : What would be net income and return on assets( investments) for the year be? walker glove and bat shop can open a new store that will have annual sales of $8800
Expected capital gain or loss for first year holding period : If you purchase this bond for $1,089.64 it will have a yield to maturity of 5.569%. What is the expected capital gain or loss for the first year holding period?
How you used data from class profile to modify instruction : How you used the data from the "Class Profile" to modify instruction to meet each child's learning needs and promote positive outcomes.
What are vanessas alternatives : What are Vanessa's alternatives? Who are the stakeholders in this situation? What ethical issues are involved? Vanessa Jones is the assistant chief accountant
Why is accumulated depreciation a credit balance : Why is accumulated depreciation a credit balance? Crimson Tide Music Academy offers lessons in playing a wide range of musical instruments.
Design of a swing-based booking system : Robustness Analysis in the initial design of a Swing-based booking system for a small restaurant. The restaurant only offers a degustation menu
What must the reader be able to do : What do good readers look like? In order for a reader to become independent, what must the reader be able to do? Justify your answer with text references.
What is traditional strategy formulation : What is traditional strategy formulation? And how its techniques its apply and how is helps the multinational companies
What is the most pervasive influence of education : What is the most pervasive influence of education? How is education raced, classed, sexed, gendered, and ability centric? Provide historical examples.

Reviews

Write a Review

Financial Accounting Questions & Answers

  Financial statement analysis and preparation

Financial Statement Analysis and Preparation

  Shareholder of a company

Describe the ways that a person can become a shareholder of a company. Why Wal-Mart would split its stock?

  Financial and accounting principles

An understanding of financial and accounting principles can be a valuable tool for managers. While not all managers will find themselves calculating financial ratios or preparing annual financial data.

  Prepare a statement of cash flow using the direct method

Prepare a Statement of Cash Flow using the Direct Method and Prepare the Operations section of the Statement of Cash Flow using the Indirect Method.

  Financial accounting assignment

This assignment has one case study and two question apart from case study. Questions related to document Liquidation question and Company financial statements question - Torquay Limited

  Prepare general journal entries for goela

Prepare general journal entries for Goela Ltd

  Principles of financial accounting

Prepare the journal entry to record the acquisition of the assets.

  Prepare general journal entries to record the transactions

Prepare general journal entries to record the transactions, assuming use of the periodic inventory system

  Global reporting initiative

Compare the view espoused by the economist Milton Friedman about the social responsibilities of business with the views express by Stigler.

  Explain the iasb conceptual frameworks

Explain the IASB Conceptual Framework's perspective of users and their decisions.

  Determine the company''s financial statements

T he focus of the report is to determine the extent to which you are comfortable relying on the financial statements as presented by management .

  Computation of free cash flow

Computation of Free Cash Flow

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!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

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