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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:
On october 31 A fund accrued 2000.00 for legal fees. In November 2000 the fund received an invoice. for October 2008 legal fees for an amount of $2500 and paid the invoice on Nov
Determine about the revenue section Revenue section provides a figure for net sales, which is balance of the Sales account, less the balances of contra sales accounts. (Sales -
a decrease in owner''s equity may result from a(n) a. purchase of office supplies for cash b. withdrawal of cash from the business by owner c. revenue that is derived from sales of
1) A) Suppose Jean Splicer, an investor, buys $300,000 of shares of stock in a diversified bundle of Bio-tech firms and exactly one year later sells those shares for $315,000. Assu
At the end of 2011 Samuda reported a balance in Account receivable of $620,000 and estimated that $12,400 of this account would likely be uncollectible. The allowance for doubtful
Accountants and others are able to access the home pages of companies to find their annual reports and other information home pages of CPA firms to find employment opportunities an
Oil production has been proposed for an area along the coast off Southern California. Oil production would jeopardize the use of beaches along 10 miles of coast which are a major v
what is the implication of applying accounting concept wrongly
CALCULATIONS VARIOUS QUESTIONS
Q. Example of Accumulated Depreciation account? Along with other items the trial balance of Korman Company for 2010 December 31 includes the following account balances
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