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Q. What is Net realizable value?
Companies must not carry goods in inventory at more than their net realizable value. Net realizable value is the approximate selling price of an item less the estimated costs that the company incurs in preparing the item for sale and selling it. Obsolete, Damaged or shopworn goods often have a net realizable value lower than their historical cost and must be written down to their net realizable value. But goods don't have to be obsolete, damaged or shopworn for this situation to occur.
Technological changes as well as increased competition have caused significant reductions in selling prices for such products as DVD players, computers, TVs and digital cameras.
I purchased equipment for 3,000 but only paid 1,000 of it and put rest of it on an account. how would I put that into a asset=liabilities+ owns equity equation?
State the term- Liabilities Current Liability is a debt which is due for payment within one year. Long-term liability is one NOT paid in a year. OWNER'S EQUITY Also
List of things to include in a trial balance before adjustments
the Dwyer corporation incurred costs of 114000 in purchasing a process which it eventually had patented. The patent was issued on July 20x1. To secure the patent, an additional 6
Richard Hamilton has a fast - food franchise and must pay a franchise fee of $35000 plus 3% of gross sales. In terms of cost behavior, the total cost is a: a) variable cost b
Q. What is Variable cost? Variable cost -- a cost which changes as production or sales change. If a business is producingnothing and selling nothing, variable cost must be zero
Q. Learning objectives of Accounting theory? - Discuss and Identify the underlying assumptions or else concepts of accounting. - Discuss and Identify the main principles of
basic problems about ledger
On June 1st, Green Pea, Inc. purchased $1,200 worth of supplies on account. How does this transaction affect Green Pea's accounts? a. Increase supplies and accounts payable by $
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