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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.
For my accounting class, how would I journalize the adjusting entry for Annual depreciation is $3,480 on the building with the building amounting to $76,000 on the trial balance fo
Notes to financial statements
A client comes to you for investment advice on his $500,000 winnings from the lottery. He has been offered the following options by three different financial institutions and reque
Kim presently owns a business that processes and distributes fresh vegetable to local supermarkets. She is looking to expand her business by acquiring the Lackawaxen Emu Oil Compan
i need help with predisco
Instructions: 1. Using the journal entry sheet provided, record the transactions for January. January is the first full month of operations. 2. After journalizing the transactio
What is the implication of applying accounting concepts wrongly
Q. Explain about Percentage of completion method? The percentage-of-completion method makes out revenue based on the estimated stage of completion of a long-term project. To ca
A recent cash budget showed estimated cash receipts of $159,000, estimated cash disbursements of $155,000, and a desired ending cash balance of $6,000, with no borrowing of funds
A method of expressing the relationship between one accounting result and the other, which is intended to give a useful comparison. Accounting ratios helps in measuring the efficie
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