Sold for $28‚000 on May 1‚ 2011. (For multiple debit/credit entries‚ list amounts from largest to smallest eg 10‚ 5‚ 3‚ 2.) Account/Description Debit Credit CashEquipmentAccum. deprec.-EquipmentLoss on disposalGain on disposalDepreciation expense Accum. deprec.-EquipmentCashEquipmentGain on disposalDepreciation expenseLoss on disposal (To update depreciation) EquipmentLoss on disposalGain on disposalDepreciation expenseAccum. deprec.-EquipmentCash CashAccum
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spreadsheet and note cell formula in formula bar. Oven is estimated to last seven years and building twenty. For simplicity‚ no salvage value was considered. [ 2 ]. Rent expense was expected to increase by $58‚000 a year. Half of that amount has been added to the $12‚000 they would have paid at the Duxbury location. Interest expense came from amortization tables.
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lunch expenses they occurred during lunch meeting at Good Eats Café on every work day as an ordinary and necessary business expense? No‚ Caro and Jerry cannot deduct the expenses they occurred during lunch as an ordinary and necessary business expense. Analysis 1 The lunch expenses paid to Good Eats Café are not deductible under § 162(a) as an ordinary and necessary expenses. Generally‚ based on Welch v. Helvering (S.Ct.‚ 1933) for an expenditure to be an ordinary and necessary business expense the
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transactions at the moment it occurs. When the business performs a service‚ a sale‚ or earns an expense the accountant records the transactions. It also records if the transaction receives or pays no cash. AccountingCoach.com (2011) website states the following: 1. Revenues are reported on the income statement when they are earned— which often occurs before the cash is received from the customers. 2. Expenses are reported on the income statement in the period when they occur or when they expire—which
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Chapter 3 Analyzing Bank Performance 1. Which of the following is not a characteristic of a typical commercial bank? a. Most banks own few fixed assets. b. Most banks have a high degree of operating leverage. c. Most banks have few fixed costs. d. Many bank liabilities are payable on demand. e. Banks generally operate with less equity capital than non-financial firms. Answer: b 2. Bank assets fall into each of the following categories except: a. loans. b.
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7 Ways to Reduce Cost August 7‚ 2007 By Ron Pereira 4 Comments I finished the book Gemba Kaizen by Masaaki Imai. It was quite good and I highly recommend it. It is chalk full of excellent tips like 7 ways to reduce costs in gemba (as Mr. Imai phrases it). They are: 1. Improve Quality: Imai stresses how good quality is a prerequisite to making lean work. He even speaks about things like control charts which you don’t find mentioned in many lean books. 2. Improve Productivity: Productivity
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Dr Cr Dr Cr Inventory Accounts Payable Accounts Receivable Sales COGS Inventory Cash Accounts Receivable Accounts Payable Cash Misc. Expenses Cash Salaries Expense Cash Depreciation Expense Accumulated Depreciation Long-‐term loan Cash $ 8 250 11 000 7 700 19 000 11 000 1 500
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the Sun United Way (VSUW) is used to guarantee that their organization will perform at their most likely current ratio‚ long-term solvency ratio‚ contribution ratio‚ and general and management/expense ratio (Goetsch & Davis‚ 2010). The current ratio will enable VSUW to easily see their current expenses that may be aquired and make sure that the organization has enough resources to pay all of their current obligations. VSUW will be able to see if there is ever a need to liquefy their assets to
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Caz Polymedica(A) Q: Explain difference between an asset and an expense A: Assets are resources controlled by the entity as a result of past events and from which future economic benefits are expected into next accounting periods. Expenses are costs related to running the business‚ in order to earn revenues. An "expense" is that economic portion of an asset that has been used up within the accounting period. Q: Explain the role of advertising in the company’s customer acquisition strategy
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that comes into the business it is also known as income. Net profit is the amount of money that is left when the operating expenses are deducted from the gross profit. The difference between gross profit and net profit is the difference between the total revenue and the total cost which is called gross profit also gross profit only arises when after deducting all the expenses. For example Mr Brown buys his goods for £10‚000 and paid £200 on account and £100 as octroi duty (meaning that a tax has
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