Correctly match the accounting treatment with the specific scenario described.1. Loss is probable and not reasonably estimable.
(a) Disclosure note only.
(b) Liability is accrued and related information disclosed.
(b) No disclosure note needed.
2. Loss is remote
(a) Disclosure note only.
(b) Liability is accrued and related information disclosed.
(b) No disclosure note needed.
3. Loss is probable and reasonably estimable.
(a) Disclosure note only.
(b) Liability is accrued and related information disclosed.
(b) No disclosure note needed.
4. Loss is reasonably possible and not reasonably estimable.
(a) Disclosure note only.
(b) Liability is accrued and related information disclosed.
(b) No disclosure note needed.
Answers
Answer:
1. a
2. a
3. b
4. a
Explanation:
A liability is a present obligation of the entity arising as a result of past event, the settlement of which will result in the outflow of economic benefits. It is presented in the Statement of Financial Position
A provision is a liability of uncertain timing and amount. It is also presented in the statement of Financial Position and disclosed.
A contingent liability is an obligation that arises from past event and whose existence will be confirmed by the occurrence or non-occurrence of one or uncertain future events, not wholly within the control of the entity. Contingent liabilities are not recorded in Financial Statements but disclosed in the notes to financial statements.
Related Questions
According to The Wedding Report, in 2010, the average wedding cost a little more than _____. twenty-four thousand dollars five thousand dollars eleven thousand dollars thirty thousand dollars
What must profit-seeking entrepreneurs do in order to be successful?
When revising a budget, it is important to make choices that allow you to continuemoney.
What is the ultimate purpose of the system of checks and balances? a. to restrict power b. to give power c. to distribute responsibility d. to control spending
ACCT 163 - Office Equipment
Debit - 8,000
d. The computer system, acquired on October 1, is expected to have a four-year life with no salvage value.
e. The office equipment, acquired on October 1, is expected to have a five-year life with no salvage value.
WHAT IS THE JOURNAL ENTRY FOR D & E????? I have the correct accounts, I just can't figure out the amounts....
d Depreciation expense—Computer equipment
Accumulated depreciation—Computer equipment
e Depreciation expense—Office equipment
Accumulated depreciation—Office equipment
Answers
d. The depreciation expense-computer equipment will be debited, and accumulated depreciation will be credited with $5,600.
e. The depreciation expenses-office equipment will be debited, and accumulated depreciation will be credited with $1,600.
Further Explanation:
Depreciation:
Depreciation refers to the allocation of the cost of the physical asset over the useful life of the asset. The depreciation is a non-cash expense of the business. The value of the asset decreases as the business uses the asset for the operating activities. The normal wear and tear in the value of the asset are recorded as the depreciation. The depreciation can be calculated as follows:
Journal entry for the depreciation of computer system and office equipment:
The depreciation expense-computer equipment will be debited, and accumulated depreciation will be credited with $5,600.
The depreciation expenses-office equipment will be debited, and accumulated depreciation will be credited with $1,600.
Working notes:
Calculate the annual deprecation for computer depreciation:
Calculate the annual depreciation on office equipment:
Learn More:
- Learn more about journal entry of petty cash bookbrainly.com/question/10708516
- Learn more about the production of the goods brainly.com/question/9356259
- Learn more about the inventory accuracybrainly.com/question/11383142
Answer Details:
Grade: Middle school
Chapter: Depreciation
Subject: Accounting
Keywords: computer, system, acquired, October, expected, have, four-year, life, salvage, value, office, equipment, acquired, October 1, five-year life, no, salvage value.
Final answer:
The journal entries to record depreciation expense for computer equipment and office equipment acquired on October 1 are $1,400 for computer equipment and $400 for office equipment, corresponding to three months of depreciation in the first year.
Explanation:
The journal entry to record depreciation for both computer equipment and office equipment on October 1 should include the depreciation expense for the first year of use and the corresponding accumulated depreciation for each asset. To calculate the depreciation expense for the computer system with a cost of $22,400 and a 4-year life, divide the initial cost by the number of years to find the annual depreciation, which is $5,600 (22,400 ÷ 4). Since the equipment was acquired on October 1, only 3 months of depreciation should be recorded for the current year. Therefore, the depreciation expense for the three months is $5,600 ÷ 12 months x 3 months = $1,400.
The office equipment with a cost of $8,000 and a 5-year life, would have an annual depreciation of $1,600 (8,000 ÷ 5). Similarly, only 3 months' worth is considered for the first year, giving a depreciation expense of $1,600 ÷ 12 months x 3 months = $400.
The journal entries would look like this:
- Depreciation expense—Computer equipment $1,400
- Accumulated depreciation—Computer equipment $1,400
- Depreciation expense—Office equipment $400
- Accumulated depreciation—Office equipment $400
Learn more about Depreciation Journal Entry here:
#SPJ3
B.)market value
C.)price floor
D.)productivity
Answers
Foreign direct investment is a type of investment in the form of ownership of a business entity by an entity in another country. For example : Berkshire Hathaway ownership of a an entity in Indonesia
The correct answer is
A- Foreign Direct Investment
:)
Answers
The two things do many employers use to judge an employee's performance is behaviors and outcomes.
What do you mean by the employee's performance?
The way a worker performs their job responsibilities and completes necessary tasks is referred to as their performance.
It speaks to the usefulness, excellence, and efficacy of their output. Performance is a factor in how valuable we consider each person to be to the company.
Employee performance evaluation makes clear to staff what management's goals and objectives are. They learn that their efforts are being assessed and valued. For the benefit of the company as a whole as well as them, it's critical to maintain high performance.
Therefore, the two things do many employers use to judge an employee's performance is behaviors and outcomes.
To know more about the employee's performance, visit:
#SPJ6
Answers
That's why most of the companies whose business including goods delivery always put an insurance for on board products, to prevent the company from any potential damage during the shipment
Answers
Answer:
Unless the company is 100% certain that it can prove Jim's misdeeds and has all the evidence to support their accusation, they should have waited for the police to act first before going to the newspaper. If their is the minimum chance that they cannot prove their accusations, Jim might be able to sue them for libel.
Answers
for selling your product has to be MORE THAN the cost of
manufacturing the product
+ paying your employees
+ paying the taxes on your business
+ keeping your machinery maintained and working
+ advertising
+ paying yourself
+
+
+
etc.
BUT ... If the price of your product is too high, then everybody will buy them
from your competitor instead of from you, and you won't sell any at all.
It's a delicate balance.
40 years ago, I asked a wise sage with whom I traveled and worked: Advise me
on how to acquire great riches in an honest business. He gave me the Secret,
and now I give it to you:
He said:
"Invent something which nobody has and everybody wants,
which can be made for peanuts and sold for a fortune."