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Accounting Questions and Answers (Q&A)

John Smith
Answered: Feb 28, 2020
4872

Land is not depreciable. Subtracting this cost leaves $190,000 as the cost of the building. Depreciation is calculated using the straight-line method over 39 years, and ignoring...Read More

2 Answers

207 views
E. Stanley, Technical writer
Answered: Nov 11, 2018
It is always wise to forecast revenue by calculating a best and a worst scenario. To forecast income rapidly it would be sensible to consider projected sales revenue by the contribution margin...Read More

2 Answers

227 views
C.Dorothy
Answered: Mar 19, 2018
The net income would be $560. While the other answer has already explained some of the problem, I will attempt to further explain it so that those who don’t follow that can understand what...Read More

2 Answers

210 views
A.Layla
Answered: May 01, 2018
The essential strides in the target costing process are:

Lead research. The initial step is to survey the commercial center in which the organization needs to offer products. The...Read More

2 Answers

201 views
E.Ronald
Answered: Jan 03, 2018
Most industries fall into one of two categories. They are either a service business or a product or merchandising company where the owner sells goods or products to the public. A service business...Read More

2 Answers

227 views
Anthony Paul Bonadio, Teacher
Answered: Jan 03, 2019
A balance sheet has three sections, named Assets, Liabilities, and Equity. The point of a balance sheet is to keep track of these three things over a long period of time. For those not in the...Read More

2 Answers

300 views
Malcolm Carneal, Corporate employee
Answered: Dec 18, 2018
There are several ways to pay when you go into a store. If you go up to the cashier to purchase some items, the cashier may ask you how you want to pay for the items. There are several ways...Read More

2 Answers

286 views
C. Block, English Professor
Answered: Feb 26, 2019
In order to answer this question, it is best to understand what depreciation means in the first place. This is the method whereby the value of the item or an asset depreciates faster as compared...Read More

2 Answers

212 views
Bcjunk
Answered: Jan 28, 2020

This is flat wrong. CASH BASIS accounting records revenue when cash is collected. Accrual basis accounting follows the matching principle and records revenue when EARNED.

2 Answers

210 views
John Adney
Answered: Aug 16, 2017

Intial Cost (purchase amount), Residual value (or salvage value) and Estimated Life are needed to calculate Straigtline Depreciation NOT Units produced.

2 Answers

203 views
I.Elizabeth
Answered: Feb 02, 2018
Microsoft excel is a powerful tool for those who know how to use it you can incorporate a number of formulas that allow you to automatically incorporate a specific system into the different tabs....Read More

2 Answers

200 views
Jess
Answered: Feb 23, 2017
The 4 steps to the process of closing entries are:1. Close the Revenue accounts to Income Summary, 2. Close the Expenses to Income Summary, 3. Close Income Summary to Capital, 4. Close withdrawals...Read More

2 Answers

203 views

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