The following data were taken from the statement of realization and liquidation of DLR Corporation for the quarter that ended September 30, 2022: Assets to be realized 495,000 540,000 Assets acquired Assets Realized Assets not realized Liabilities to be liquidated Liabilities assumed Liabilities liquidated Liabilities not liquidated Supplementary credits Supplementary charges 630,000 225,000 810,000 270,000 b. (252,000) c. (315,000) d. 315,000 305,000 675,000 765,000 937,000 As of September 30, 2022, DLR's capital stock is P450,000 and retained earnings is P432,000. No additional shares were issued after that date. 19. What is the net income (loss) for the period? a. 252,000
The following data were taken from the statement of realization and liquidation of DLR Corporation for the quarter that ended September 30, 2022: Assets to be realized 495,000 540,000 Assets acquired Assets Realized Assets not realized Liabilities to be liquidated Liabilities assumed Liabilities liquidated Liabilities not liquidated Supplementary credits Supplementary charges 630,000 225,000 810,000 270,000 b. (252,000) c. (315,000) d. 315,000 305,000 675,000 765,000 937,000 As of September 30, 2022, DLR's capital stock is P450,000 and retained earnings is P432,000. No additional shares were issued after that date. 19. What is the net income (loss) for the period? a. 252,000
Cornerstones of Financial Accounting
4th Edition
ISBN:9781337690881
Author:Jay Rich, Jeff Jones
Publisher:Jay Rich, Jeff Jones
Chapter7: Operating Assets
Section: Chapter Questions
Problem 24CE
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Depreciation Methods
The word "depreciation" is defined as an accounting method wherein the cost of tangible assets is spread over its useful life and it usually denotes how much of the assets value has been used up. The depreciation is usually considered as an operating expense. The main reason behind depreciation includes wear and tear of the assets, obsolescence etc.
Depreciation Accounting
In terms of accounting, with the passage of time the value of a fixed asset (like machinery, plants, furniture etc.) goes down over a specific period of time is known as depreciation. Now, the question comes in your mind, why the value of the fixed asset reduces over time.
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