The following is an example of a contra account:  Select one: Equipment Equipment expense Accounts payable Accumulated depreciation

Q: as accumulated all of its depreciation

A: When an equipment is sold before it has accumulated all of its depreciation , two entries are…

Q: The balance in the equipment account is $771000, and the balance in the accumulated…

A: Book value of the equipment   = Balance in the equipment A/c i.e Cost - balance in the accumulated…

Q: Which of the following is a true statement about the nature of Equipment, account? Multiple Choice…

A: Equipment is a long term asset that is used to generate revenue for the business. The use of asset…

Q: After the disposal of an asset, the balance in the Accumulated Depreciation account related to that…

A: Depreciation are required to be charged by the business entities so as to shown the assets in the…

Q: which metric is used as the profitability metric and explain what it evaluate?

A: Profitability Matric is somewhere helps to analyse the financial performance and financial position…

Q: Which of the following costs are reported on a company’s income statement andbalance sheet?Income…

A: An Income Statement of a company shows the company's Revenue and Expenses during a particular…

Q: Which of the following statements are TRUE? a. The reason for including a treatment of depreciation…

A: The company needs to present financial statements true and fair, that is in compliance with the…

Q: Which of the following items may be classified as nonoperating revenues and expenses?   Multiple…

A: Non-operating revenues and outlays are those incomes and expenses that are earned or incurred from…

Q: True (t) or False (f) ______ Recording depreciation on plant assets affects the balance sheet and…

A: The answer is "True (t)"

Q: Depreciation on machinery is debited to: A. Machinery a/c B. Profit and loss a/c C. Depreciation…

A: Golden Rules: Personal Account: Debit the Receiver, Credit the Giver Real Account: What comes in…

Q: Which one of the fixed asset accounts listed will not have a related contra asset account? a.Office…

A: Explanation: Contra asset account for fixed asset accounts is accumulated depreciation account. The…

Q: Depletion expense a. is usually part of cost of goods sold b. includes tangible equipment in the…

A: Depletion expense It is a technique used to allocate the cost of extracting natural resources. It is…

Q: The process of transferring the cost of an asset to an expense account over time is called O A)…

A: Property, plant, and equipment:   These assets are long lived economic resources which are owned by…

Q: Which of the following accounts would be classified as a current asset? Group of answer choices land…

A: Current assets are those assets that can be liquidated or converted into cash easily. Any asset…

Q: Accumulated Depreciation a.is the same as Depreciation Expense b.is used to show the amount of cost…

A: Whenever fixed assets are purchased in business, then their value decreases over life of the asset.…

Q: There are many terminologies used to describe the process of distributing the cost of an item over…

A: The Answer

Q: Name the depreciation method that is the most appropriate for assets where a metric can be used to…

A: Unit-of-output depreciation method: It provides the fixed amount of depreciation for each unit of…

Q: Accumulated depreciation, equipment is reported:  Select one: On the balance sheet as a subtraction…

A: Depreciation is the non cash expenditure which is charged in the income statement as per matching…

Q: Accumulated Depreciation is: Multiple Choice A contra-asset account A liability An expense account A…

A: Depreciation expense is the amount a firm's assets are depreciated for a single month, whereas…

Q: Which transaction is not processed in the fixed asset system? a. purchase of building b. repair of…

A: Fixed Asset:  The asset used by company for more than one year is known as fixed asset. Fixed asset…

Q: For financial accounting purposes, depreciation on the equipment used to produce tote bags isa(n)…

A: First Blank – Manufacturing OHD Cost. These costs include all those indirect costs that arise while…

Q: accumulated depreciation equipment amount on the journalize adjusting entry

A: Solution:- Assets like buildings and equipment will provide productive benefits to a number of…

Q: Accumulated Depreciation appears on the... Select one: a. balance sheet in the long-term liabilities…

A: Solution:- Introduction:- Accumulated depreciation is the total depreciation of fixed asset. The…

Q: Identify which of the following is classified as a revenue expenditure a. Cost of purchase of…

A: Capital expenditure means the cost incurred for the item which will be used in many year to come .…

Q: g the sale of machinery, which of the following do NOT appear in the journal entry? a. Cr Machinery…

A: When the sale of a fixed asset takes place the book value is compared to the sales value If the sale…

Q: Which of the following costs incurred subsequent to the acquisition of a machine would be…

A: Accumulated depreciation is the amount of depreciation which the company has been charged on the…

Q: Total depreciation expense over an asset's useful life will be identical under all methods of…

A: Depreciation is an expense and a gradual reduction in the value of an asset over the useful life of…

Q: Which of the following accounts would be classified as a fixed (property, plant and equipment…

A: Plant assets are long-term fixed assets that are used to make or sell products and services for a…

Q: What is book value (or net book value) of plant and equipment and on which financial statement is it…

A: Book value means the value at which it is shown in financial statements.

Q: In all cases, net property, plant and equipment (PP&E) should be calculated as the gross PP&E less…

A: Solution: Gross PP &E  = Cost of purchase of PPE Accumulated depreciation = Depreciation…

Q: Give a simple example of the production unit depreciation method

A: Follow these steps to calculate depreciation under the units of production method: Estimate the…

Q: Which of the following is a plant​ asset?   A. Equipment   B. Patents   C. Trademark   D. Accounts…

A: A. Equipment  Long-term asset  B. Patents  Intangible asset  C. Trademark  Intangible asset…

Q: two different depreciation methods and prepare a chart showing the effects the depreciation method…

A: Two method of depreciation Straight line method  Written down value method

Q: On the balance sheet, accumulated depreciation is: 
 Group of answer choices   subtracted from…

A: Answer: Option - subtracted from property and equipment.

Q: invoice. Using the historical-cost principle, at which amount will Foster report the equipment on…

A: Historical cost principle: The historical cost principle is one of the basic principles of…

Q: The service life of an asset may be measured by all of the following, except a. Units of output b.…

A: The service life of an asset is the estimated useful life of an asset.

Q: a. Prepare journal entries to record each of the disposal transactions. Assume that depreciation…

A: Disposal of Assets It is important for the business to disposal of the assets which was outdated and…

Q: Which of the following costs are reported on a company’s income statement and balance sheet? Select…

A: Solution: "Cost of goods sold; Accumulated depreciation" are reported on a company’s income…

Q: In calculating depreciation, both plant asset cost and useful life are based on estimates.

A: Answer

Q: For accounting​ purposes, depreciation refers to the process of​ ________.         A. estimating an​…

A: Depreciation is an accounting technique for distributing a tangible or fixed asset's cost over its…