Accounts for ABC Services at July 31, the end of the current year, are listed below. The common stock was $120,000 and the retained earnings was $60,000 at August1 ,the beginning of their new fiscal current year. During the year, shareholders purchased an additional $25,000 in stock. What is the net income (or loss) ? Accounts payable Accounts receivable Cash Fees earned Land $2,000 10,340 21,420 73,450 47,000 157,630 Miscellancous expense Office expense Supplies Wages expense Dividends S1,030 1,240 1,670 23,550 16,570 Building

Q: xplain what are contra asset accounts, where they are on shown on the financial statements and give…

A: Contra Asset: A contra asset is, well, a contra asset. All assets, in general, have a debit balance,…

Q: What is the classification of long term assets? Explain them.

A: Long-term assets: Long – term assets are those assets that are generally held by a company for more…

Q: What is the difference between experience versus assets with an example?

A: Experience and assets are both important components of an individual or organization, but they have…

Q: EXPLAIN what type of account Accumulated Depreciation is?

A: The total amount of depreciation that has been applied to an asset up to a certain point is known as…

Q: What are the long-term assets which do not have any physical existence? A. Intangible Assets B.…

A: Tangible Assets:These assets are physical, measurable Resources; like Property, Plant &…

Q: What are the two types of claims against assets?

A: Asset is a resource from which the company expected to generate future economic cash flows which can…

Q: In the balance sheet, assets are listed by ___? A. The importance of the asset B. their date of…

A: The balance sheet is a summary of permanent accounts prepared at the end of the accounting period.…

Q: Describe  accounting for depreciation of fixed assets?

A: The depreciation is the reduction in the value of fixed assets with the usage and passage of time.

Q: What are fictional assets, and how do they work?

A: Asset is such resources that has future benefits. It has two types:- tañgible , intangible.…

Q: determining the value of the assets?

A: Criteria could be considered:-  1.Which information asset would be the most expensive to project?…

Q: Expense Recognition Question: Why do previously recognized assets need to be expensed? Explain.

A: Previously recognized assets refer to assets that have been recorded on a company's balance sheet in…

Q: Since AssetID is a number identifying assets in a fixed asset ledger, it would be considered to be…

A: Asset refers to any economic value resource for an individual, corporation or a country. It…

Q: What are some examples of tangible and intangible assets?

A: Introduction:- Assets are mainly categories into two types based on the existence. these are as…

Q: d.  Record the entry for reclassifying the net assets.

A: As per the requirement  the entry for reclassifying the net assets has been recorded in the next…

Q: Write note on current assets.

A: Assets: These are the resources owned and controlled by business and used to produce benefits for…

Q: Which assets depreciate?

A: Depreciation means the loss in value of assets because of usage of assets , passage of time or…

Q: Distinguish between current assets and non-current assets, giving TWO examples of each type of…

A: Assets are the resources owned by an entity for running the daily operations of the business. These…

Q: Assets that can be easily converted into money without loss of value are Select one: O A. liquid. O…

A: Assets are pools of money that can be converted into cash money and can be used to liabilities.