Bramble Company was organized on January 1. During the first year of operations, the following plant asset expenditures and receipts were recorded in random order. 1. 2. 3. 4. 5. 6. 8. 9. 10. Debit Cost of filling and grading the land Full payment to building contractor Real estate taxes paid for the current year on land Cost of real estate purchased as a plant site (land $113,500 and building $47,000) Excavation costs for new building Architect's fees on building plans Accrued real taxes paid time of purchase of land Cost of parking lots and driveways Cost of demolishing building to make land suitable for construction of new building Credit Proceeds from salvage of demolished building $ 4,000 683,500 5,500 160,500 33,500 13,000 2,50 13,000 25,500 $941,000 $ 3,000

Q: Classify the Costs for Financial Statements?

A: Cost: The amount paid to purchase the asset, install it, and put it into operations, is referred to…

Q: What are the measure of outputs in accounting?

A: The objective of this question is to understand the various measures of outputs in the field of…

Q: what the difference between accounting income and economic income?

A: Accounting income can be defined as an estimate of the performance in the operations of the company.…

Q: Required information Skip to question [The following information applies to the questions displayed…

A: Segment reporting breaks down the operations of a company into manageable pieces, or segments.…

Q: Distinguish between Income and Expenditure Account and Receiptand Payment Account.

A: Difference between income and expenditure account and receipt and payment account:

Q: Define Proprietorship

A: A form of an organization where a single person is the owner and controller of the business is known…

Q: Definitions of Common Income and Expense Items

A: Common Income can have following definitions: Common income is the excess of revenue over costs for…

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.