December 31, 2020. Account Description Accounts payable Accounts receivable Utilities payable Allowance for doubtful accounts Cash Accumulated amortization, patent Accumulated depreciation, vehicle 62,000 Prepaid rent Land Post-closing Trial Balance as of December 31, 2020 Balance Revenue 25,000 70,000 12,000 5,000 3,500 31,000 55,000 75,000 525,000 Account Description Unearned revenues Vehicle Accumulated depreciation, equipment Line, Capital Depreciation expense Equipment Salaries payable Notes payable** Other expenses Patent **550.000 of the potes payable will be paid by December 31 2021 92,000 Balance 80,000 150,000 300,000 53,000 450,000 5,500 146,000 333,000 40,000
December 31, 2020. Account Description Accounts payable Accounts receivable Utilities payable Allowance for doubtful accounts Cash Accumulated amortization, patent Accumulated depreciation, vehicle 62,000 Prepaid rent Land Post-closing Trial Balance as of December 31, 2020 Balance Revenue 25,000 70,000 12,000 5,000 3,500 31,000 55,000 75,000 525,000 Account Description Unearned revenues Vehicle Accumulated depreciation, equipment Line, Capital Depreciation expense Equipment Salaries payable Notes payable** Other expenses Patent **550.000 of the potes payable will be paid by December 31 2021 92,000 Balance 80,000 150,000 300,000 53,000 450,000 5,500 146,000 333,000 40,000
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter4: The Balance Sheet And The Statement Of Shareholders' Equity
Section: Chapter Questions
Problem 10P: Balance Sheet The following is a list (in random order) of KIP International Products Companys...
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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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