The adjusted trial balance for Novak Design Company at December 31, 2024, which is the end of its fiscal year, is as follows: Cash Accounts receivable Supplies Prepaid insurance Equipment Accumulated depreciation-equipment Accounts payable Salaries payable Unearned revenue H. Novak, capital H. Novak, drawings Service revenue Salaries expense Supplies expense Rent expense NOVAK DESIGN COMPANY Adjusted Trial Balance December 31, 2024 Insurance expense Depreciation expense Totals Debit $10,000 11,600 2.240 3,840 17,280 6,560 16,800 1,440 11,520 2,320 2,800 $86,400 Credit $5,760 6,640 2,080 1,360 15,360 55,200 $86,400

Q: Which of the following orders allows for partial execution?

A: FOK (Fill or Kill Order): This type of order allows being executed immediately at the specified…

Q: Briefly explain last-in, first-out (LIFO)

A: Last-in-First-Out (LIFO): In this method, items purchased recently are sold first. So, the value of…

Q: Can you please step this out line by line (not all in one line) and state the formula used

A: The concept of time value of money states that worth of money changes with passage of time. This is…

Q: Show how to insert formula in excel

A: Perpetuity: It is a stream of cash flow that is presumed to continue for an indefinite period.

Q: Verify the yellow column answers and fill out the percentage column as well

A: Here to given the details of  Preparation of Income Statement.  The details of the Calculation for…

Q: Student ID Day 63638034 Monday 23957096 Thursday 28080825 Monday Exam Score 61 70 1. How many…

A: =COUNTIF is used to count the cells satisfying the given criteria in the given range.

Q: incorfrect please redo with a accurate answer

A: Molding FabricationMachine Hours $      2,500.00 $      1,500.00Fixed Manufacturing Overhead cost  $…

Q: What does the blank section post mean or what goes there

A: Post Column : It is the Column through which book keeper identify whether journal entries are…

Q: Explain how to link tables in a 1:1 association. Why may this be different in a 1:0,1 association?

A:

Q: can you please type out the equation

A: Solution:- When an equal amount is saved each period at end of period, it is called ordinary…

Q: rmn.3 answer must be in table format or i will give down vote

A: Approach to solving the question:I need more context about this. If you give me more information…

Q: answer is incorrect, pls recheck

A: Statement of Comprehensive Income: Comprehensive income is a measure of the changes in owners'…

Q: Which ways can a decision tree be presented to help lay out the sequence of decisions that can be…

A: Graphical representation:- In this format, nodes and branches are used to visually represent the…

Q: In a data visualization, the vertical axis typically shows __________.   Multiple Choice   values…

A: A column chart will include data labels along the horizontal (X) axis with measured metrics or…

Q: Which of the following is an option for consolidating data into one table or worksheet?

A: The CONSOLIDATE function in Excel is used to combine and aggregate data from multiple worksheets or…

Q: After a receipt is uploaded into QBO, the user will need to ______ the data and ensure the receipt…

A: Quickbooks is very popular accounting software that is used for accounting and recording…

Q: Can you please write out the equations

A: Present value of annuity is the current value of the future payments that are calculated using the…

Q: Fill out the missing column

A: Net revenue = Gross profit + Cost of goods sold = 511000+673400 = $1184400 Operating expense = Net…

Q: All the following are reporting views found in Tableau, except: O a. Dashboard. O b. Story. O c.…

A: Tableau is a powerful and versatile data visualization and business intelligence tool that empowers…

Q: Identify the minimum cardinality of any REA diagram relationship. O or 1. O or N. 1 or N. None of…

A: Cardinality describes the nature of the relationship between two entities. It refers to the number…

Q: I need answer typing clear urjent no chatgpt used i will give upvotes

A: To solve this problem, we need to find matrices P and C such that A=PCP−1, where C has the form:…

Q: How do you make a two-dimensional columnar chart in excel?

A: The objective of this question is to create a two-dimensional columnar chart in Excel. This type of…

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.