Write a memo to your supervisor explaining in your own words the concept of amortization as it is used in accounting. DATE: TO: FROM SUBJECT: Supervisor (Student Name) The concept of amortization In business, property, plant, and equipment wears out as it is used to create expenses leaving less and less of the assef's benefits for the future. Throughout the assets ife, accountants gradually transfer part of the to an expense account called

Write a memo to your supervisor explaining in your own words the concept of amortization as it is used in accounting. DATE: TO: FROM SUBJECT: Supervisor (Student Name) The concept of amortization In business, property, plant, and equipment wears out as it is used to create expenses leaving less and less of the assef's benefits for the future. Throughout the assets ife, accountants gradually transfer part of the to an expense account called

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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When a business owner sells merchandise to or provides a service for a customer on account instead of receiving cash (cash to be received at a later date), this is a type of asset called a/an ____________________. Group of answer choices liability owner’s equity accounts receivable none of these
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Why salary is an expense and supplies is an asset? The book noted that when a cash expenditure that will benefits more than one accounting period usually is recorded by debiting an asset account. So what if I pay the whole year staff's salaries all at once, would it be an asset then?
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Note:- Do not provide handwritten solution. Maintain accuracy and quality in your answer. Take care of plagiarism. Answer completely. You will get up vote for sure.
Identify the current liability associated with each of the following operating activities 1-Perform work on a warranty claim 2-Pay income taxes 3-Purchases supplies 4-Pay payroll taxes 5-Borrow money for operations using a short term note 6-Process cash received in advance from customers 7-Purchase inventory 8- Pay employee salaries
A) B) "Flower Moon" Company's accounting records have been destroyed by fire. However, all the balances have been reconstructed at the end of the year and listed in random order (not differentiated as to debits and credits), as follows: Accounts Payable Accounts Receivable Wages Payable Paid in Captital Capital Stock Prepaid Insurance Building and Equipment Accumulated depreciation Cash Note Payable Cost of Goods Sold Inventory Depreciation Expense Miscellaneous Expense Sales Selling and Administrative Expense Commission revenue Commission Deposits payable Wage Expense Retained Earnings Insurance Expense What is Net Income? What is TOTAL owners equity? 10 000 12 000 2 000 14 000 1 000 6 000 50 000 10 000 5 000 6 000 99 000 12 000 2 000 4 000 137 000 17 000 20 000 5 000 14 000 ? 3 000
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