What is the basic accounting entry for an initial revaluation decrease of a non depreciable asset
What is the basic accounting entry for an initial revaluation decrease of a non depreciable asset
Homework Answers
Answer)
First:
Debit: Revaluation loss a/c
Credit:Asset a/c
Then:
Debit: Profit and loss a/c
Credit: Revaluation loss
Add Answer to:
What is the basic accounting entry for an initial
revaluation decrease of a non depreciable asset
Describe the treatment of intercompany sale of non-depreciable asset and the sale of depreciable asset. Be...
Describe the treatment of intercompany sale of non-depreciable asset and the sale of depreciable asset. Be sure to address the impact on the balance sheet and the income statement.
1) Which statement relating to revaluations of non-current assets is not true? Select one: a. A...
1) Which statement relating to revaluations of non-current assets is not true? Select one: a. A revaluation increase is regarded as income to be added to the firm's profit for the year. b. A revaluation decrease should be included as a reduction in profit. c. Before assets are revalued any existing accumulated depreciation must be written off against the asset account. d. Future depreciation charges will be based on the revalued carrying amount of the asset. 2) Which is the...
Subsequent to the initial recognition of an asset an entity has a choice on the measurement...
Subsequent to the initial recognition of an asset an entity has a choice on the measurement basis to be adopted. The entity can choose either: Select one: a. current or non-current O b. tax or accounting O c. cash or accrual d. cost or revaluation
true it falser 46. 47. This is a valid revaluation entry for fixed asset: Debit Joel...
true it falser
46. 47. This is a valid revaluation entry for fixed asset: Debit Joel Santos, capilar al IVUITOR Gain on realization means the carrying amount of fixed assets sold is exceeded by the selling price, 48. When a sole proprietor has Accounts Receivable as part of his investment in the newly-formed partnership, the account is recorded in the partnership books at an amount net of the allowance for doubtful accounts. 49. A partnership usually has greater capitalization than...
6. Which of the following best describes the composition of depreciable asset in the initial outlay...
6. Which of the following best describes the composition of depreciable asset in the initial outlay calculation? purchase price of a new asset purchase price of a new asset, shipping/installation cost, initial investment in working capital, and net proceeds from the sale of the old asset purchase price of a new asset, shipping/installation cost, and initial investment in working capital purchase price of a new asset and shipping/installation cost none of the above
For each of the following items give an example of a business transaction that has the described effect on the accounting equation: increase an asset and increase a liability increase one asset and decrease another asset decrease an asset and decrease
For each of the following items give an example of a business transaction that has the described effect on the accounting equation:increase an asset and increase a liabilityincrease one asset and decrease another assetdecrease an asset and decrease owners equitydecrease an asset and decrease a liabilityincrease an asset and increase owners equity
. Newlin Inc. has a depreciable asset that cost $24,000, has a residual value of $2,000,...
. Newlin Inc. has a depreciable asset that cost $24,000, has a residual value of $2,000, and an expected life of 5 years. The adjusting entry to record one full year’s depreciation on this asset will (ignore taxes): (a) Increase total liabilities $4,400. (b) Increase total assets $4,400. (c) Decrease net income $4,400. (d) Increase net income $4,400. (e) None of the above are correct.
Marigold Corp. purchased a depreciable asset for $710000. The estimated salvage value is $40000, and the...
Marigold Corp. purchased a depreciable asset for $710000. The estimated salvage value is $40000, and the estimated useful life is 10 years. The double-declining balance method will be used for depreciation. What is the depreciation expense for the second year on this asset? $142000 $106100 $67000 $113600 CUEIL ALCHEMO The term "depreciable base," or "depreciation base," as it is used in accounting, refers to O the cost of the asset less the related depreciation recorded to date. the total amount...
ACCOUNTING CYCLE Basic journal entry with the step-through method For the following transaction, answer the questions...
ACCOUNTING CYCLE Basic journal entry with the step-through method For the following transaction, answer the questions that follow in accordance with the rules of journalizi Transaction: Flores Company purchased equipment for $3,800 cash. Which two accounts are affected? Choose one Choose one What kind of accounts are they? Choose one Choose one Do the account balances increase or decrease? Increase O Decrease Increase Decrease Do we debit or credit the accounts? O Debit Credit Debit Credit х $
ACCOUNTING CYCLE Basic journal entry with the step-through method or the following transaction, answer the questions...
ACCOUNTING CYCLE Basic journal entry with the step-through method or the following transaction, answer the questions that follow in accordance with the rules of journalizing and ransaction: Owner withdrew $2,900 cash for personal use. which two accounts are affected? Choose one V Choose one What kind of accounts are they? Choose one Choose one Decrease Increase Decrease Do the account balances increase or decrease? Increase Credit Debit Credit Debit Do we debit or credit the accounts? Х $ ?
Subsequent to the initial recognition of an asset an entity has a choice on the measurement basis to be adopted. The entity can choose either: Select one: a. current or non-current O b. tax or accounting O c. cash or accrual d. cost or revaluation
true it falser
46. 47. This is a valid revaluation entry for fixed asset: Debit Joel Santos, capilar al IVUITOR Gain on realization means the carrying amount of fixed assets sold is exceeded by the selling price, 48. When a sole proprietor has Accounts Receivable as part of his investment in the newly-formed partnership, the account is recorded in the partnership books at an amount net of the allowance for doubtful accounts. 49. A partnership usually has greater capitalization than...
Marigold Corp. purchased a depreciable asset for $710000. The estimated salvage value is $40000, and the estimated useful life is 10 years. The double-declining balance method will be used for depreciation. What is the depreciation expense for the second year on this asset? $142000 $106100 $67000 $113600 CUEIL ALCHEMO The term "depreciable base," or "depreciation base," as it is used in accounting, refers to O the cost of the asset less the related depreciation recorded to date. the total amount...
ACCOUNTING CYCLE Basic journal entry with the step-through method For the following transaction, answer the questions that follow in accordance with the rules of journalizi Transaction: Flores Company purchased equipment for $3,800 cash. Which two accounts are affected? Choose one Choose one What kind of accounts are they? Choose one Choose one Do the account balances increase or decrease? Increase O Decrease Increase Decrease Do we debit or credit the accounts? O Debit Credit Debit Credit х $
ACCOUNTING CYCLE Basic journal entry with the step-through method or the following transaction, answer the questions that follow in accordance with the rules of journalizing and ransaction: Owner withdrew $2,900 cash for personal use. which two accounts are affected? Choose one V Choose one What kind of accounts are they? Choose one Choose one Decrease Increase Decrease Do the account balances increase or decrease? Increase Credit Debit Credit Debit Do we debit or credit the accounts? Х $ ?
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