, and 2027 will be $37,500 ($150,000 / 4 years). 9. On the first day of 2020, RetailMart purchased a delivery truck at a cost of $94,000. At that time, the company estimated the truck’s salvage value would be...
, and 2027 will be $37,500 ($150,000 / 4 years). 9. On the first day of 2020, RetailMart purchased a delivery truck at a cost of $94,000. At that time, the company estimated the truck’s salvage value would be...
Our Explanation of Stockholders' Equity covers the unique terminology for a corporation's paid-in capital, retained earnings, treasury stock, and accumulated other comprehensive income. Included are cash dividends, stock...
time it takes for a retailer’s cash to go into inventory and then return to cash is known as the __________ cycle. 4. The amount of credit sales for a year divided by the average balance of accounts receivable is the...
agreement. The agreement also states that the two weeks of vacation shall be taken any time in 2024 and the amount paid will be 80 hours multiplied by the employee’s rate of pay at December 31, 2023. At December 31,...
Our Explanation of Stockholders' Equity covers the unique terminology for a corporation's paid-in capital, retained earnings, treasury stock, and accumulated other comprehensive income. Included are cash dividends, stock...
Our Explanation of Depreciation emphasizes what the depreciation amounts on the income statement and balance sheet represent. Learn why depreciation is an estimated expense that does not assist in determining the current...
Cash Flow Statement Cash Flow Statement The cash flow statement is officially known as the statement of cash flows (SCF). It reports the major cash inflows and outflows that have occurred during the accounting period...
Our Explanation of Financial Ratios includes calculations and descriptions of 15 financial ratios. As you calculate the financial ratios you will also gain a deeper understanding of a company's operations and financial...
entry will be needed prior to issuing the company’s monthly financial statement. Select... an accrual a deferral 32. The amount of prepaid insurance that has expired in the current accounting period should be reported...
An accrual adjusting entry is prepared at the end of each accounting period for vendor invoices and/or other documents that have been received and which represent legitimate obligations, but have not yet been fully...
Our Explanation of Bookkeeping provides you with a rich understanding of the recording of transactions. It then discusses the additional steps necessary for preparing accurate financial statements. This is great for...
Our Explanation of Improving Profits will assist you in focusing on the costs and revenues that are relevant (and ignoring those which are not relevant) for improving profits and eliminating losses. Examples of the...
in owner's equity resulting from revenues and expenses during a specified time interval is the __________ income statement. Mark the Quiz as Complete Must-Watch Video Learn How to Advance Your Accounting and...
Our Explanation of Debits and Credits describes the reasons why various accounts are debited and/or credited. For the examples we provide the logic, use T-accounts for a clearer understanding, and the appropriate general...
Our Explanation of Bank Reconciliation will show you the needed adjustments to the balance on the bank statement and also the adjustments needed to the balance in the related general ledger account. A comprehensive...
Our Explanation of Standard Costing uses an easy-to-relate to example for illustrating a manufacturer's standard costs and variances. Also provided is a chart which indicates each variance, what it tells you, and where...
Since our Explanation of Cash Flow Statement illustrates how the amounts are determined, you will get a better understanding of this very important financial statement. No longer will you look at only the income...
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For the past 52 years, Harold Averkamp (CPA, MBA) has
worked as an accounting supervisor, manager, consultant, university instructor, and innovator in teaching accounting online. He is the sole author of all the materials on AccountingCoach.com.
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