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What is Reserves and Surplus in accounting terms? How it is used and why? Please explain me with an example
Equipment acquired on January 3, 2007, at a cost of $494,400, has an estimated useful life of 15 years, has an estimated residual value of $40,800, and is depreciated by the straight-line method. a. What was the book value of the equipment at December 31, 2010, the end of the year? I came...
Why is it important to categorize the reserves of the subsidiary company into "pre-acquisition reserves" and "post-acquisition reserves" for purposes of consolidation? What do you think could happen if no such distinction is required in consolidation?
I am trying to figure out this problem in accounting. On Sept 17 Jones florist traded in its old delivery van for a new, which cost 15,000. Jones got a trade in allowance of 3,000 on the old van and paid the difference in cash. The subsidiary account shows the following: cost (of old...
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