 |
|
| Browse | Ask | Answer | Search | Join/Login |
|
|
||||
|
Assets are an economic resource that is expected to provide benefits to a business. Like equipment used to manufacture a product for resale, or merchandise to be sold. An asset is something that the business owns or has a right to ownership like cash or accounts receivable(a customer owes a business money).
Liabilities are things that a business owes like mortgage payable or accounts payable. A bank loan is a type of liability where a business owes a bank money. |
||||
| Question Tools | Search this Question |
Add your answer here.
Check out some similar questions!
Lists of current and non current assets
Describe five differences between management accounting and cost accounting
If a parcel of land that was originally purchased for $85,00 is offered for sale at $150,000, is assessed for tax purposes at $95,000, is recognized by its purchasers as easily being worth $140,000, and is purchased for $137,000, the land should be recorded in the purchaser's books at:
My answers are in () 1.My question is if the 150% declining balance method is being used and an asset has a useful life of 20 years what is the depreciation rate? (D) a. 7.5% b. 10% c. 15% d. Some other amount 2.Machinery is purchased on May 15, 2007 for $60,000 with a $5,000 salvage...
On May 1 AB Plumbing buys plumbing materials with a list price of $550. At the time of the purchase, EZ gives Halpin a check for $225 and asks Halpin to put the remainder on the purchase on its account, which already has a balance of $475. Question: 1.)sales revenue for the May 1 transaction :...
View more questions Search
|
