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3 years ago

Long-lived assets are reported in the balance sheet at _ value, which is equal to its original cost less _.

1 answer:

7 0

In the balance sheet, the Long-lived assets are reported as noncurrent assets which equals original cost less the <u>carrying value</u><u>.</u>

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<h3>What is a Long-lived assets?</h3>

A Long-lived assets refers to an asset possessed by a business which is expected to be retained for at least one year.

In conclusion, the word "noncurrent assets" and "carrying value".

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Required information [The following information applies to the questions displayed below.] The following events occur for Morris

Gekata [30.6K]

Answer:

Journal 1 : February 2, 2021 Provide services to customers on account for $26,000

Trade Receivables $26,000 (debit)

Revenue $26,000 (credit)

Journal 2 :July 23, 2021 Receive $17,000 from customers on account.

Bank $17,000 (debit)

Trade Receivables $17,000 (credit)

Journal 3 :December 31, 2021 Estimate that 20% of uncollected accounts will not be received

Profit and Loss $ 1,800 (debit)

Allowance for Doubtful Debts $ 1,800 (credit)

(26,000-17,000)×20%

Journal 4 :April 12, 2022 Provide services to customers on account for $39,000

Trade Receivables $39,000 (debit)

Revenue $39,000 (credit)

Journal 5 :June 28, 2022 Receive $6,000 from customers for services provided in 2021.

Bank $6,000 (debit)

Trade Receivables $6,000 (credit)

Journal 6 :September 13, 2022 Write off the remaining amounts owed from services provided in 2021.

Bad Debts $3,000 (debit)

Trade Receivables $3,000 (credit)

(26,000-17,000-6,000)

Journal 7 :October 5, 2022 Receive $35,000 from customers for services provided in 2022

Bank $35,000 (debit)

Trade Receivables $35,000 (credit)

Journal 8 :December 31, 2022 Estimate that 20% of uncollected accounts will not be received.

Profit and Loss $800 (debit)

Allowance for Doubtful Debts $800 (credit)

39,000-35,000×20% = 800

Explanation:

"Services to customers on account"

Recognise an Asset - Trade Receivables and also Recognise Revenue

"Receipt of Cash from Receivables"

Recognise the Assets of Cash and De-recognise the Trade Receivable

"Estimate of uncollected accounts"

Recognise an Expense in the Profit and Loss and recognise a Contra - Account Allowance for Doubtful Debts to De-recognise the Trade Receivables

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A machine does 200J of work in 35seconds , calculate the power developed

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Describe the factors that determine the amount you ultimately pay for borrowing money. How is it possible to reduce the amount y

Gnesinka [82]

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3 years ago

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An owner is not liable for every act of an employee; the employee must be performing duties within the ""scope of employment.""

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3 years ago

Ken just purchased new furniture for his house at a cost of $16,400. The loan calls for weekly payments for the next 7 years at

____ [38]

Answer:

His payments are $64.63 every week.

Explanation:

P = Regular Payments = ?

PV = Loan Amount = $16,400

r = rate of interest = 10.99%

n = no of periods = 7 = 364

P = [r (PV) ] / [1 - (1 + r )^-n]

P = (10.99%/52)*16400 / 1 - [1 / (1 + 10.99%/52)^364)]

P = 34.66076923 / 1 - [1 / 2.156503587]

P = 34.66076923 / 0.53628642

P = 64.63107760588

P ≈ $64.63 weekly

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3 years ago

Long-lived assets are reported in the balance sheet at _____ value, which is equal to its original cost less _____.

Long-lived assets are reported in the balance sheet at _ value, which is equal to its original cost less _.