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1 year ago

The difference between total assets of a firm and its total liabilities is called?

1 answer:

4 0

The difference between the total value of assets and the total value of liabilities is equity. Also known as common equity and owners equity.

Assets represent valuable resources that your company manages. Liabilities represent the company's obligations, while both debt and equity represent how the company's assets are financed.

The sum of the difference between assets and liabilities is equity, which is the remaining net ownership of the company by the owners.

In its simplest form, a balance sheet can be divided into two categories: assets and liabilities. assets are items owned by a company that can provide future economic benefits. A liability is something you owe to another party.

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For financial reporting, Clinton Poultry Farms has used the declining-balance method of depreciation for conveyor equipment acqu

Karolina [17]

Answer and Explanation:

The journal entry is shown below:

Depreciation expense Dr $398,000

To Accumulated depreciation $398,000

(Being the depreciation expense is recorded)

For recording this we debited the depreciation expense as it increased the expenses and credited the accumulated depreciation as it decreased the value of the assets

The computation of the depreciation expense is as follows

Cost of the asset $3,250,000

Less: accumulated

depreciation till date ($1,801,000)

Undepreciation cost $1,449,000

Less:

Estimated residual value ($255,000)

Value for remaining

3 years $1,194,000

Divided by 3 years ÷ 3

Depreciation expense $398,000

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3 years ago

Question 1 of 3 Freshmart, Inc., began operations this year. The company produced 1,000 units and sold 1,000 units at a selling

inessss [21]

Answer:

$20,000

Explanation:

Please see attachment .

8 0

3 years ago

The variability we expect to see from one random sample to another is called ___________ .

Fudgin [204]

<span>The variability we expect to see from one random sample to another. It is sometimes called sampling error.</span>

3 0

3 years ago

Select the incorrect statement concerning the application of the controllability concept to responsibility accounting.

motikmotik

Answer:

Each manager should be evaluated on the costs but not the revenues that are under his or her control.

Explanation:

Controllability refers to the amount of influence that a manager has over costs or revenues. In responsibility accounting, only those elements are identified which are controllable. A person is given the responsibility for managing such kind of elements.

A person is given an authority to control the costs so that they are able to keep up their performance.

However, according to the controllability concept to responsibility accounting,

each manager should also be evaluated on the revenues that are under his or her control.

5 0

4 years ago

Bluebird Mfg. has received a special one-time order for 15,000 bird feeders at $3 per unit. Bluebird currently produces and sell

UkoKoshka [18]

Answer:

The correct answer is B.

Explanation:

Giving the following information:

Special one-time order for 15,000 bird feeders at $3 per unit.

Variable cost= $2.25

<u>Because it is a special offer and there is unused capacity, we will not have into account the fixed costs.</u>

Effect on income= 15,000*(3 - 2.25)= $11,250 increase.

8 0

3 years ago