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Margaret [11]
3 years ago
10

What does the credit balance in the accumulated depreciation account represent?

Business
1 answer:
labwork [276]3 years ago
3 0
The credit balance in the accumulated depreciation account represent: <span> the amount of depreciation taken in past years
In accounting, we must reduce the value every year we held an asset in order to show the true amount of the total asset values. This occurence is called a depreciation. If the amount of depreciation is add-up for several years, this account is called accumulated depreciation
</span>
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Woolman College is considering the construction of a new women’s dormitory. The dormitory will have 80 rooms and the ability to
lisov135 [29]

Answer:

IF WOOL MEN CHARGES $3100 PER STUDENT,THEN CONTRIBUTION PER STUDENT=

CHARGES PER STUDENT =$3100

LESS:VARIABLE COST

SUPPLIES ($350)

ASSISTANT SALARY ($155)

($7000/45)

CONTRIBUTION $2595

COST PER STUDENT:

SUPPLIES $350

OFFICE  ($7000/45) $155

INSURANCE ($40000/240*) $167

REPAIR ($32000/240) $133

AND MAINTENANCE

DEPOSIT ($60000/240) $250

TOTAL $1055

Explanation:

The given table will elaborate it more.

7 0
2 years ago
Rachelle transfers property with a tax basis of $800 and a fair market value of $900 to a corporation in exchange for stock with
notsponge [240]

Answer:

A. $900

Explanation:

Section 351 states that no gain or loss shall be recognized if property is transferred to a corporation by one or more persons solely in exchange for stock in such corporation and immediately after the exchange such person or persons are in control (as defined in section 368(c)) of the corporation. Therefore, Rachelle's tax basis in the stock received in the exchange equals to the sum of  the stock's fair market value of $750, $50 in cash, and the liability of $100 that the corporation credited into their book.

5 0
3 years ago
In command economy, who makes production decisions?
earnstyle [38]
I think the most appropriate answer would be C.


I hope it helped you!
8 0
3 years ago
The sale of computer equipment used in a trade or business for nine months results in which of the following types of gain or lo
Free_Kalibri [48]

Answer:

Pregnancy

Explanation:

That is 9 months.

6 0
3 years ago
Nelson Manufacturing has two processing departments, Department I and Department II. The raw materials processed at Department I
MaRussiya [10]

Answer:

The journal entry to record the direct material used in production is given below:

Dr Work-In Process Inventory  $40000

Cr Raw Materials Inventory                       $40000

Explanation:

The work in process inventory is debited since it is the receiving account ,while raw material inventory is credited as it is the giving account.

The work in process depicts raw materials currently being worked upon at the production, from which completed goods are then transferred to finished goods inventory.

The raw materials inventory account is the account where raw materials received from vendors are first of all recorded before the need to issue to production process.

When such materials are received in the warehouse , the raw materials inventory account is debited while the supplier account is appropriately credited to show the amount of indebtedness.

7 0
3 years ago
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