Accumulated Depreciation and Depreciation Expense are the two accounts impacted by the recording of an adjustment for the cost of utilizing equipment during the current accounting period.
A single asset's accumulated depreciation is the total amount of depreciation expense attributed to the asset since it was first used. It is a contra-asset account, which means that it is a negative asset account that reduces the balance of the asset account it is often linked to.
Contrary to a typical asset account, a contra-asset account sees an increase in value upon a credit and a drop with a debit. The same amount that is credited to the cumulative accumulated depreciation whenever a depreciation expense is reported for an organization enables that corporation to show both the asset's cost and its total depreciation as of the current date. Additionally, the balance sheet displays the asset's net book value.
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Computer, desk, legal/incorporation fees, roof, they all are already paid expenses that can be used without limitation, at least in the same year, as are legal/incorporation fees, the others such as computers, desk and ceiling are expenses that will not be made again in some time, except for one particular situation.
Answer:
Camille’s taxable income is $34 900.
Explanation:
Gross income(50 000+5 000) 55000
For AGI deduction (4000)
ADJUSTED GROSS INCOME 51 000
itemized Deduction 15 100
Taxable income(51000-15100) 34 900
Therefore, Camille’s taxable income is $34 900.
Percentage analysis, ratios, turnovers, and other measures of financial position and operating results are useful analytical measures.
Analytical measures are useful in assessing solvency and profitability of a business. Type of analytical measures used depends on; the size of the firm or business, the capital structure f the business, the type of business activity undertaken. They are useful for evaluating the financial results of a business and the performance of management. <span />