Answer:
Nothing socialism is hell!
Explanation:
Answer:
- What is the estimated total audited value of the population using the difference method?
c. $201,000.
Explanation:
The difference method works as follows:
We have a popuation of 1,000 accounts .
The sample items have a mean book of $200 and a mean audited value of $203
We have a difference of $3
This difference it's applied to the population of accounts and we get a value of $3,000 (1,000 accounts * $3)
As the book value in the population it's $198,000, we add the difference previously calculated of $3,000
So, we have $198,000 + $3,000 = $201,000
Answer:
current assets, such as:
Cash and equivalents.
Short-term investments (marketable securities).
Accounts receivable.
Inventory.
Prepaid expenses.
Any other liquid assets.
Explanation:
The benefits are provided inmediatelly
Answer:
2nd January
Dr Machinery $178,000
Cr Cash $178,000
( to record the purchase of used machine)
3rd January
Dr Machinery $4,000
Cr Cash $4,000
(to capitalized the cost of wire electricity and installation to put the purchased machine in a ready-to-use stage).
Explanation:
- According to the information, all the expenses relating to the purchase of used machine are in cash. Thus, Cash is credited at the total amount of $182,000, in which $178,000 is credited in 2nd January to record the purchased price and the other $4,000 (2,840 + 1,160) is credited in 3rd January.
- Under GAAP, the recorded costs of a purchased fixed asset should included all the costs incurred which are necessary to bring the fixed asset to a ready-to-use stage. As wire electricity cost & cost for securing the machine in its position are all necessary for the machine's operation, these costs should be capitalized.