Answer and Explanation:
The journal entry to record the impairment is as follows:
Loss on impairment of equipment $223,000 ($583,000 - $360,000)
To Accumulated depreciation- Equipment $223,000
(Being the impairment is recorded)
Here the loss would be debited as it increased the losses and accumulated depreciation is credited as it decreased the assets
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Income statement, statement of stockholders' equity, balance sheet, statement of cash flows.
Financial statements are compiled in a specific order due to the fact information from one statement contains over to the next assertion. The trial stability is the first step within the method, followed by means of the adjusted trial balance, the income statement, the balance sheet and the statement of owner's equity. The financial statements ought to be prepared within the following order earnings statement, retained earnings statement, balance sheet and statement of coins flows.
Balance sheet is prepared as of a specific date while Income statements, retained earnings statement, and a statement of cash flows are all for a period of time such as a month.
A complete set of financial statements comprises: a statement of financial position as at the end of the period; a statement of profit and loss and other comprehensive income for the period.
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Answer:
Generally real estate liens are prioritized following a temporal order, from first to last. This applies to all liens except taxes. Taxes are always first and they are collected before any other lien in the event of a foreclosure.
In this case, the following priority would go to the mechanic's lien from the the general contractor (as a result from court order), then the mortgage, and finally the other creditors.
Answer:
Dr Salaries Payable $3000
Dr Salaries Expense $3600
Cr Cash $6600
Explanation:
Preparation of the entries to record the $6600 payment of salaries in January of the following year.
Based on the information given Appropriate journal entries to record the $6600 payment of salaries in January of the following year will be:
Dr Salaries Payable $3000
Dr Salaries Expense $3600
($6600-$3000)
Cr Cash $6600
(To record payment of salaries)