Based on the fact that Forward Co. discarded a machine with cost $5,000, the entry to record this transaction in the books would include a credit to Machinery.
<h3>How do you dispose of fixed assets?</h3>
When fixed assets are to be disposed of, the accumulated depreciation upt to that point is looked at to calculate the net book value.
This would then show the company if they made a profit or a loss when they sold the fixed asset with a profit being made when the selling price is higher than the net book value.
Regardless of the price the fixed asset is sold at, the company would record a credit to the fixed asset (machinery) account to show that the fixed asset account is decreasing.
In conclusion, there will be a credit to machinery.
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Answer:
<em>A mission statement is usually disseminated internally. While the company vision is future-focused, the mission combines forward thinking with present goals.</em>
Explanation:
1. Life is Good: To spread the power of optimism
2. Patagonia: Build the best product, cause no unnecessary harm, use business to inspire and implement solutions to the environmental crisis.
3. American Express: We work hard every day to make American Express the world's most respected service brand.
4. Warby Parker: To offer designer eye wear at a revolutionary price, while leading the way for socially-conscious businesses.
They always pay their bills on time or early. They are not at risk for a loan.
Answer: The evaluation of investments is important for knowing the real picture of the financial status of the organization.
Explanation:
The organization may have an internal bias that presenting the data for evaluating the investment. Being a member of the finance department I will suggest the organization get the financial statements and other finance-related documents so as to detect the internal bias in the investment statement.