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Aneli [31]
3 years ago
6

Consider the following accounting terms and definitions and match each term to the definition: Accounting a. an economic resourc

e that is expected to be of benefit in the future
Asset b. debts that are owed to creditors

Balance sheet c. excess of total expense over total revenues

Expense d. excess of total revenues over total expense

Income statement e. the basic tool of accounting, stated as asset=liabilities+equity

Liability f. decreases in equity that occur in the course of selling goods/services

Net income g. increase in equity that occur in the course of selling goods/services

Net loss h. reports on a business’s cash receipts and cash payments during a period

Revenue i. reports on an entity’s assets, liabilities, and stockholders’ equity as of a specific date

Statement of cash flows j. reports on an entity’s revenues, expenses, and net income or loss for the period

Statement of retained earnings k. reports how the company’s retained earnings balance changes from the beginning to the end of the period
Business
2 answers:
spayn [35]3 years ago
8 0
<h2><u>Answer:  </u></h2>

<u>Accounting</u>:

The basic tool of accounting, stated as asset=liabilities + equity (e)  

<u>Asset:</u>

An economic resource that is expected to be of benefit in the future (a)

<u>Balance sheet:</u>

Reports on an entity’s assets, liabilities, and stockholders’ equity as of a specific date (I)

<u>Expense:</u>

Decreases in equity that occur in the course of selling goods/services (f)

<u>Income statement:</u>

Reports on an entity’s revenues, expenses, and net income or loss for the period (j)

<u>Liability:</u>

Debts that are owed to creditors (b)

<u>Net income:</u>

Excess of total revenues over total expense (d)

<u>Net loss:</u>

Excess of total expense over total revenues (c)  

<u>Revenue:</u>

Increase in equity that occur in the course of selling goods/services (g)

<u>Statement of cash flow:</u>

Reports on a business’s cash receipts and cash payments during a period (h)

<u>Statement of retrained earning:</u>

Reports how the company’s retained earnings balance changes from the beginning to the end of the period (k)


DIA [1.3K]3 years ago
4 0

Answer:

ACCOUNTING - e

ASSET - a

BALANCE SHEET - i

EXPENSE - f

INCOME STATEMENT - j

LIABILITY - b

NET INCOME - d

NET LOSS - c

STATEMENT OF CASH FLOWS - h

STATEMENT OF RETAINED EARNINGS - k

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2 years ago
On October 1, 2022, Ivanhoe Company places a new asset into service. The cost of the asset is $87500 with an estimated 5-year li
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Answer:

$3150

Explanation:

Given:

Cost of the asset purchased = $87500 (on 1st October. 2022)

Salvage value at the end of its useful life = $24500

Useful life estimated = 5 years

Question asked:

What is the depreciation expense for 2022 if Ivanhoe Company uses the straight-line method of depreciation?

Solution:

<u>As we know:</u>

Straight-Line\ Depreciation\ Expense=\frac{Cost\ - Salvage\ Value}{Useful\ Life\ of\ the\ Asset}

                                                               =\frac{87500-24500}{5} =\frac{63000}{5} =12600

Depreciation expenses per year = $12600

But we have to find depreciation expenses for 2022 for:-

From 1st October, 2022 to 31st December, 2022 = 3 months.

<em><u>Straight-Line Depreciation Expense for Partial Year = </u></em>

<em><u /></em>D\times\frac{N}{12} \\\\ D=Depreciation\ expense\ for\ a\ complete\ year.\\N= Number\ of\ months\ during\ which\ the\ fixed\ asset\ was\ available\ for\ use

Depreciation Expense for 3 months = 12600\times\frac{3}{12} =\frac{37800}{12} =3150

Therefore, the depreciation expense for 2022 if Ivanhoe Company uses the straight-line method of depreciation is $3150.

                                                             

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Nady [450]

Answer:

its B newspaper

Explanation:

5 0
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Read 2 more answers
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