Answer:
the amount of the impairment loss is $50,000
Explanation:
The computation of the amount of the impairment loss is shown below:
Impairment loss = Purchase price of trade marks - Estimated fair value
= $70,000 - $20,000
= $50,000
Hence, the amount of the impairment loss is $50,000
The same should be considered and relevant
The accounting concept which relates to separating the reporting of business economic transactions and personal economic transactions is <u>Business Entity Concept</u>.
An organization transaction needs to have the following characteristics: It ought to be for a sum positive in cash (i.e., of an economic fee) It ought to be supported through a source file (e.g. income invoice, dependable receipt, disbursement voucher, remittance recommendation, and so on.) It has to have a -fold effect on the factors of accounting.
In accounting, a transaction in any monetary business enterprise occasion influences an agency's economic statements. because transactions consist of any event that has a financial impact on your economic facts, there are quite a few gadgets that are transactions. based mostly on the trade of cash, there are 3 kinds of accounting transactions, mainly cash transactions, non-cash transactions, and credit transactions.
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The required entries are as follows:
Dr. Cost of goods sold $770
Cr. Inventory $770
Dr. Accounts receivable $1,260
Cr. Sales revenue $1,260
What entries are required for sale of merchandise?
When merchandise is sold, the company's inventory reduces and cost of goods sold increases ,hence, the appropriate entries are to debit cost of goods sold in the income statement and credit the inventory account in the balance sheet.
Also, to account for sale on account, which means credit sales, the revenue account is credited with the sales value whereas the account receivables which represents claim from the customer is debited, this would happen for every transaction because the inventory system is perpetual.
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Answer:
management of school is one who is responsible to pay for expenses and keep the savings which is remain after deducting of all expenses
Answer:
A : adjusted trial balance; after
Explanation:
As we know that the trial balance shows an equal balance in both the debit and credit side
The adjusted trial balance also does the same but it would be prepared when the adjusting entries are passed.
In both, the trial balance, the total of debit and the credit columns should always be equaled and matched
Hence, the correct option is a.
