Accrued depreciation - Study guides, Class notes & Summaries

Steps. 1. Determine Cost New Main house 2400 SF x 85/SF =204,000 Garage 440 x 18/SF = 7920 ====================================== 204,000 + 92 = 211,920 2. Determine Depreciation Cost Sale Price 240,000 - Land Value 50,000 - Improvements 25,000 ======================== 165,000 3. Determine Total Depreciation Cost New 211,920 - Depreciation Cost 165,000 = 46,920 4. Determine Depreciation Percentage Cost New 211,920/Total Depreciation 46,920 = 22.14% correct answers For the p...

Abandonment - Answer-The failure to occupy and use property that may result in loss of rights Abatement of Nuisance - Answer-Extinction or termination of a nuisance Abstract of Judgement - Answer-A condensation of the essential provisions of a court judgement Abstract of Title - Answer-A summary or digest of all transfers, conveyances, legal proceedings, and any other facts relied on as evidence of title, showing continuity of ownership, together with any other elements of record which ...

The FDA, Food Safety and Inspection Service, and CDC jointly publish this reference document for regulatory agencies responsible for overseeing food safety in retail outlets: Food Code Food Law FoodNet Food Regulations CORRECT ANSWER The correct answer is A. Every four years, these regulatory agencies release the Food Code. Which of the following financial terms represents current liabilities? Accrued expenses, depreciation Depreciation, retained earnings Retained earnings, a...

Oklahoma Real Estate Latest Version Rated A+ Abrogate To abolish in a public manner or end something when formal steps are needed Abstract of Title A summary or copy of all transfers, conveyances, legal proceedings, and any other facts relied on as evidence of title, showing continuity of ownership, together with any other elements of record which may impair title. Abutting The joining, reaching or touching of adjoining land, Abutting parcels of land have a common boundary. acc...

REE 4103 TEST 1 QUESTIONS WITH REVISED AND UPDATED ANSWERS Short-lived items refer to - Answer-• Items requiring periodic replacement (carpet) • Economic life normally same as physical life Subtracting an improvement's current market value from its reproduction cost new indicates: - Answer-• Accrued depreciation The effective age of a building will probably exceed its actual age when: - Answer-• An inadequate maintenance program has been used The land on which a 10-year-old h...

5-year cliff vesting - correct answer An employee who has at least five years of service must have a non-forfeitable right to 100% of the employee's accrued benefit [IRC §411(a)(2)(A)]. 3- to 7-year vesting (7-year graded vesting) - correct answer An employee who has completed at least three years of service must have a non-forfeitable right to at least the following percentages of his or her accrued benefit: 20% after three years of service, 40% after four years of service, 60% after f...

Bookkeeping Final Exam review with Complete Solutions What is the purpose of maintaining a fixed asset register? A fixed asset register tracks details about a company's long-term assets, including their purchase price, depreciation, and current value, helping manage and account for these assets effectively. How should a company record the receipt of a loan? When a company receives a loan, it debits the cash account to increase its balance and credits the loans payable account to...

Adventis Financial Modeling Certification (FMC) Level 1 Exam (Latest 2023/ 2024 Update) Questions and Verified Answers| 100% Correct| Grade A Q: Which of the following balance sheet items are included in working capital? A) Debt B) Accounts receivable C) Equity D) Cash E) Long-term liabilities Answer: B Q: Which of the following balance sheet items are not included in working capital? A) Accounts payable B) Accrued liabilities C) Accounts receivable D) Short-term debt ...

Which statement best describes the F component of the FOCUS-PDSA performance improvement model? Identify a process to improve Develop a team Explain the current process Maintain and continue improvement - Identify a process to improve The first step of the FOCUS-PDSA model is F, or find, and its purpose is to identify the process that needs to be improved. Development of the team is included in O, or objectives; explanation of current processes is part of C, or clarify the problem; and m...

APB OpinionsAnswer - The APB's official pronouncements issued from 1959 through 1973 which were intended to be based mainly on research studies and be supported by reasons and analysis. Accounting Principles Board (APB)Answer - An accounting rule-making board which provided official pronouncements, called APB Opinions, from 1959 through 1973. Accounting Research BulletinsAnswer - Pronouncements issued by CAP dealing with a variety of timely accounting problems during the years 1939 to ...