Why record depreciation expense by debiting the expense and crediting accumulated depreciation? Why not just credit the
Question:
Why record depreciation expense by debiting the expense and crediting accumulated depreciation? Why not just credit the asset cost so that the balance sheet shows just the remaining undepreciated cost? (After all, the latter method is used for prepaid expenses.)
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 50% (2 reviews)
Recording depreciation expense by debiting the expense and crediting accumulated depreciation provid...View the full answer
Answered By
ANDREW KIPRUTO
Academic Writing Expert
I have over 7 years of research and application experience. I am trained and licensed to provide expertise in IT information, computer sciences related topics and other units like chemistry, Business, law, biology, biochemistry, and genetics. I'm a network and IT admin with +8 years of experience in all kind of environments.
I can help you in the following areas:
Networking
- Ethernet, Wireless Airmax and 802.11, fiber networks on GPON/GEPON and WDM
- Protocols and IP Services: VLANs, LACP, ACLs, VPNs, OSPF, BGP, RADIUS, PPPoE, DNS, Proxies, SNMP
- Vendors: MikroTik, Ubiquiti, Cisco, Juniper, HP, Dell, DrayTek, SMC, Zyxel, Furukawa Electric, and many more
- Monitoring Systems: PRTG, Zabbix, Whatsup Gold, TheDude, RRDtoo
Always available for new projects! Contact me for any inquiries
4.30+
1+ Reviews
10+ Question Solved
Related Book For
Financial Accounting An Integrated Approach
ISBN: 9780170349680
6th Edition
Authors: Ken Trotman, Michael Gibbins, Elizabeth Carson
Question Posted:
Students also viewed these Business questions
-
Why record depreciation expense by debiting the expense and crediting accumulated depreciation? Why not just credit the asset cost so that the balance sheet shows just the remaining undepreciated...
-
A. Construct a 3 to 5-year strategic plan that is related to a specified health care organization of your choice. The organization may be not-for-profit or for-profit. Complete a SWOT analysis, and...
-
Buyer is acquiring 80% of Target and wants to understand what the proforma income statement might look like for the following 12 months. The deal is valued at 10,320m and is all equity financed. SG&A...
-
If you were a hedge fund manager, which style would you employ and why? Describe this style and how it works. Why would you utilize it and under what macroeconomic conditions would this style work...
-
If VO= 4 v in the network shown, find VS. 8 kQ Vs V, = 4 V 4 kQ
-
Apartment living You are planning a report on apartment living in a college town. You decide to select three apartment complexes at random for indepth interviews with residents. (a) Explain how you...
-
17-9. What did the Carmex team do to exploit its incredible good fortune after seeing Michael Drysch make his Half-Court Hero shot?
-
At one instant, force F = 4.0j N acts on a 0.25 kg object that has position vector r = (2.0i - 2.0k) m and velocity vector r = (-5.0i + 5.0k) m/s. About the origin and in unit vector notation, what...
-
At September 1, 2017, Crews Co. reported owners equity of $136,000. During the month, Crews generated revenues of $20,000, incurred expenses of $12,000, purchased equipment for $5,000 and withdrew...
-
What is recoverable amount?
-
Briefly explain what is meant by the statement: 'Under historic cost accounting, depreciation is a process of allocation.' Include in your answer some reference to the key assumptions that support...
-
For expert testimony, who should the client normally be?
-
If the majority voting control partners in an entity are close to retirement, they may prefer more equity issued versus debt. T/F The more stable the selling price is, the more likely the firm ...
-
Explain the following concepts/topics. 1. Arbitration Tribunials under CUSMA as opposed to International Arbitration under the WTO or ICSID: 2. Lost or Not Lost clauses under a Marine Insurance...
-
Northfield Manufacturing has two operating divisions in a semiautonomous organizational structure. Americas Division, based in the United States, produces a specialized memory chip that is an input...
-
T 174 6. Cs has a half-life of 30.8 s and the number of nuclei present is 3.787 1016 nuclei. 55' Determine: a. Number of nuclei present 2.6 minutes later b. The activity of 17 CS at the time in a. c....
-
The parallel sides of the trapezoidal lot measure 160 m and 240 m are 40 m apart Find the distance of the dividing line from the 160m line parallel to the 2 sides that will divide the trapezoid into...
-
Suppose that Homer and Marge plan to play the Spouses' Dilemma, illustrated below, on 10,000 consecutive days, and then part ways forever. Do you agree with the prediction that they'll be unable to...
-
Write a declaration for each of the following: a. A line that extends from point (60, 100) to point (30, 90) b. A rectangle that is 20 pixels wide, 100 pixels high, and has its upper-left corner at...
-
Using EDGAR (Electronic Data Gathering, Analysis, and Retrieval system), find the annual report (10-K) for Dicks Sporting Goods for the year ended February 1, 2020. Locate the Consolidated Statements...
-
Data for The Athletic Attic are provided in P124B. Earnings per share for the year ended December 31, 2024, are $1.36. The closing stock price on December 31, 2024, is $22.42. Data from in P12-4B The...
-
Data for Virtual Gaming Systems are provided in P124A. Earnings per share for the year ended December 31, 2024, are $1.40. The closing stock price on December 31, 2024, is $28.30. Data from in P12-4A...
-
Your company produces a health magazine. Its sales data for 1 - year subscriptions are as follows: Year of Operation Subscriptions Sold % Expired at Year End 2 0 2 0 $ 3 0 0 , 0 0 0 5 2 0 2 1 $ 6 4 7...
-
Problem 3 - 2 0 ( Static ) Calculate profitability and liquidity measures LO 3 - 3 , 3 - 4 , 3 - 6 Presented here are the comparative balance sheets of Hames Incorporated at December 3 1 , 2 0 2 3...
-
3 Required information [The following information applies to the questions displayed below) John and Sandy Ferguson got married eight years ago and have a seven-year-old daughter. Samantha. In 2020,...
Study smarter with the SolutionInn App