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Use the appropriate items from the following list to prepare Mellarks Baked Goods balance sheet at December

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Use the appropriate items from the following list to prepare Mellark’s Baked Goods balance sheet at December 31, 2019.Value (S000) at December 31, 2019 Value ($000) at December 31, 2019 Item Item Accounts payable $ 220 $ 375 Inventories A

Balance Sheet
Balance sheet is a statement of the financial position of a business that list all the assets, liabilities, and owner’s equity and shareholder’s equity at a particular point of time. A balance sheet is also called as a “statement of financial...
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Value (S000) at December 31, 2019 Value ($000) at December 31, 2019 Item Item Accounts payable $ 220 $ 375 Inventories Accounts receivable Land 450 100 Accruals Long-term debts 55 420 Accumulated depreciation 265 Machinery 420 225 Buildings Marketable securities 75 Notes payable Cash 215 475 Common stock (at par) Paid-in capital in excess of par 90 360 Cost of goods sold 2,500 Depreciation expense Preferred stock 45 100 Retained earnings Equipment 140 210 Sales revenue Furniture and fixtures 170 3,600 General expense Vehicles 320 25

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Mellarks Baked Goods Balance Sheet December 31 2019 Assets Current assets Cash 2150...View the full answer


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Depreciation of non-current assets is the process of allocating the cost of the asset over its useful life. The cost of the asset includes the purchase price, any additional costs incurred to bring the asset to its current condition and location, and any other costs that are directly attributable to the asset. The useful life of the asset is the period over which the asset is expected to be used by the company. To calculate the depreciation, companies use different methods such as straight-line, declining-balance, sum-of-the-years\'-digits, units-of-production, and group depreciation. The chosen method will depend on the type of asset, the company\'s accounting policies, and the accounting standards that are applicable. The straight-line method allocates an equal amount of the asset\'s cost over its useful life, while the declining-balance method calculates depreciation at a fixed rate, typically double the straight-line rate, but the amount of depreciation decreases over time. The sum-of-the-years\'-digits method is similar to the declining-balance method, but the rate of depreciation is calculated using a fraction that is based on the useful life of the asset. It\'s important to note that the depreciation expense will be recorded on the company\'s income statement and the accumulated depreciation will be recorded on the company\'s balance sheet. This will decrease the value of the asset on the balance sheet over time.

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