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13 Cards in this Set
- Front
- Back
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Current Assets |
have value beyond a year Tangible and intangible |
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Expense VS. Capitalize |
Capitalize is to record in the balance sheet expense to income statement (any internally generated costs are expensed) |
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Book value |
cost minus accumulated depreciation |
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residual Value |
what you can sell it for at end of useful period |
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Depreciable Value |
cost minus residual value (cost you can depreciate) |
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Straight line depreciation |
Cost - Residual Value/service life = depreciation cost/service life |
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Double Decliining |
Beg book value x Depreciation rate = dep. expense |
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Activity based |
Depreciation rate = dep. cost / total units expected to be produced |
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intangible Assets |
Patents, copyrights, trademarks |
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Payroll Entries |
2 entries: employee - fed/state taxes, FICA, federal unemployment |
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Common Stock |
ownership interest sold by the company, classified as authorized, issued, and outstanding |
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Preferred Stock |
stock getting first option of dividends, not allowed for voting on company |
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3 Dates of Dividend Calculations |
declare date (debit: dividens, Credit div. payable) record date (find who gets dividend) pay date |
