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What else can I help you with?
How you can show if fixed asset received as gift?
[Debit] Fixed Assets [Credit] Owners equity
Can depreciation be for fixed asset only?
Depreciation is the method of allocating the amount of fixed asset to the fiscal year in which that asset utilized and it is only applicable to fixed assets because current assets are fully utilizable in current year that's why full amount of current assets are charged to income statement.
What is the amount of the fixed asset?
Fixed assets are those assets which are available in business to generate economic revenue in business for more than one fiscal year.
Define fixed assets?
Fixed assets are assets that will not be sold, disposed, used up, expire, or traded within 12 months (one accounting cycle). Fixed assets are usually depreciated at the end of each fiscal year to reflect the amount that was used up within the year.
Is gross block current assets or fixed assets?
fixed assets
Why do amount of vehicles appear in non-current assets and current assets?
Vehicle is a fixed asset so it should be shown in fixed asset list and not in current asset list.
What are maturity of fixed assets?
maturity of fixed assets means the completion of useful life of fixed assets.
Fixed assets to current asset ratio?
fixed assets / current assets
What is journal entry for fixed assets received as gift?
When fixed assets are received as a gift, the journal entry would typically be: Debit - Fixed Asset (at fair value) Credit - Donation Revenue (at fair value) This recognizes the receipt of the fixed asset at its fair value and records the donation revenue for the fair value of the gift.
What is the equity to assets ratio?
This ratio refers how much amount invested for fixed assets from equity. Formula for calulating this ration:- Fixed Assets/Equity(Capital+Reserves+Other accumilated Profits) If the Ratio is .75 ie 75%of Equity spend for Fixed Assets, Hence we can calculate working Capital of the Company
Are fixed assets a liability?
Fixed assets are not liabilities, they are assets that can not be quickly liquidated (turned into cash). If the company goes under, fixed assets would be difficult assets to get cash for.
Explain - fixed assets?
fixed assets are long term assets which have long term period
