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Is depreciation on office equipment classified as a period cost or product cost?
period cost
What is the journal entry for purchasing office supplies on credit?
The journal entry for purchasing office supplies on credit involves debiting the Office Supplies account and crediting Accounts Payable. For example, if the office supplies cost $500, the entry would be: Debit Office Supplies $500 Credit Accounts Payable $500 This reflects the increase in assets (office supplies) and the corresponding liability (amount owed).
Is depreciation on office equipment classified as a variable or fixed cost?
Depreciation on office equipment is classified as a fixed cost. Fixed costs are expenses that do not change with the level of production or sales, and depreciation remains constant over time regardless of how much the office equipment is used. This makes it a predictable expense that businesses incur regardless of their activity level.
Is depreciation on factory equipment a period cost?
It's a Product cost. Think Selling (Store) and Administrative(Office) cost for period cost. The machines are in the factory.
Is repairs on office equipment a period cost?
NoAlternate answer:Expenditures that result in a higher capacity or longer economic lifetime of the equipment is considered an asset, and is allocated over the remaining economic lifetime. On the other hand, expenditures for repairs, maintenance, cleaning, etcetera that do not increase the capacity are expensed as incurred. Hence, yes, repairs on office equipment is a period cost.
Is depreciation on office equipment classified as a period cost or product cost?
period cost
Where can you purchase refurbished office equipment?
"Many appliance stores, and furniture stores will allow you to purchase refurbished office equipment for a discounted price. Refurbished office equipment tends to cost a lot less than new equipment."
What is the journal entry for a purchase of equipment when you want to charge half of the cost to the tenant?
[Debit] Equipment [Credit] Cash / bank (half) [Credit] Tenant
What is the journal entry for purchasing office supplies on credit?
The journal entry for purchasing office supplies on credit involves debiting the Office Supplies account and crediting Accounts Payable. For example, if the office supplies cost $500, the entry would be: Debit Office Supplies $500 Credit Accounts Payable $500 This reflects the increase in assets (office supplies) and the corresponding liability (amount owed).
Is depreciation on office equipment classified as a variable or fixed cost?
Depreciation on office equipment is classified as a fixed cost. Fixed costs are expenses that do not change with the level of production or sales, and depreciation remains constant over time regardless of how much the office equipment is used. This makes it a predictable expense that businesses incur regardless of their activity level.
Is depreciation on factory equipment a period cost?
It's a Product cost. Think Selling (Store) and Administrative(Office) cost for period cost. The machines are in the factory.
Is repairs on office equipment a period cost?
NoAlternate answer:Expenditures that result in a higher capacity or longer economic lifetime of the equipment is considered an asset, and is allocated over the remaining economic lifetime. On the other hand, expenditures for repairs, maintenance, cleaning, etcetera that do not increase the capacity are expensed as incurred. Hence, yes, repairs on office equipment is a period cost.
How much it cost to enter the iditarod?
The entry fee for 2009 is $4000.00 (going up to $5000.00 in 2010) The average cost per year to maintain a team and equipment is $35,000 plus dogs
What is the average office workspace cost?
Generally, an office cubicle with desk will run in the range of $1000 to $1500. Though the particular equipment therein will depend on the requirements of the job, the additional cost of a computer, printer, phone extension, and other miscellaneous supplies should bring the cost to the $2000 to $2500 range.
What is the journal entry for record one month depreciation on the computer equipment. Useful life is 3 years?
To record one month of depreciation on computer equipment with a useful life of 3 years, first calculate the monthly depreciation expense. If the cost of the equipment is, for example, $3,600, the annual depreciation would be $1,200, resulting in a monthly depreciation of $100. The journal entry would be: Debit: Depreciation Expense $100 Credit: Accumulated Depreciation - Computer Equipment $100
How Do You Record Journal Entry for Broker Sale of Equipment?
I am a business broker of equipment. End users of equipment come to me and request my services to procure the purchase of equipment. I research the equipment they are looking to buy. I find a manufacturer or vendor that has the equipment. I obtain a price quote from the manufacturer for the equipment. I invoice the end user for the cost of the equipment including my broker's fee. The end user wire transfer the amount of funds into my account. Upon receipt of the funds I purchase thse equipment from the manufacturer and it is shipped directly to the end user. What accounting journal entry would I make to record invoicing the end user, receiving the funds from the end user and the purchase of the equipment from the manufacturer. Thank you for your assistance. Travis
How much does it cost for hockey goalie equipment?
The cost of hockey goalie equipment can vary widely based on brand, quality, and whether the items are new or used. On average, a complete set of new goalie gear can range from $800 to $2,500, with entry-level gear on the lower end and high-end professional gear on the higher end. Additional expenses may include skates, a mask, and optional accessories, which can further increase the overall cost. For those on a budget, purchasing used equipment can be a cost-effective alternative.
