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Where do you record credit purchases of fixed assets?
in fix assets
Are fixed assets expenses?
Yes and no. When a company purchases a fixed asset it is expensed through depreciation over the useful life of the asset.
What is difference between personal assets and company assets?
Personal assets is assets that are owned by a person. Company assets are assets that are own by the company.
Share capital has a credit or debit balance?
Credit Balance CREDITS record transactions relating to revenues and an increase in the liabilities of the company. DEBITS record transactions relating to purchases, expenses and an increase in the assets of the company.
Misappropriation of assets?
theft of company assets.
What is purchase department?
Purchase department is responsible for company wide purchases of inventory as well as assets to centralized the purchasing process.
In finance what are the mechanics and procedures of a buyout?
There are many mechanics and procedures when buying out in finance. These buyouts are when a company purchases another company's assets and they uses those assets against them.
What happens when you sublease a car and the company that you leased from goes into liquidation?
You will have to make the payments to the company that purchases their assets, it doesn't mean you get a free car.
Where do you record credit purchases of fixed assets?
in fix assets
What is meant by debtors?
Debtors are those customers who purchases goods from company on credit so debtors are current assets of business.
Are expenses assets?
Yes and no. When a company purchases a fixed asset it is expensed through depreciation over the useful life of the asset.
Are fixed assets expenses?
Yes and no. When a company purchases a fixed asset it is expensed through depreciation over the useful life of the asset.
What is difference between personal assets and company assets?
Personal assets is assets that are owned by a person. Company assets are assets that are own by the company.
How does purchases on account affect the balance sheet?
Purchases on account increases both Assets and Liabilities. Since a purchase on account becomes and account payable it is a liability account and the company's liabilities will increase the amount of the purchase. More than likely the purchase is for some type of equipment or supplies the company needs to operate and therefore is an asset to the company and that asset will increase by the same amount. Let's say Company X purchases $5,000 in supplies from company Z on account, Company X will record the transaction as follows. Supplies (dr) $5,000 Acc.Pay. Comp. Z (cr) $5,000 Remember Assets = Liabilities + Equity Assets increase with a debit Liabilities and Equity increase with a credit.
What is hawaiian acquisition?
Hawaiian acquisition refers to the process by which a company or individual acquires ownership or control of assets, businesses, or properties in Hawaii. This can include purchases of real estate, businesses, or other assets in the state of Hawaii.
Share capital has a credit or debit balance?
Credit Balance CREDITS record transactions relating to revenues and an increase in the liabilities of the company. DEBITS record transactions relating to purchases, expenses and an increase in the assets of the company.
You are single who is responsible for your debt and assets?
If you are an adult, you are responsible for your debts and assets. If you were married, and the debts and assets were joint, then you and your spouse would both be responsible for them, unless you divorced, and it was settled in court at the time of the divorce.
