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How to record a new roof in Quickbooks?
Record the entire expenditure as a Fixed Asset. Then use the Fixed Asset Manager to amortize the expense.
When is fixed cost relevant in decision making?
When there will be change in fixed cost of business then at that time fixed cost will be relevant cost For Example if acquiring new machinery will reduce the amount of fixed expense in that case fixed cost is also relevant.
How do you report the cost 29000 roof in quickbook?
To report a $29,000 roof expense in QuickBooks, you would create a new expense transaction. Go to the "New Transaction" menu, select "Expense," and enter the details of the expense, including the date, vendor, and the amount. Assign the expense to the appropriate account, such as "Roofing Expense" or "Fixed Asset" if capitalizing the cost. Finally, save the transaction to reflect the expense in your financial statements.
Painting of assets is an asset or expense?
If a custom paint scheme was applied when the asset was new (such as a company vehicle), you would add that painting cost to the capitalized cost of the asset. If the painting was done because the assets had been in use and needed freshening up, it would be considered maintenance expense.
What are the elements included in the Federal Gas mileage Allowance?
The IRS mileage allowance includes all expenditures for gas, maintainance, repair, insurance and any other cost that may be associated with operating a vehicle. So if one claims the standand mileage expense, then receipts such as for gas, new tires, etc., cannot also be claimed. The taxpayer can, however, claim depreciation expense on the vehicle.
What is an example of a flexible expense?
New clothing
What is a example of a flexible expense?
New clothing
What is one major expense associated with issuing new shares of common stock?
Underpricing is one major expense associated with issuing new shares of common stock.
How do you calculate percentage reduction in expenses?
(E1 - E2)/E1 where E1 is the original expense and E2 is the new, lower expense.
what happens if buy a car from georgia and it is a lemon can i get a new one?
All states have a lemon law for new cars - never used cars. If a new car develops the same problem 3 times and can not be fixed, the dealership must provide you with a brand new vehicle.
What is subscription expense in accounting?
A subscription expense is a regular expenditure on a predetermined basis for a necessary business cost. For example, many auto repair shops lease repair information software that continually changes due to new vehicle rollouts...they don't purchase the software but subscribe to it on a monthly basis of XXX number of dollars...
How do you treat a purchase of a new component of a fixed asset?
As per IAS 16: If purchase of component of fixed asset is major part of original asset or purchase of component increase the effectiveness or live of asset then it is treated as a part of original price and treated as asset. If purchase of component is routine purchase for small repair etc then it is treated as revenue expense.
