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11 Cards in this Set
- Front
- Back
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How do we record a long term asset?
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cost + all expenditures necessary to get it ready for use
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to calculate depreciation, what 3 things do we need?
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original cost
estimated residual value estimated service life |
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how do we calculate straight line dep?
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original price-residual value/# of years estimated service life
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how do we record goodwill?
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as an intangible asset in the balance sheet ONLY when we purchase it as part of the acquisition of another company
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What are current liabilities?
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liabilities that are payable within one year
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What are FICA taxes?
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social security and medicare taxes that are taken from an employer/employee (7.65 percent each)
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what is unearned revenue?
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when a company recieves money in advance for services (ex. gift cards arent claimed as revenue until theyre used)
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what is sales tax payable?
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taxes collected by a company representing current liabilities payabe to the government
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when is loss contingency recorded?
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when loss is probably and the amount is estimatable
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when is warranty expense recorded?
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when the product is sold (matching principle)
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what is the current ratio?
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current assets/current liabilities = liquidity
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