IS (Accounting Bootcamp)

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Impact of gain from sale of asset on financial statements
This is a follow up question from the prior question below on sale of asset. I was not able to reply to that thread so I am starting a new question instead. Question was: I am looking at the Morgan Supplies Company example and wondering how you would know to expense the 28? 2. if you purchased a mac... Read More
Prepaid Rent & Selling of Assets
1. Could you explain how prepaid expenses are accounted for and the impact on the financial statements? I am looking at the Morgan Supplies Company example and wondering how you would know to expense the 28? 2. if you purchased a machine for $34,000 in cash during 2013 and after depreciation t... Read More
Capitalizing vs Expensing Interest
I am working through the accounting boot camp and have a question regarding the effect on cash flow when interest is capitalized versus expensed. I understand in theory that cash flow is supposedly unchanged in either scenario and that the difference is merely the allocation of the interest (if cap... Read More
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added 10 years ago