Define the term Assets
Define the term Assets in Accounting?
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Assets: Resources of business are termed as assets. Anything that is purchased by industry or company for the aim of employing in business will be assets. Whenever we make financial statements of company, it is displayed in balance sheet. We illustrate all assets with their book value in balance sheet. Assets are classified into current assets and fixed assets. Depreciation is deducted only from the fixed assets. Assets can as well be classified on the basis of their physical presence. All assets that can be touched will be tangible assets and all assets that can’t be touched and we can just take their advantages in market place, all such assets will be intangible assets.
The Webster Company uses the aging method to estimate the allowance for doubtful accounts. The following schedule of accounts receivable was prepared as at December 31, 20x6: Age Balance % uncollectible 0-30 days $674,000 0.5% 31-60 days 186,000 1.2% <
he following information is taken from the financial statements of an entity: 20x4 20x3 Property, plant and equipment $4,600,000 $4,200,000 Accumulated depreciation (1,800,000) (1,350,000) Depreciation expense 560,000 Gain on disposal of PPE 65,000 The asset disposed of had a cost
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