End of an assets useful life there is no need to

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end of an asset's useful life, there is no need to charge the portion of cost equaling the residual value.Useful Life is the estimated time period an asset is expected to be used from the time it is available foruse to the time of its disposal or termination of use. Useful life is normally calculated in units of years butit may be calculated based on an alternative basis. Useful life of an oil extraction company may forexample be the estimated oil reserves.
Guided Response:
Let at least two of your peers know if a company would use an accelerated depreciation method for theirfinancial statements or their tax returns.Why do you believe this would be the case?AssignmentPlease complete each of the exercises below in a word document. Save the document, and submit to inweek using the Assignment Submission button.Week Three Exercise AssignmentWeek 4Discussion 1Current LiabilityWhat is a current liability?From the perspective of a user of financial statements, why do you believecurrent liabilities are separated from long-term liabilities?Based on your current experience as well asany additional research you may have done provide two examples of situations where businesses collectmonies from customers and employees and reports these amounts as a current liability.
Guided Response:Review several of your peers’ posts and identify the core components of a current liability.Respond toat least two of your peers and provide recommendations to extend their thinking.Challenge your peersby asking a question that may cause them to reevaluate if their example is a current liability.Discussion 2Client Recommendations
A client comes to you thinking about starting a consulting business.Your client is specifically interestedin what type of entity should be created for this new business.Based on your readings or any additionalresearch you may have done, discuss the advantages and disadvantages of the following: soleproprietorship, partnership, and corporation.Based on these advantages and disadvantages provide a

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Term
Fall
Professor
RobertCarr
Tags
Business, Balance Sheet, Depreciation, Assignment Submission button

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