Plant assets are resources that have
physical substance (a definite size and shape),
are used in the operations of a business,
are not intended for sale to customers,
are expected to provide service to the company for
Amounts due from individuals and other companies that are
expected to be collected in cash.
Amounts owed by
result from the sale
of goods and
Claims for which
Work in Process
Regardless of the classification, companies report all in
Buy and Sell Goods
The primary source of revenues is referred to as
sales revenue or sales.
SO 1 Identify the differences between service and mercha
Dishonest act by an employee that results in personal benefit
to the employee at a cost to the employer.
Three factors that
SO 1 Define fra
Costs can include
Cash price (no interest)
Accrued property taxes
Liens assumed by buyer
Cost to remove scrapped items
Proceeds from selling scrapped items
During 2014, Comstock Company entered into the following transactions.
1. Purchased equipment for $286,176 cash.
2. Issued common stock to investors for $137,590 cash.
3. Purchased inventory of $68,480 on account.
Using the following tabular analysis, sho