Bookkeeping

Let’s say you need to determine the depreciation of a delivery truck. It has a salvage value of $3,000, a depreciable base of $27,000, and a five-year useful life. When a company purchases an asset, management must decide how to calculate its depreciation. Tangible (physical) assets depreciate, while you expense […]

The decisions that are made about how much depreciation to charge off are influenced by the accountant’s judgment. The two main assumptions built into the depreciation amount are the expected useful life and the salvage value. While companies do not break down the book values or depreciation for investors to […]

Contractors should separate business and personal finances, ensure proper job costing and record all day-to-day cash inflows and outflows. Accounting software can streamline ― and, in many cases, fully automate ― these key tasks. Occasionally, you may encounter accounting software vendors that offer a short period of discounted monthly subscription […]

Invensis is a trusted provider of bookkeeping and accounting for the construction industry. We have more than two decades of experience in delivering accounting requirements for construction companies and contractors. We specialize in managing job costing, including labor, materials, and overhead allocations, which is critical for maintaining profitability in competitive […]

An asset acquired on 5th Jan at the cost of $ has estimated the use of hours. During the first year, the said equipment was used for 4000 hours. Suppose a company Green Star purchases a small food processing machine for $ 130,000. The Machine comes with an estimated output […]

So now that you guys have seen the units of production method, why don’t you guys try some practice problems. If the estimated number of hours of usage or units of production changes over time, incorporate these changes into the calculation of the depreciation cost per hour or unit of […]

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