What type of account is unearned revenue? Liability: Liability is the company's existing obligation that is expected to result in an outflow of its resources. It includes notes payable, interest payable, salaries payable, and any accrued expenses that are not yet paid. ...
If a company has a goodwill account, you can find it in the assets portion of its balance sheet. It is reported on a company’s balance sheet as a non-current asset. US corporations have no longer had to amortize the recorded amount since 2001. Even so, the amount of goodwill is su...
• Is Goodwill a Nominal Account? No, goodwill is not a nominal account. It is an intangible real account. These accounts represent assets which cannot be seen, touched or felt but they can be measured in terms of money. The Valuation of Goodwill Goodwill needs to be valued when a t...
A sales discount is provided by the customer to encourage early payment of credit sales. This is one strategy used to boost sales, as well as...Become a member and unlock all Study Answers Start today. Try it now Create an account Ask a question Our experts...
(b) in any manner which might reasonably be considered to injure, tarnish, damage or otherwise negatively affect the reputation and goodwill associated with the what3words brand; (c) for any purpose that is intended to cause, or may reasonably be considered to cause, a loss of life; or ...
Goodwill is recorded as an intangible asset on the acquiring company's balance sheet under the long-termassets account. It's considered to be an intangible or non-current asset because it's not a physical asset such as buildings or equipment. ...
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A charge-off happens when a payment has yet to be made on a debt for a certain period of time. Creditors can send your account to collections or mark the charge-off on your credit report. This is not a debt that’s been forgiven, but one that remains on your report and damages your...
Under what conditions may goodwill be reported as an asset? What contra account is used when recording and reporting the effects of depreciation? Why is it used? What is the difference between a current asset and a non-current asset?