Fixed assets

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Fixed assets

Lecture number:
Lecture Note
Miami University, Oxford
Acc 221 - Intro to Financial Accounting
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Lecture 21 Outline of Previous Lecture  Section 20: Inventory  Cash transaction activities o Operating Activities o Investing Activities o Financing Activities o Statement of cash flow Outline of Current Lecture  Section 21: Fixed Assets  Fixed Assets o Other Names o Characteristics o Dollar value we put into assets o Operating costs and expenses o Grey area Current Lecture  Section 21: Fixed Assets  Fixed Assets o Other names  Fixed assets, capital assets o Characteristics  Long term (Over 1 year)  Company intends to use up  Items never resold  Equipment  Land (Does not depreciate over time)  Buildings  Company cars  Company trucks o These may create up to 5 asset accounts, all located in the asset section of the general ledger o Show wear through depreciation o Dollar value we put into the asset accounts (Appear on balance sheet)  Total amount of money paid to be able to put it into service  Purchase price ($30,000)  Sales tax ($2,000) ACC 221 1st Edition

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