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Indicate whether each of the following items is a real or

Intermediate Accounting | 15th Edition | ISBN: 9781118147290 | Authors: Donald E. Kieso ISBN: 9781118147290 164

Solution for problem 7 Chapter 3

Intermediate Accounting | 15th Edition

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Intermediate Accounting | 15th Edition | ISBN: 9781118147290 | Authors: Donald E. Kieso

Intermediate Accounting | 15th Edition

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Problem 7

Indicate whether each of the following items is a real or nominal account and whether it appears in the balance sheet or the income statement. (a) Prepaid Rent.(b) Salaries and Wages Payable.(c) Inventory.(d) Accumulated DepreciationEquipment.(e) Equipment.(f) Service Revenue.(g) Salaries and Wages Expense.(h) Supplies.

Step-by-Step Solution:
Step 1 of 3

Accounting Ch.1 Out of pocket vs. Opportunity  Out of pocket- involve actual outlay of cash  Opp.- the foregone benefit of the path not taken Direct vs. Indirect  Direct Costs- costs that can be easily and conveniently traced to unit of product  Indirect cost- costs that cannot be easily and conveniently traced to product Variable vs. fixed costs  Variable cost- change, in total, indirect proportion to changes  Fixed cost- do not change in total regardless of activity level, with some reasonable range of activity Manufacturing vs. Nonmanufacturing  Manufacturing/product cost o Materials- major material inputs that can be physically traced o Labor (direct)- everyone who touches the product o Over

Step 2 of 3

Chapter 3, Problem 7 is Solved
Step 3 of 3

Textbook: Intermediate Accounting
Edition: 15
Author: Donald E. Kieso
ISBN: 9781118147290

The answer to “Indicate whether each of the following items is a real or nominal account and whether it appears in the balance sheet or the income statement. (a) Prepaid Rent.(b) Salaries and Wages Payable.(c) Inventory.(d) Accumulated DepreciationEquipment.(e) Equipment.(f) Service Revenue.(g) Salaries and Wages Expense.(h) Supplies.” is broken down into a number of easy to follow steps, and 43 words. The full step-by-step solution to problem: 7 from chapter: 3 was answered by , our top Business solution expert on 11/23/17, 05:08AM. This full solution covers the following key subjects: whether, wages, salaries, depreciationequipment, payable. This expansive textbook survival guide covers 24 chapters, and 633 solutions. Intermediate Accounting was written by and is associated to the ISBN: 9781118147290. This textbook survival guide was created for the textbook: Intermediate Accounting, edition: 15. Since the solution to 7 from 3 chapter was answered, more than 257 students have viewed the full step-by-step answer.

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Indicate whether each of the following items is a real or