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Straight-line depreciation is an accounting method that measures the depreciation of a fixed asset over time. The second scenario that could occur is that the company really wants the new trailer, and is willing to sell the old one for only $65,000. In addition, there is a loss of $8,000 recorded on the income statement […]

This exercise gives us a rough but useful approximation of a balance sheet amount for the whole year 2020, which is what the income statement number, let’s say net income, represents. In kansas city bookkeeping services our example, the number for total assets at year-end 2020 would overstate the amount and distort the return on […]