Which of the following items should be included in Melay, Inc.’s summary of significant accounting policies for the current year? A.Operating segment sales for the current year are Alay $1M, Belay $2M, and Celay $3M. B.Future common share dividends are expected to approximate 60% of earnings. C.Property, plant, and equipment is recorded at cost with depreciation computed principally by the straight-line method. D.During the current year, the Delay Segment was sold.

Question

10-12-2022
Business

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Which of the following items should be included in Melay, Inc.’s summary of significant accounting policies for the current year? A.Operating segment sales for the current year are Alay $1M, Belay $2M, and Celay $3M. B.Future common share dividends are expected to approximate 60% of earnings. C.Property, plant, and equipment is recorded at cost with depreciation computed principally by the straight-line method. D.During the current year, the Delay Segment was sold.

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akankshasharma92 akankshasharma92 · Answer 1 · 2022-12-18T08:04:59+01:00

Depreciation is a term used in accounting to describe two different aspects of the same idea: first, the actual decline in fair value of an asset, such as the annual decline in value of factory equipment

due to use and wear, and second, the allocation in accounting statements of the asset's initial cost to the periods in which it is used (depreciation with the matching principle). Depreciation is the process of reallocating, or "writing down," the cost of a tangible item (such as equipment) over the course of that asset's useful life. It also refers to the decline in asset value. Long-term assets are depreciated by businesses for accounting and tax reasons. The balance sheet of a company is impacted by the asset's decline in value.

learn more about Depreciation here:

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