It was first used during the Cold War to forecast the effect of technology on warfare. This method hinges on the school of thought that group knowledge is more accurate than individual opinions. Then, you have a comprehensive overview of any planned expansion’s impact on the business’s finances. This can help a company decide whether…

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Locate the company’s prior-period PP&E balance, and take the difference between the two to find the change in the company’s PP&E balance. Add the change in PP&E to the current-period depreciation expense to arrive at the company’s current-period CapEx spending. Understanding the difference between capital expenditure and revenue expenditure is crucial for accurate financial analysis….

Now for this step, we need to get the balance of the Income Summary account. In step 1, we credited it for $9,850 and debited it in step gross vs net 2 for $8,790. As you will see later, Income Summary is eventually closed to capital. To close that, we debit Service Revenue for the…