This historic book may have numerous typos and missing text. Purchasers can download a free scanned copy of the original book (without typos) from the publisher. Not indexed. Not illustrated. 1914 Excerpt: ...valuation based on cost, the increased expenditure should be considered an asset--for though it will not earn more, it will actually perform additional service to the community. When, on the contrary, such property is replaced at a lower cost than the original, a rather nice new problem in accounting is raised. This ...
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This historic book may have numerous typos and missing text. Purchasers can download a free scanned copy of the original book (without typos) from the publisher. Not indexed. Not illustrated. 1914 Excerpt: ...valuation based on cost, the increased expenditure should be considered an asset--for though it will not earn more, it will actually perform additional service to the community. When, on the contrary, such property is replaced at a lower cost than the original, a rather nice new problem in accounting is raised. This difference between the two costs is a gain to the company, for the same efficiency and the same earning power are replaced at a lower cost. It would not be wise accounting, on the other hand, to consider this as profit for the year in which the replacement took place. What has really happened is that the operating facilities of the company have been kept intact by this replacement purchase, and that still a certain surplus of product (for the replacement should be provided for out of product, of course) proves to remain after the expenditure of the amount necessary to keep the capital in good working order. This surplus has had its origin in all the years in which the old capital was in use, even though it may chance that the exact replacement and therefore the gain on replacement occur in only one of the years. In result, then, this gain is nothing but capital now set free by the changes in conditions in the community. It has not been earned by the company through its operations; it has not been contributed by stockholders; it is benefit derived, probably, from the progress of the arts. The assets account should show what the equipment now on hand has cost--the sacrifice that the company has made for this property; and as the cost of the original property has been returned, through product, and is more than enough to replace the worn-out property (assuming, of course, that the business is successful), the original cost is no longer in the equip...
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