Contra asset accounts are recorded with a credit balance that decreases the balance of an asset. A key example of contra liabilities includes discounts on notes or bonds payable. Contra accounts are used to reduce the original account directly, keeping financial accounting records clean. The difference between an asset’s balance and the contra account asset balance is the book value.
Now anytime you want to search the web, know the weather forecast, or get the baseball scores from last night, all you have to do is say “Hey, Cortana,” and ask your question.
During side view stages, the player can shoot leftward, rightward or upward while standing, as well as horizontally and diagonally while running. The player can also shoot in any of eight directions, including downwards, while jumping. Pressing the joystick downwards while standing will cause the character to lie down on his stomach, allowing him to avoid enemy fire and shoot low targets.
Understanding a Contra Account
Stages 1 through 6 are drawn directly from the arcade version, whereas Stages 7 through 9 are based on the different areas featured in the final stage of the arcade version in a matter similar to the final four stages of the NES version. Stages 10 through 19 are new to this version and take place primarily in an underground facility underneath the Galuga Archipelago. Inputting the code at the title screen starts the player with thirty lives instead of the usual three.
Contra liability, equity, and revenue accounts have natural debit balances. These three types of contra accounts are used to reduce liabilities, equity, and revenue which all have natural credit balances. Therefore, for these three, the debit balance actually represents a negative amount. By reporting contra asset accounts on the balance sheet, users of financial statements can learn more about the assets of a company.
The controls consists of an eight-way joystick and two action buttons for shooting (left) and jumping (right). When one of the protagonists jumps, he curls into a somersault instead of doing a conventional jump like in other games. The joystick controls not only the player’s movement while running and jumping, but also his aiming.
Differences in the US release
Examples of fixed assets include buildings, machinery, office equipment, furniture, vehicles, etc. The accumulated depreciation account appears on the balance sheet and reduces the gross amount of fixed assets. A contra liability is an account in which activity is recorded as a debit balance and is used to decrease the balance of a liability. It is not classified as a liability since it does not represent a future obligation. Normal asset accounts have a debit balance, while contra asset accounts are in a credit balance.
- Whereas assets normally have positive debit balances, contra assets, though still reported along with other assets, have an opposite type of natural balance.
- Stages 1 through 6 are drawn directly from the arcade version, whereas Stages 7 through 9 are based on the different areas featured in the final stage of the arcade version in a matter similar to the final four stages of the NES version.
- We can see how the $10,000 allowance for doubtful accounts offsets the $100,000 A/R account from our illustrative example above (i.e. the account decreases the carrying value of A/R).
- Pressing the joystick downwards while standing will cause the character to lie down on his stomach, allowing him to avoid enemy fire and shoot low targets.
- Inputting the code at the title screen starts the player with thirty lives instead of the usual three.
When the jump button is pressed while crouching on a higher platform, the character will drop down to a lower level. A contra account is an entry on the general ledger with a balance contrary to the normal balance for that categorization (i.e. asset, liability, or equity). And if the player holds the select and start buttons during the credits sequence, a secret message will be displayed after the Konami logo. The power-up icons for the Machine how to calculate straight line depreciation Gun and Laser Gun were also changed and are now represented by letter-based falcon symbols (M and L) used by the other weapons. The Rapid Bullets and Barrier power-ups are also more common in this version, since unlike the arcade game, the flying item capsules now appear regardless of which weapon the player character currently possesses. The NES version introduces a seventh item that clears the screen of all on-screen enemies when obtained.
Offsetting the asset account with its respective contra asset account shows the net balance of that asset. The arcade version of Contra consists of seven stages (the number of stages and level structures vary in later versions). The player must destroy a generator at the other side of each passageway in order to deactivate the electric current preventing access.
Contra (video game)
The arcade game was released in three versions.[8] The Japanese and American versions are virtually identical, aside from the Japanese version using kanji characters to spell the game’s title. However, the European version, titled Gryzor, only allows two players to play the game alternating rather than simultaneously. The net amount – i.e. the difference between the account balance post-adjustment of the contra account balance – represents the book value shown on the balance sheet. The game begins with a prologue sequence explaining the game’s backstory, followed by a map of the Galuga archipelago, which is shown at the start of every stage to indicate the player’s progress.
This type of account could be called the allowance for doubtful accounts or a bad debt reserve. The balance in the allowance for doubtful accounts represents the dollar amount of the https://www.bookkeeping-reviews.com/ledger-restaurant-bar/ current accounts receivable balance that is expected to be uncollectible. The amount is reported on the balance sheet in the asset section immediately below accounts receivable.
For example, accumulated depreciation is a contra asset that reduces the value of a company’s fixed assets, resulting in net assets. Contra equity reduces the total number of outstanding shares on the balance sheet. The key example of a contra equity account is Treasury stock, which represents the amount paid to buyback stock.
This version was produced in-house by Konami, and features several differences from the arcade release in order to better suit the NES’s hardware. The arcade game was a commercial success worldwide, becoming one of the top four highest-grossing dedicated arcade games of 1987 in the United States. The NES version was also a critical and commercial success, with Electronic Gaming Monthly awarding it for being the Best Action Game of 1988. A contra account enables a company to report the original amount while also reporting the appropriate downward adjustment. Get instant access to video lessons taught by experienced investment bankers.