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Answer:
The product is composed of mass produced homogenous units.
Explanation:
Process costing is utilized when there is a large production of products that have similar features. In process costing the cost of each product produces is equivalent to the cost of other products. Example of products that undergo process costing include:chemicals, processed foods, textiles, paper, oil refinery, soap.
In process costing, the finished product gotten from each stage becomes the raw material of the next stage till the last stage of completion.
The production of product in process costing is continuous and the final product derived from the production process is as a result of a sequence of processes.
Answer:
c. Pansy Corporation’s basis in the land is $90,000.
Explanation:
Journal Debit Credit
Land Account $90,000
To share capital $80,000
(50 Shares at $80000)
To cash $10,000
GAAP require that a business to record an exchange of stock for property at the fair or market value of the transaction. Hence, one can use either the market value of the common stock or the market value of the land.
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Answer:
If a bank has excess reserves of $7,000 and demand deposit liabilities of $100,000, and if the reserve requirement is 15%, then the bank has actual reserves of $22,000.
Explanation:
Total deposit = $100,000
Reserve requirement = 15% of the total deposit
Therefore, required reserves = 15% of $100,000
=15/100 * $15,000
= 0.15*$100,000
required reserves = $15,000
The excess reserves given in the question = $7,000
Total reserves = Required reserves + Excess reserves = $15,000 + $7,000 = $22,000
