Answer:
Asset Allocated cost
Land $58,000
Building $188,500
Equipment $43,500
Debit Assets $290,000
Credit Note payable $290,000
Being entries to recognize the purchase of assets by note payable.
Explanation:
The cost of each asset (land, building, and equipment) will be allocated to them based on the market value. The higher the market value, the higher the cost apportioned to each asset from the single amount paid for all the assets.
Given that the market values are in the ratio of
64,000:208,000:48,000 for land, building and equipment respectively. This is equivalent to ratios 4:13:3.
Hence, where the total amount paid is $290,000, cost apportionment
Land
= 4/20 × $290,000
= $58,000
Building
= 13/20 × $290,000
= $188,500
Equipment
= 3/20 × $290,000
= $43,500
When an asset is purchased with a note payable signed, the asset is debited and the note payable is credited.
Answer: participant observation, interviews and surveys. All of these ethnographic methods can be very valuable in gaining a deeper understanding of a design problem.
Explanation:
The breakeven point is that when the total revenue is equal to the total cost of production. If we let x be the average selling price, the total revenue would be,
6000x
Given the conditions above, the total cost would be,
(6000)(6) + 24000
At breakeven,
TR = TC
Substituting,
6000x = (6000)(6) + 24000
The value of x from the equation is 10
Answer: $10
Answer:
Organizations and managers should pay close attention to fair employment practice so as to reduce the level of incompetent staffs at work.
Explanation: