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2 years ago

Which of the following describes possession utility?

1 answer:

5 0

The option that describes possession utility is : ( A ) Efforts to communicate ( i.e. promote ) a product's value and then facilitate the exchange process.

<h3>What is possession utility ?</h3>

Possession utility is the value which a product possesses that enables a customer to freely own and use the product as the customer/purchaser wishes.

In conclusion the option that describes possession utility is Efforts to communicate ( i.e. promote ) a product's value and then facilitate the exchange process.

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Attached below are the missing options

A. Efforts to communicate (i.e., promote) a product's value and then facilitate the exchange process.

B. Acquiring inputs and transforming them into products or services of greater customer value.

C. Effectively managing all value-added processes that influence when a product is available for purchase.

D. Assuring that products and services are where customers expect to find them—when they are needed.

E. All of the above

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On August 1, 2021, Turner Manufacturing lends cash and accepts a $16,000 note receivable that offers 10% interest and is due in

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Answer:

31 Dec 2021 Interest Expense $667 Dr

Interest Payable $667 Cr

Explanation:

The bond will pay the interest at maturity. However, following the accrual basis of accounting requires to match the revenue and expenses for a period and requires such transactions to be recorded in their respective periods. The year end adjusting entry will be made on 31 December 2021.

The interest expense for the period from August to December, 5 months, will be recorded on 31 December 2021 as interest expense and credit to interest payable.

The interest expense is = 16000 * 0.1 * 5/12 = $666.67 rounded off to $667

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3 years ago

Even if the end of an accounting period occurs between the signing of a note payable and its maturity date, the matching princip

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Answer:

True

Explanation:

The matching principle states that only those payments and receipts which actually are paid or received. the interest accrued is not included unless it is paid

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3 years ago

The partnership of Brandon and Ryan is being liquidated. All gains and losses are shared in a 3:1 ratio, respectively. Before li

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The answers are the following:
a.
Brandon:
$7,000 + [($10,000/4)×3¿= $8,500
Ryan:
$7,000 + [($10,000/4)×1¿= $7,500

b.
Brandon $7,000
Ryan $7,000

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3 years ago

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Buffalo Corporation is authorized to issue 45,000 shares of $5 par value common stock. During 2020, Buffalo took part in the fol

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Answer:

Dr Cash $209,700

Cr Paid-In-Capital in excess of par-common stock $187,200

Cr Common Stock $22,500

B. Dr Land $53,900

Cr Common Stock $5,500

Cr Paid-In-Capital in excess of par-common stock $48,400

C. Dr Treasury Stock $24,380

Cr Cash $24,380

Explanation:

A. Preparation of the journal entry to record item1

Dr Cash (4,500*$48-6,300) $209,700

Cr Paid-In-Capital in excess of par-common stock $187,200

($209,700-$22,500)

Cr Common Stock $22,500

(4,500*$5)

(Being to record common stock issued)

B. Preparation of the journal entry to record item 2

Dr Land (1,100*$49) $53,900

Cr Common Stock $5,500

(1,100*$5)

Cr Paid-In-Capital in excess of par-common stock $48,400

($53,900-$5,500)

(Being to record land puchased in exchange for common stock)

C. Preparation of the journal entry to record item 3 using the cost method

Dr Treasury Stock $24,380

(530*$46)

Cr Cash $24,380

(Being to record purchase of treasury stock)

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2 years ago

Olivia Company, whose reporting year ends on December 31st, purchased a vehicle for $50,000 on March 12th, 2018. The vehicle’s e

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Answer:

$12,600

Explanation:

If Olivia Company uses the units of production depreciation method, we must calculate the depreciation cost per mile:

depreciation cost per mile = (purchase cost - salvage value) / total miles driven

depreciation cost per mile = ($50,000 - $5,000) / 250,000 miles

depreciation cost per mile = $45,000 / 250,000 = $0.18 per miles

Now we multiply by the total miles driven the first year times the depreciation cost per mile = 70,000 units x $0.18 per unit = $12,600

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2 years ago

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