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levacccp [35]
1 year ago
9

the maxim company purchased a building for $500,000. the building was appraised at $575,000. which accounting principle requires

maxim to record the building at $500,000?
Business
1 answer:
love history [14]1 year ago
8 0

Business entity assumption is required to maxim to record the building at $500,000.

<h3>What is Business entity assumption?</h3>

Business entity assumption, also known as separate entity assumption or the economic entity concept, is an accounting principle that argues that all businesses must maintain their financial records independently of their owners and other businesses. All revenue generated by the company's operations must be reported as revenue, and all expenses must be those directly related to the maxim. Any owner's personal expenses shouldn't be charged to the business. Due to the precise separation of the Business entity assumption, the firm may be examined for tax and profitability using accurate financial data rather than a maxim combination of personal and business money.

To learn more about Business entity from the given link

brainly.com/question/14117518

#SPJ4

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During​ February, assets increased by 87000 and liabilities increased by 31000 . Equity must have:___________.
Pie

Answer:

a. increased by $56,000

Explanation:

General accounting equation ;

Assets = Liabilities + Owners equity

Owners equity = Assets - Liabilities.

Therefore,

Increase in stockholder's equity

= $87,000 - $31,000

= $56,000

3 0
3 years ago
The signals that guide the allocation of resources in a market economy are
Vlad1618 [11]
The answer to this question is the term prices. Prices are the value of a certain product or services. A price is the value or amount of money being paid in exchange of the product being bought. In pricing a product or service, a markup is being set to the price.
7 0
3 years ago
Alternative workplaces are intended to a. limit the flexibility employees have in scheduling work. b. accommodate a narrower ran
Eduardwww [97]

Alternative workplaces are intended to enhance employee motivation and performance.

<h3>What is alternative workplace?</h3>

Alternative workplace are provisions made b a company to its employees, to carryout their routine duties other than their normal offices. This tends to give freedoms to workers in carrying out their duties.

The purpose of alternative workplace is to break the bond between workplace and work performance.

Hence, alternative workplaces are intended to enhance employee motivation and performance.

Learn more about alternative workplace here : brainly.com/question/20412413

6 0
2 years ago
Demand elasticity analyzes the _______________ and the change in total revenue resulting from a change in price.
ehidna [41]
<span>Demand elasticity analyzes the degree of sensitivity and the change in total revenue resulting from a change in price.
Demand is a service (in economics), that people are willing to buy at a certain price and degree of sensitivity is combination of the affect which is caused by changes in input values or output.</span>
5 0
3 years ago
A partnership began its first year of operations with the following capital balances: Young, Capital $ 143,000 Eaton, Capital $
PtichkaEL [24]

From the information given, the balance that will be in the capital account of Thurman at the end of the second year will be $132860.

The partners account at the end of the second year for Thurman will be calculated thus:

  • Beginning capital = $126100
  • Add: Net income = $19760
  • Less: Drawings = $13000
  • Ending capital = $132860

Therefore, the balance in the account will be $132860.

Read related link on:

brainly.com/question/25758372

5 0
3 years ago
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