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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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Dyed-Denim Corporation is seeking to lower the costs of value creation and achieve a low-cost position. As a result, it plans to
Pavlova-9 [17]

Answer:

The correct answer is location economies

Explanation:

Location economies refers to a situation where goods are produced under the optimal economic conditions.

In determining this location,companies usually consider cultural,economic and legal perspectives,in that they are able to locate their manufacturing outfits where the combination of these factors is most favorable.

The ease of transporting output and trade barriers are also examined such that the goods produced can be transported to consuming nations all around the world without logistics headache or trade sanctions.

8 0
3 years ago
A listing on eBay featured a refurbished iMac desktop computer; interested buyers all ranged in age from teenagers to adults wit
Hatshy [7]

Based on the ages of those <em>showing interest</em>, these buyers were likely from the generational cohort of:

  • Gen Y

<h3>What is an Age Group?</h3>

This refers to the group of people who are of similar age ranges which were born during a particular period and today we can say some are Millennials, Gen Z, etc.

With this in mind, we can see that based on the eBay listing, there was the listed sale for an item and because the interested buyers were from an age group which was made up of teenagers, we can state that they were the Gen Y.

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brainly.com/question/16180558

4 0
2 years ago
May 3 Allied made its first and only purchase of inventory for the period on May 3 for 3,000 units at a price of $9 cash per uni
Airida [17]

Answer:

Explanation:

May 3

Dr merchandise inventory 27,000

   Cr Cash 27,000

May 5

Dr Accounts receivable 19,500

    Cr Sales 19,500

May 5

Dr COGS 13,500

     Cr Merchandise inventory 13,500

May 7

Dr Sales returns and allowances 1,950

     Cr Accounts receivable 1950

Dr Merchandise inventory 1350

     Cr COGS 1350

May 8

Dr Sales returns and allowances 750

     Cr Accounts receivable 750

May 15

Dr Cash 16464

Dr Sales discount 336

    Cr Account receivable 16800

19500-1950-750 = 16800

16800*2% = 336

7 0
3 years ago
A stock sells for $6.99 on December 31, providing the seller with a 6% annual return. What was the price of the stock at the beg
Dimas [21]

Answer:

Correct option is 6.59

Explanation:

Selling price of stock at the end of the year is $6.99. Annual return rate is 6%. Price of stock at the beginning will be present value of stock valued at the end discounted at 6%. Computation is as shown below:

Present\ value\ or\ price\ of\ stock = Selling\ price\left ( \frac{1}{1+i} \right )^{n}

= 6.99\left ( \frac{1}{1+0.06} \right )^{1}

= \frac{6.99}{1.06}

= $6.59

Therefore, Stock's price in the beginning of the year is $6.59.

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