Answer:
$846,200
Explanation:
The computation of the land value that is to be reported on the balance sheet is shown below:
= Purchase value of a tract of land + Cost to raze old building + legal fees incurred + Title guarantee insurance - proceeds from the sale of salvaged materials
= $760,000 + $67,000 + $9,700 + $16,200 - $6,700
= $846,200
The salvage value should be deducted and other values should be added as these are related to the cost of the land
Answer:
b. $965,000
Explanation:
Calculation of Cost of Goods Manufactured
Particulars Amount
Direct material used $265,000
Direct labor $300,000
Factory overhead <u>$400,000</u>
Total manufacturing cost <u>$965,000</u>
Answer:
Total Assets $350,000
Expenses $250,000
Explanation:
The company (ABC) has spent on research and development costs of $250,000. These costs are associated on the assets which are currently under development and benefit of which would be derived in the near future. Therefore, in the accounting treatment these costs will be recorded as expense.
The patent is considered as an intangible asset. This is due to the fact that they do not have any physical substance and provides benefit in the long run for the company who owns them. Their treatment in which case would be same as any intangible asset. ABC should treat the purchasing of patents as asset.
Hence, research and development costs incurred for new horse transport is expenses at $250,000 and the purchasing of patents would be recorded as an asset at $350,000.
Answer: $5061
Explanation:
The vehicle operating cost in the flexible budget for November would be calculated as:
= Fixed cost + (Variable cost per unit × Quantity)
= $1470 + ($399 × 9)
= $1470 + $3591
= $5061
Therefore, the vehicle operating cost in the flexible budget for November would be closest to $5061.
Answer:
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Explanation: