Answer:
Explanation:
The journal entry is shown below:
Building A/c Dr $312,276
Land A/c Dr $276,924
To Cash A/c $61,900
To Notes payable A/c $527,300
(Being the purchase of building and land for cash and note payable is recorded)
The computation of the notes payable is shown below:
= Total purchase value - cash paid
= $589,200 - $61,900
= $527,300
Answer:
The answer is:
The inventory loss should be recorded entirely in the second quarter that ends in 6/30/2015 since losses have to be recorded as soon as the company recognizes them. The other quarters should not reflect any of the losses associated with this event.
Explanation:
The accrual accounting principle states that accounting transactions have to be recorded in the period when they actually happen. The conservatism principle states that liabilities and losses have to be recorded as soon as they are recognized.
This is a profit, which increases next year's budget.
The United States should increase the domestic manufacturing to promote prosperity.
<h3>
What is manufacturing?</h3>
Manufacturing is the creation or manufacturing of items with the aid of resources such as machinery, labor, tools, and chemical or biological processing or formulation. It is the very foundation of the economy's secondary sector. The phrase can be used to characterize a range of human undertakings, from handicraft to high-tech, but it is most usually used in relation to industrial design, which entails the extensive transition of raw materials from the primary industry into finished goods. Such products may be delivered via the tertiary industry to end users and consumers, sold to other manufacturers for the creation of other, more sophisticated products (such as aircraft, home appliances, furniture, and sports equipment), or both (usually through wholesalers, who in turn sell to retailers, who then sell them to individual customers).
To learn more about manufacturing, visit:
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Answer:
$40,800
Explanation:
The computation of the net income is shown below:-
With regard to non-controlling interest, Lowell Corp. and the non-controlling interest divided Boston net profits proportionately to their ownership interests.
Non controlling interest share of consolidated net income = Boston net income × Remaining percentage
= $204,000 × (100% - 80%)
= $204,000 × 20%
= $40,800
Therefore for computing the Non controlling interest share of consolidated net income we simply multiply the Boston net income with remaining percentage.
