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Yakvenalex [24]
3 years ago
7

Tucker Company makes chairs. Tucker has the following production budget for January - March. January February March Units Produc

ed 9,646 10,993 8,559 Each chair produced uses 5 board feet of wood. Management wants ending inventory levels of raw materials to equal 20% of the production needs (in wood) for the next month. How many board feet of wood does Tucker need to purchase in February
Business
1 answer:
ziro4ka [17]3 years ago
6 0

Answer:

Total= 45,684 feet

Explanation:

Giving the following information:

Production budget:

February= 10,993

March= 8,559

Each chair produced uses 5 board feet of wood.

Management wants an ending inventory level of raw materials to equal 20% of the production needs (in wood) for the next month.

Direct material budget:

Production= 10,993*5= 54,965

Desired ending inventroy= (8,559*5)*0.2= 1,712

Beginning inventory= (10,993*5)*0.2= (10,993)

Total= 45,684 feet

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Jada converted her personal residence to rental property in 2018. She purchased the property in 2014 for $110,000, of which $10,
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Answer:

a)Jada's basis for depreciation in the property is NIL.

b) Personal property that has no intrinsic value is called 'INTANGIBLE PROPERTY'.

Explanation:

Due to a decline in the property values over the past few years Jada has converted her personal residence to rental property and/or investment property which is a subject dealt within IAS 40 (Investment property).

According to IAS 40 an investment property is land or building held to earn rentals or for capital appreciation or both rather than use in the entity. IAS 40 requires to initially measure investment property at cost and subsequently may either measure at cost or fair value model. Fair value is normally established by prevailing market prices.

IAS 40 also mentions that if an asset is revalued to fair value the gain and loss should be recorded in statement of profit and loss and 'NO DEPRECIATION IS CHARGED ON THE ASSET AFTER THE FAIR VALUE MEASUREMENT'.

Therefore, following the instructions laid out by IAS 40 Jada's basis for depreciation in the property is NIL.

2) Personal property with no intrinsic value:

Personal property that has no intrinsic value is called 'INTANGIBLE PROPERTY'.

Lets first understand what intrinsic value is. Intrinsic value of an asset refers to the market led and/or market-driven price of that asset. This means those assets which don't have an active market for sale and purchase will have no intrinsic value. This is absolutely the case with intangible assets, because most intangible assets are unique and uncommon, such as, GOODWILL, PATENTS, COPYRIGHTS, therefore due to the uniqueness and exclusivity of such assets an active market place doesn't exist therefore it's hard to determine an intrinsic value for such kind of assets/ properties.

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2 years ago
Maso Company recorded journal entries for the issuance of common stock for $200,000, the payment of $65,000 on accounts payable,
cricket20 [7]

Answer:

Increase of $95,000

Explanation:

Stockholder equity: It records the issue of shares, retained earnings, and deduct the dividend amount if declared.

The expenses which are related to the business is directly or indirectly affect the stockholder equity.

So, the net effect is shown below:

Issuance of common stock = $200,000

Less - Payment of salaries expense = $105,000

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The accounts payable does not affect stockholder equity. So, it would not be considered.

This $95,000 would increase stockholder equity.

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Which of the statements below is​ TRUE?A.Accounting Identity​ is: Assets equivalentLiabilities minus​Owners' Equity.B.Accounting
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Answer:

C.Accounting Identity​ is: Assets equivalentLiabilities​ + Owners' Equity.

Explanation:

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The basic assumption in accounting identity is that the balance sheet must balance. That is assets must be equal to a sum of liabilities and owner's equity.

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