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Oksanka [162]
3 years ago
15

Riverboat Adventures pays $120,000 plus $20,000 in closing costs to buy out a competitor. The real estate consists of land appra

ised at $22,100, a building appraised at $66,300, and paddle boats appraised at $81,600. Compute the cost that should be allocated to the building.
Business
1 answer:
suter [353]3 years ago
4 0

Answer:

$54,600

Explanation:

The computation of the cost that should be allocated to the building is shown below

Total purchase cost is

= $120,000 + $20,000

= $140,000

Total appraisal value is

= $22,100 + $66,300 + $81,600

= $170,000

Now cost allocated to building is

= Purchase cost × building appraisal value ÷ Total appraisal value

= $140,000 × $66,300 ÷ $170,000

= $54,600

We simply applied the above formula

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2. Alex, Becky, Cindy, Deanna and Elias form a general partnership, Glorious Jeans, to manufacture coffee-colored clothing. Alex
kari74 [83]

Answer:

Under the UPA ( uniform partnership act ) the partners share the profits of the business according to their contributions towards the business ( mostly financial contribution)

The UPA is used to address the issues of profit and loss sharing in a business partnership based on financial contribution towards the business and not based on service rendered to the business hence it won't work in this situation

Explanation:

Under the UPA ( uniform partnership act ) the partners share the profits of the business according to their contributions towards the business ( mostly financial contribution), the primary purpose of the uniform partnership act to to address certain in-formal or formal issue that was not addressed under the business agreement reached between the partners,

The reason why the UPA might not govern the sharing of the profits is because of the involvement of a partner who did not contribute towards the capital but contributes in terms of service. The UPA is used to address the issues of profit and loss sharing in a business partnership based on financial contribution towards the business and not based on service rendered to the business hence it won't work in this situation

4 0
3 years ago
In _____, the buyer is often the only member of the buying center involved in the process.
Pepsi [2]
In the process of straight rebuys, the buyer has this tendency to be the only member of the buying centre that is involved in the operation. In addition to that, the method is also used to describe the when a consumer would have to buy again the same product without referring to the information attached to it.
6 0
3 years ago
Brooks Corporation sells computers under a 2-year warranty contract that requires the corporation to replace defective parts and
Anettt [7]

Answer and Explanation:

Brooks Corporation

1. The 2014 cash-basis journal entries will be:

Date Description Debit Credit

2014

DR Cash $1,402,610

($3,110 x 451)

CR Sales Revenue $1,402,610

No Journal entry is recorded for the possible warranty expense in a situation where the cash-basis is used.

2. The 2014 accrual method journal entries will be:

Date Description Debit Credit

2014

DR Cash $1,402,610

CR Sales Revenue $1,402,610

2014

DR Warranty expenses 165,968

($368 x 451)

CR Accrued Warranty Expense 165,968

3. On December 31, 2014, financial statements, there will be an Accrued Warranty Liability in which it will be classified as a current liability unless in a situation where the company can reasonably estimate which portion will be spent in the second year of the warranty period, in which case that portion can be classified as a long-term liability.

4. The 2014 cash-basis journal entries will be:

Date Description Debit Credit

2015

DR Warranty Expense 65,120

CR Wages Expense 41,080

CR Inventory 24,040

5. The 2014 accrual method journal entries will be:

Date Description Debit Credit

2015

DR Accrued Warranty Expense 65,120

CR Wages Expense 41,080

CR Inventory 24,040

6 0
3 years ago
A loss has a Debit balance and is shown on the balance sheet. A gain has a Credit balance and is shown on the balance sheet. B.
spin [16.1K]

Answer:

A gain has a Credit balance and is shown on the Income Statement. C. A loss has a Debit balance and is shown on the Income Statement.

Explanation:

As we know that the revenues and gains contains the normal credit balance while on the other hand the expenses and losses contains the normal debit balance and both are reported on the income statement

The gain would be reported on the credit side of the income statement and the loss would be reported on the debit side of the income statement

So the same is relevant too

7 0
3 years ago
What is one of the monetary benefits of attending college?
rodikova [14]

The correct option is C. Increased earning potential in the future. According to many education providers, increased earning potential in the future is one of the monetary benefits of attending college.

Although other benefits listed constitute part of the benefits of attending college but in terms of those that provide only "monetary benefit". Many education providers list <em>increased earning potential </em>at the top of their list among the monetary benefits of attending college. Based on this general consensus, we can conclude that option C is the most correct option.

You can learn more about the monetary benefits of attending college here brainly.com/question/15465290

#SPJ1

4 0
2 years ago
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