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3 years ago

The process of when a product is recycled back into almost the same product, is called?

1 answer:

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When a product is recycled back into almost the same product it's called 'reuse.' There are three R's - reduce, reuse, and recycle. When a product, such as paper, is recycled and made again into paper or a paper product, this is called reuse.

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Ramon incorporated his sole proprietorship by transferring inventory, a building, and land to the corporation in return for 100

olasank [31]

Answer:

Ramon’s basis in the stock he receives in his corporation is $84,000

Explanation:

The computation of Ramon’s basis in the stock received in his corporation would be $84,000 as this amount reflect the adjusted basis of the assets transferred to the corporation.

These assets include inventory, building, and land. So, the total amount of the total assets would be received i.e based on an adjusted basis, not the fair market value

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3 years ago

A city government purchased a new fire truck in Year 1 for $270,000. The city incurred an additional $ 30,000 in transportation

erica [24]

Answer:

correct option is $0

Explanation:

given data

purchased truck = $270,000

transportation and calibration costs = $30,000

life = 20 years

financed period = 15 year

solution

we know here that some expenses like insurance and depreciation etc is allocated by systematic and the rational procedure for some period

so that during that period related asset is expected to provide the benefit

and acquisition of capital asset is not record as expenses

we know appropriate property and plant or the equipment assets account are debit on purchases

so that Depreciation expenses are recorded to reflect the allocation of costs of the asset to operation over service life of assets

so here correct option is $0

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3 years ago

A business issued a 90-day, 9% note for $70,000 to a creditor on account. Illustrate the effects on the accounts and financial s

SSSSS [86.1K]

Answer:

The computation is shown below:

Explanation:

The journal entries are shown below:

a. Account payable $70,000

To Notes payable $70,000

(Being the issuance of the note is recorded)

b. Note payable $70,000

Interest expense $1,575

To Cash $71,575

(Being the payment of the note at maturity date including interest is recorded)

The computation is shown below:

= $70,000 × 9% × 90 days ÷ 360 days

= $1,575

We assume 360 days in a year

Now the effects on the accounts and the financing statement for issuance of the note is shown below:

Balance sheet

Assets = Liabilities + Stockholder equity Income statement cash flow statement

No effect = Account payable - $52,000 + No effect No effect + no effect

Note payable + $52,000

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3 years ago

A customer got serious food poisoning from Chix Now restaurant on April 30, 20x2, necessitating a trip to the emergency room. On

vodka [1.7K]

Answer:

Yes the company must recognise the effects of this ruling.

Explanation:

As provided the law suit was initiated in the year 20x2, because of the activity happened in April 20x2.

Accordingly, company was already prepared for a liability of $100,000.

Whenever an event that occurs after the balance sheet is a mere confirmation to what was expected on balance sheet date, or is in alignment with things on record on the balance sheet date, it shall be provided in the balance sheet of that year.

In the given case the law suit was pending on the balance sheet date and was recorded as a liability then, now after the declaration by the judge, the additional liability of $20,000 shall be provided in the financial books of year 20x2.

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3 years ago

A Liquidation of a partnership LO P5 Kendra, Cogley, and Mei share income and loss in a 3:2:1 ratio (in ratio form: Kendra, 3/6;

morpeh [17]

Answer:

a. Inventory is sold for $608,400.

gain on sale of inventory = $608,400 - $537,600 = $70,800

allocation of gain:

Kendra 1/2 x $70,800 = $35,400

Cogley 1/3 x $70,800 = $23,600

Mei 1/6 x $70,800 = $11,800

Dr Cash 608,400

Cr Inventory 537,600

Cr Gain on sale of inventory 70,800

Dr Gain on sale of inventory 70,800

Cr Kendra, capital 35,400

Cr Cogley, capital 23,600

Cr Mei, capital 11,800

Dr Accounts payable 258,000

Cr Cash 258,000

Dr Kendra, capital 112,100

Dr Cogley, capital 196,175

Dr Mei, capital 146,025

Cr Cash 454,300

b. Inventory is sold for $469,200.

loss on sale of inventory = $469,200 - $537,600 = -$69,400

allocation of loss:

Kendra 1/2 x $68,400 = $34,200

Cogley 1/3 x $68,400 = $22,800

Mei 1/6 x $68,400 = $11,400

Dr Cash 469,200

Dr Loss on sale of inventory 68,400

Cr Inventory 537,600

Dr Kendra, capital 34,300

Dr Cogley, capital 22,800

Dr Mei, capital 11,400

Dr Loss on sale of inventory 68,400

Dr Accounts payable 258,000

Cr Cash 258,000

Dr Kendra, capital 42,400

Dr Cogley, capital 149,775

Dr Mei, capital 122,825

Dr Cash 315,100

c) c. Inventory is sold for $358,800 and any partners with capital deficits pay in the amount of their deficits.

loss on sale of inventory = $358,800 - $537,600 = -$178,800

allocation of loss:

Kendra 1/2 x $178,800 = $89,400

Cogley 1/3 x $178,800 = $59,600

Mei 1/6 x $178,800 = $29,800

Dr Cash 358,800

Dr Loss on sale of inventory 178,800

Cr Inventory 537,600

Dr Kendra, capital 89,400

Dr Cogley, capital 59,600

Dr Mei, capital 29,800

Dr Loss on sale of inventory 178,800

Dr Cash 12,700

Cr Kendra, capital 12,700

Dr Accounts payable 258,000

Cr Cash 258,000

Dr Cogley, capital 112,975

Dr Mei, capital 104,425

Dr Cash 217,400

d. Inventory is sold for $298,800 and the partners have no assets other than those invested in the partnership.

loss on sale of inventory = $298,800 - $537,600 = -$238,800

allocation of loss:

Kendra 1/2 x $238,800 = $119,400

Cogley 1/3 x $238,800 = $79,600

Mei 1/6 x $238,800 = $39,800

Dr Cash 298,800

Dr Loss on sale of inventory 238,800

Cr Inventory 537,600

Dr Kendra, capital 119,400

Dr Cogley, capital 79,600

Dr Mei, capital 39,800

Dr Loss on sale of inventory 238,800

Dr Cogley, capital 28,467

Dr Mei, capital 14,233

Cr Kendra, capital 42,700

Dr Accounts payable 258,000

Cr Cash 258,000

Dr Cogley, capital 64,508

Dr Mei, capital 80,192

Dr Cash 144,700

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3 years ago