1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
strojnjashka [21]
3 years ago
14

A local citizen donated land with a fair market value of $500,000 to the county government. The donor had paid $550,000 for the

land five years ago. The county incurred $150,000 in development costs to convert the land into a public park. The county should capitalize the new public park in the General Capital Assets accounts in the amount of
A.$500,000.
B.$550,000.
C.$650,000.
D.$700,000
Business
2 answers:
Diano4ka-milaya [45]3 years ago
6 0

Answer:

C) $650,000

Explanation:

Government entities should record their assets at fair market value, not at cost basis. They should also include the land improvements as part of the total value of the land:

total value of the land = $500,000 (donated land) + $150,000 (land improvements) = $650,000

vfiekz [6]3 years ago
4 0
Your answer is C because the local citizen donated $500,000 + the county incurred $150,000more =$650,000
You might be interested in
Atom Endeavour Co. issued $21 million face amount of 4.0% bonds when market interest rates were 4.46% for bonds of similar risk
Eduardwww [97]

Answer:

A. $840,000

B. Discount

C. Annual interest expense on these bonds will be more than  the amount of interest paid each year.

Explanation:

Data

Bonds issued = $21,000,000

Coupin rate = 4.0%

Market Interest rate = 4.46%

Requirement A: Annual interest amount

Interest amount = Bonds issued x coupon rate

Interest amount = $21,000,000 x 4.0%

Interest amount = $840,000

Requirement B: Whether it is Premium or Discount?

Bonds that Atom Endeavour Co. issued are discount as you can clearly see in the data that the market rate is higher than the coupon rate. Investors who will buy these bonds surely expect a capital gain.

Requirement C:

The discount on the issue of bonds is amortized to interest expense over the life of the bond, therefore the interest expense on these bonds will be more than the amount of interest paid each year,

3 0
3 years ago
Why did the artist, Pablo Picasso, become wealthy during his lifetime and the artist, Vincent van Gogh, remain poor his entire l
Harman [31]

<u>The reason that Pablo Picasso, become wealthy during his lifetime and the artist, Vincent van Gogh, remain poor his entire life:</u>

Pablo Picasso and Vincent van Gogh had more features in common. They had unanimously indistinct style of arts which had become immediately identifiable.

In spite of all that, Picasso died as a rich man owning an estate which is estimated at nearly 750 million dollar whereas Van Gogh died as a pauper.

Studies claim that the reason behind this would be that, Van Gogh remained to be a loner and socially inactive. He was depending on his brother to meet the social world and in contrast Picasso was a charismatic active member in various social clubs where her had multiple number of contacts and connections.

It's been said that Pablo Picasso was a hub who had a vast network of social lines and Vincent Van Gogh was a silent or solitary node.

But now, the paintings of both the greatest artists were well spoken and sell for more than 100,000,000 US Dollars.

5 0
3 years ago
Acheson Corporation, which applies manufacturing overhead on the basis of machine-hours, has provided the following data for its
Amanda [17]

Answer:

Over-applied by $3,842

Explanation:

If<em>, Applied Overheads > Actual Overheads, overheads have been overapplied.</em>

<em>and</em>

<em>Since, Applied Overheads < Actual Overheads, overheads have been under- applied.</em>

Applied Overheads = Predetermined rate x Actual Activity

where,

Predetermined rate = Budgeted Overheads  ÷ Budgeted Activity

therefore,

Predetermined rate = $ 157,050 ÷ 4,500

                                  = $34.90

Applied Overheads = $34.90 x 4,580 = $159,842

<em>Since, Applied Overheads > Actual Overheads, overheads have been overapplied.</em>

Over-applied overheads = $159,842 - $ 156,000 = $3,842

5 0
3 years ago
Mikey is very picky and insists that his mom make his breakfast with equal parts of cereal and apple juice any other combination
timofeeve [1]

Answer: Mikey's mom will buy 80 tablespoons each of cereal and juice. Option C.

Explanation:

We will get the correct option by calculating each option thus:

Cereal = 4 cents per tablespoon.

Juice = 6 cents per tablespoon.

Option A. 40 tablespoons of cereal and 75 tablespoons of juice.

40 tablespoons of cereal X 4 cents = 160 cents = $1.6

75 tablespoons of juice X 6 cents = 450 cents = $4.5

Option A gives a total of $6.1 (WRONG).

Option B. 100 tablespoons of cereal and 67 tablespoons of juice

100 tablespoons of cereal X 4 cents = 400 cents = $4

67 tablespoons of juice X 6 cents = 372 cents = $3.72

Option B gives a total of $7.72 (WRONG).

Option C. 80 tablespoons each of cereal and juice.

80 tablespoons of cereal X 4 cents = 320 cents = $3.2

80 tablespoons of juice X 6 cents = 480 cents = $4.8

Option C gives a total of $8 (CORRECT)

Option D. 40 tablespoons each of cereal and juice.

40 tablespoons of cereal X 4 cents = 160 cents = $1.6

40 tablespoons of juice X 6 cents = 240 cents = $2.4

Option D gives a total of $4 (WRONG)

Therefore, the correct option is C.

3 0
3 years ago
Compute and select the correct common-size percent for each account title.Total Assets is $700,000 Accounts Payable is $75,000 B
Arisa [49]

Answer and Explanation:

The computation for each corrected common-size percent for each account is shown below:

Particulars             Amount                  Percentage

Total assets           $700,000                    100%

Accounts payable $75,000                      10.71%

                                                       ($75,000 ÷ $700,000)

Bonds payable      $225,000             32.14%

                                                       ($225,000 ÷ $700,000)

Common stock      $300,000            42.86%

                                                         ($300,000 ÷ $700,000)

Retained earnings $100,000             14.29%

                                                  ($100,000 ÷  $700,000)

Therefore each one of assetm liabilities and stockholder equity is presented as a percentage of total assets and the same is to be considered

3 0
3 years ago
Other questions:
  • Hillside issues $2900000 of 9% 15-year bonds dated January 1, 2017, that pay interest semiannually on June 30 and December 31. T
    13·1 answer
  • Mundes Corporation uses the weighted-average method in its process costing system. The beginning work in process inventory in it
    12·1 answer
  • The owners of Spokes Bicycle Shop worry that cash flow this winter may be insufficient to meet the current operating expenses. W
    14·1 answer
  • Santoyo Corporation keeps careful track of the time required to fill orders. Data concerning a particular order appear below:
    15·1 answer
  • Suppose the price elasticity of supply for soccer balls is 0.3 in the short run and 1.2 in the long run. If an increase in the d
    5·1 answer
  • Knowles &amp; Foreman Company took the following data from its income statement at the end of the current year:Per-unit product
    7·1 answer
  • Haven Company uses the percentage of sales method for recording bad debts expense. For the year, cash sales are $600,000 and cre
    10·1 answer
  • Select the correct answer from the drop-down menu.
    14·2 answers
  • A bond issued by the U.S. Treasury with a maturity of 90 days is sold on the
    6·2 answers
  • If a test is being used to make a dichotomous decision (e. G. , suitable or unsuitable for the job), the _____ marks the point o
    14·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!