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4 years ago

Assets are usually reported at their A. appraised value. B. historical cost. C. current market value. D. none of the above.

Business

1 answer:

WITCHER [35]4 years ago

6 0

Answer:

B. historical cost.

Explanation:

In financial statements assets are reported at their cost of purchase or historical cost. This approach does not account for price fluctuations under present market conditions.

Historical cost is used to avoid inflating financial position of an organisation, as price changes in the market are largely temporary.

Valuation on the other hand considers an asset's fair market value.

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3 years ago

The following balances were taken from the books of Crane Corp. on December 31, 2020. Interest revenue $87,000 Accumulated depre

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Answer:

Net Income 212,800

EPS: 2.128=2.13

Explanation:

The Interst and earthquake are not resutl from the main activity of the business so are calcualted as non-operating and losses.

Sales revenue 1,381,000

Sales discounts (46,000)

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Net Sales 1,184,000

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Income tax expense (53,200)

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Earning Per Share: 2.13 (212,800/100,000)

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