Answer:
(A) $40,000
Explanation:
At the time of recording of the fixed assets, the fixed assets should be recorded at purchase cost or historical price
Since in the question, the land was purchased at $40,000. Moreover, for the tax purpose, the land is valued at $27,000 and the qualified appraiser appraise the value at $48,000. The cash payment is also offered for $46,000
But at the time of recording or reported, the balance sheet would show at the purchase price i.e $40,000
Answer:
C) tests the functioning of the system as a whole.
Explanation:
System testing refers to a process in which a complete system is evaluated to make sure that it works properly and fulfills the requirements. According to this, the answer is that system testing tests the functioning of the system as a whole.
The other options are not right because system testing doesn't separate components or programs as it involves the actual evaluation of the whole system to find defects and it is done before the acceptance testing.
The three major types are;
1. Partnerships
2. Corporations
3. Sole proprietorship
Answer:
Effect on net income=$328.22
Explanation:
DSO Formula is:
DSO=(Account Receivable/Credit sales)x365
Current DSO is:
DSO=(11500/100000)x365
DSO=41.975 days
In order to calculate the amount lowered we replace Account Receivable in DSO formula by X. DSO is 27 days
27=(X/100000)x365
X=$7397.26
Now:
Decrease in Account Receivable =$11500 - $7397.26=$4102.74
Effect on net income=$4102.74 * 8%
Effect on net income=$328.22
Based upon this deposit, the bank's excess reserves have increased by 90, and if the bank lends these excess reserves, the money supply could eventually grow by as much as an additional 900.
