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Oksana_A [137]
3 years ago
6

A company purchased land for $94,000 cash. Real estate brokers' commission was $5,000 and $7,000 was spent for demolishing an ol

d building on the land before construction of a new building could start. Proceeds from salvage of the demolished building was $1,200. Under the historical cost principle, the cost of land would be recorded at __________
Business
1 answer:
Aleks [24]3 years ago
6 0

Answer:

$104,800

Explanation:

The cost of land would be all the cost incurred to leave the asset ready for use:

  $94,000 purchase cost

+ $5,000 fees

+ $7,000 demolition

- $1,200 recovery cost for demolition

<u>Total cost for land ready to use:</u>

$104,800

<u>Remember:</u>

The cost include the original purchase prica and the cost of preparation, delivery, handling, installation and professional fees. Because all this cost are required to leave the asset ready for use.

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Suppose that Larimer Company sells a product for $24. Unit costs are as follows:
yanalaym [24]

Answer:

a)

Variable cost per unit=$10.08

Contribution per unit=$13.92

b)

Contribution margin ratio=58%

Variable cost ratio= 42%

c) Break-even units=3,000 units

Explanation:

Variable cost per unit

= 4.98 + 2.10 + 1.00 + 2.00 = $10.08

Variable cost per unit=$10.08

Contribution per unit = Selling price per unit - Variable cost per unit

                                  = 24 - 10.08  =13.92

Contribution per unit=$13.92

b)

Contribution margin ratio=  contribution/selling price= 13.92/24 × 100=58%

Contribution margin ratio=58%

Variable cost ratio = variable cost/selling price= 10.08 /24× 100 = 42%

Variable cost ratio=42%

c)

Break-even units = Total general fixed cost/contribution per unit

                           = (26,500 + 15,260)/  13.92     = 3000 units

Break-even units=3,000 units

3 0
3 years ago
With milk sales sagging of late, The Milk Processor Education Program (MPEP) decided to move on from the famous "Got Milk" ad sl
aniked [119]

Answer:

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Explanation:

5 0
3 years ago
Current Forecast is 2500 units, current 1st shift capacity is 1300 units. Market growth rate is 10%. How much capacity do you ne
Afina-wow [57]

Answer:

250 units

Explanation:

Calculation to determine How much capacity do you need to buy for next round

Using this formula

Next round capacity needed=Current Forecast*Market growth rate

Let plug in the formula

Next round capacity needed=2500 units*10%

Next round capacity needed=250 units

Therefore How much capacity do you need to buy for next round is 250 units

3 0
3 years ago
mark and shirley, married filing jointly with a modified adjusted gross income (magi) of $92,300, adopted their son, matthew in
kap26 [50]

Answer:

$14890 is the correct option because if any parent adopts a child in 2022  there is a federal adoption tax credit of up to $14,890 per child.

<h3>Claiming the Federal Adoption Tax Credit for 2022</h3>

A federal adoption tax credit of up to $14,890 per child is available for adoptions that are finalized in 2022. The adoption tax credit for 2022 is not transferable.

Parents who wish to receive the credit must:

have adopted a child who is not a stepchild - The child must be less than 18 or incapable of caring for themselves due to physical or mental impairment.

abide by the income restrictions - How much of the credit parents can claim depends on their income. Families earning less than $214,520 in modified adjusted gross income in 2022 are eligible for the full credit. People who earn between $223,410 and $263,410 can receive a partial credit; people who earn more than $263,410 cannot.

To know more about 'Adoption tax credit', visit :brainly.com/question/15410304

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6 0
2 years ago
Why might the current and quick ratios for the electric utility and the​ fast-food stock be so much lower than the same ratios f
yulyashka [42]

Current ratio is a comparison of current assets to current liabilities, calculated by dividing your current assets by your current liabilities.

The quick ratio compares the total amount of cash + marketable securities + accounts receivable to the amount of current liabilities.

A. Inventory would be a factor in both of these ration (assets). In both of these industries, inventory would be low. You cannot readily stockpile energy and burgers are perishable items.

B. It is true that both of these industries would have low outstanding accounts receivable because people will need their power to survive and fast food places don't offer credit.

C. These two industries deal with cash mainly. Cash doesn't have to be physical currency, but accounts that can easily be paid.

D. Low current and quick ratios are actually signs of good management not poor management.

All of the above are correct EXCEPT answer D.

6 0
4 years ago
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