All categories

3 years ago

Foley Distribution ServiceFoley Distribution Service

Business

1 answer:

zheka24 [161]3 years ago

7 0

Explanation:

The single compound journal entry is as follows:

Land A/c Dr $105,000 ($210,000 × 0.5)

Building A/c Dr $84,000 ($210,000 × 0.4)

Equipment A/c Dr $21,000 ($210,000 × 0.1)

To Notes payable A/c $210,000

(Being the acquisition is made via note payable is recorded)

The computation is shown below:

Total market value

= Land market value + building market value + equipment market value

= $110,000 + $88,000 + $22,000

= $220,000

The proportion of each asset to market value is

Land market value $110,000 (A) 0.5 (A ÷ D)

Building market value $88,000 (B) 0.4 (B ÷ D)

Equipment market value $22,000 (C) 0.1 (C ÷ D)

Total market value $220,000 (D)

You might be interested in

On January 1, Year 3, a company changed its inventory costing method from LIFO to FIFO. The company’s Year 3 financial statement

kherson [118]

Answer:

The result generated by the method change must be expressed within the income statement as an extraordinary result.

And within the statement of financial situation, a note must be included where the change of method is reported and what the valuation of the inventory would have been if the method had not been changed.

7 0

3 years ago

Marketing management seeks to satisfy customer needs by creating, communicating, and delivering ______ in selected markets.

Scrat [10]

The purpose of the marketing management is to satisfy their customers/clients needs by creating communication, and <u>delivering value</u> in selected markets.

<h3>What is Marketing Management?</h3>

Marketing management is the process of identifying lucrative prospects and putting them in place by satisfying consumers.

Consumers are at the center of marketing management. As a result, the marketing manager must determine which services that satisfies their customers and which services fail to fulfill their wants and expectations in order to generate the best services to compensate for the deficit.

Learn more about Marketing Management here:

brainly.com/question/24720103

4 0

3 years ago

On January 1, 2017, Shamrock Inc. issued $400,000 of 7%, 5-year bonds at par. Interest is payable semiannually on July 1 and Jan

balandron [24]

Answer and Explanation:

The journal entries are shown below:

On Jan 1

Cash $400,000

To Bonds payable $400,000

(Being the bond is issued for cash)

For recording this we debited the cash as it increased the assets and at the same time it increased the liabilities so the bond payable is credited

On July 1

Interest expense $14,000

To Cash $14,000

(Being the payment of interest is recorded)

The computation is shown below:

= $400,000 × 7% × 6 months ÷ 12 months

= $14,000

For recording this we debited the expenses as it increased the expenses and at the same time it decreased the assets so the cash is credited

On Dec 31

Interest expense $14,000

To Interest payable $14,000

(Being the accrual of interest is recorded)

For recording this we debited the expenses as it increased the expenses and at the same time it increased the liabilities so the interest payable is credited

4 0

4 years ago

Which of the following is not correct?a. If the inflation rate exceeds the nominal interest rate, then the purchasing power of a

lilavasa [31]

Answer:

The options which is NOT correct is C.

Purchasing power does not increase with inrease in the rate of inflation. There is an inverse relationship between inflation and purchasing power of money.

Explanation:

Inflation refers to the overall increase in prices of goods and services and the erosion of the power of the currency to purchase those goods and services. In otherwords, when inflation happens, one requires more dollar bills to purchase same unit of goods or services.

Deflation is the opposite of inflation. It refers to the decrease in the prices of goods and services and is usually accompained by an increase in the purchasing power of the currency.

Nominal interest rate simply put is the interest payable on a loan without considering processing fees, compounding interest payable and the erosion of the value of such money.

Cheers!

4 0

3 years ago

A lender estimates that the closing costs on a $293,600 home loan will be $11,010. the actual closing costs were 3.25% of the lo

mestny [16]

The closing cost of the house mortgage is lower than the envisioned by 0.5%.

<h3>What is the closing cost?</h3>

Closing expenses are the prices over and above the property's rate that consumers and dealers generally incur to finish an actual property transaction.

Those expenses may also encompass mortgage origination fees, cut price points, appraisal fees, name searches, name insurance, surveys, taxes, deed recording fees, and credit score file charges.

The lender is required by regulation to expose those expenses in the form of a mortgage estimate within 3 days of a domestic mortgage application.

Gifts of equity (actual property income given to a relative or close pal at a below-marketplace rate) can also incur a few closing cost.

So, from the above announcement, it's clear that alternative D, decreasing by 0.5%, is an appropriate answer.

Learn more about closing cost, refer to:

brainly.com/question/1084194

4 0

3 years ago