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3 years ago

Use the following information to answer the following questions.

Business

1 answer:

yKpoI14uk [10]3 years ago

6 0

Answer:

Explanation:

Steven contributed building and cash of $65,000

Book value of building = $250,000

Market value of building = $275,000

Book value of inventory = $40,000

Market value of inventory = $28,000

Mortgage note payable (used to purchase building = $170,000

All assets brought in by the partners are recorded at their market values.

a) Hence, amount to be debited to inventory account = $28,000

b) Amount to be debited to building account = $275,000

c) Amount to be recorded to Steven's Capital = Market value of building+Market value of inventory+Cash- Mortgage note payable (used to purchase building

= 275,000+28,000+65,000-170,000

= $198,000

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Sales returns and allowances A) Represent a reduction of the customer's account receivable B) Provide information about dissatis

Yuri [45]

Answer:

The correct options are (B). Provide information about dissatisfied customers and the possibility of lost future sales and (D). Are usually recorded in separate contra-revenue accounts.

From the foregoing the Account Receivable should be credited with the full amount of the original sales transactions not debited as provided in option "A." Represent a reduction of the customer's account receivable.

Explanation:

Sales Returns and Allowances is a contra-revenue account deducted from Sales. When customers return goods for one unsatisfied reason or the other, adjustments are made to the sales account. Likewise, deductions to the original selling price are made when the customer accepts defective products.

How to Record the Sales Return Transaction

The following under-listed steps are to be taken to make the appropriate entries:

Debit sales returns and allowances by the selling price.
Debit the appropriate tax liability account by the taxes collected on the original sale.
Credit cash or accounts receivable by the full amount of the original sales transaction.

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4 years ago

Approximately how many public use airports in the united states have been sold outright to private ownership?

Leviafan [203]

Approximately 0 public use airports in the United States have been sold outright to private ownership.

The U.K. was the first country to fully privatize some of its major airports. Under the Airports Act 1986, the public British Airports Authority ( BAA ) was dissolved and its property, rights, and liabilities were transferred to a new company, BAA plc.

All but one U.S. commercial airport are owned and operated by public entities, including local, regional, or state authorities with the power to issue bonds to finance some of their capital needs. Airports are landlords.

Learn more about the United States here brainly.com/question/25605883

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2 years ago

If no harm results from an allegedly negligent act, there is no liability.

mixas84 [53]

The answer to your question is False

7 0

3 years ago

Deshawn has spent $600 purchasing and repairing an old fishing boat, which he expects to sell for $900 once the repairs are comp

sveticcg [70]

The correct answer is He should complete the repairs and sell the boat for $900

Deshawn has spent $600 purchasing and repairing an old fishing boat, which he expects to sell for $900 once the repairs are complete. Deshawn discovers that, in addition to the $600 he has already spent, he needs to make an additional repair, which will cost another $400, in order to make the boat worth $900 to potential buyers. He should complete the repairs and sell the boat for $900.

3 0

3 years ago

Return on Investment, Margin, Turnover Data follow for the Consumer Products Division of Kisler Inc.: Year 1 Year 2 Sales $9,310

MArishka [77]

Answer:

1. Margin for Year 1= 5.62%, Margin for Year 2: 3.87%; Turnover for year 1 = 0.51, Turnover for year 2= 0.45

2. ROI for year 1 = 2.87%; ROI for year 2= 1.74%

Explanation:

Part 1: Calculate the margin and turnover ratios for each year (answers rounded up to two decimal places)

First, the formula for Margin and the formula for turnover

Margin= (Operating Income ÷ Sales)x 100

Turnover formula= Sales ÷ The Average Operating Assets.

Based on the formula,

Margin of Kisler Inc Year 1

= $523,222/ $9,310,000= 5.62%

Turnover of Kisler Inc. Year 1

= $9,310,000/$18,254,902= 0.51

Margin of Kisler Inc Year 2

= $307,278/$7,940,000 x 100= 3.87%

Turnover of Kisler Inc. Year 2

= $7,940,000/$17,644,444= 0.45

Part 2: Compute the Return On Investment for the Consumer Product Division fore Years 1 and 2

Return on Investment = (Margin x Turnover) x 100

ROI for Year 1 = 5.62% x 0.51 = 0.0562 x 0.51 x100 = 2.87%

ROI for Year 2 = 3.87% x 0.45 = 0.0387 x 0.45 x100 = 1.74%

7 0

3 years ago