All categories

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

You might be interested in

George operates a business that generated revenues of $51 million and allocable taxable income of $1.26 million. Included in the

sammy [17]

Answer:

Maximum business interest deduction that George will be eligible to claim this year will be $525,300

Explanation:

Maximum business interest deduction is 30% of Adjusted Taxable income (ATI)

Adjusted Taxable income (ATI) = 1260000+240500+250500= $1,751,000

Maximum business interest deduction = 1751000*30%= $525300

8 0

3 years ago

Read 2 more answers

Peach Company uses a weighted-average process-costing system. Company records disclosed that the firm completed 40,000 units dur

Advocard [28]

Answer:

D. $28.50

Explanation:

Peach Equivalent-unit cost = Total Cost / Units

Peach Equivalent-unit cost = ($966000 + $231000) / (40000 units + (10000 units*20% completion))

Peach Equivalent-unit cost = $1197000 / (40000 units + 2000 units)

Peach Equivalent-unit cost = $1197000 / 42000 units

Peach Equivalent-unit cost = $28.50

5 0

3 years ago

Ocean sediment cores provide a climate record for the past ________ years.

MrMuchimi

Ocean sediment core provides a climate record of the past 70 million years.

1880 is the reliable global record which we can say the climate began. Proxies(climate) helps the scientists to determine the climatic patterns even before starting record-keeping.

Some examples of proxies are sub-fossil pollen, lake and ocean sediments, tree rings, and ice cores. Climatic of the time influenced the growth rate of proxies material. It is from proxies where we can recover quantities of particular isotopes from climatic changes.

The combination of proxies can produce temperature reconstruction which is longer the instrumental temperature.

5 0

3 years ago

Read 2 more answers

What is the opportunity cost of producing more shoes?

jeka94

Produce less watermelon

6 0

3 years ago

In a newsvendor model where the demand has normal distribution, if Co < Cu, i.e., the overage cost is lower than the underage

mars1129 [50]

Answer:

maximum

Explanation:

The newsvendor model may be defined as the mathematical model which is characterize by the fixed prices as well as the uncertain demand for the perishable products. This model is mainly used to determine the optimal inventory level.

According to the newsvendor model, there is only one opportunity to order. The cost of buying large quantities of the products may result in disposing them or selling the products at a lower price.

The optimal ordering quantity is maximum when the underage cost is higher than the overage cost.

8 0

3 years ago