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Nostrana [21]
3 years ago
14

On February 3, Snap Repair Service extended an offer of $83,000 for land that had been priced for sale at $95,000. On February 2

8, Snap Repair Service accepted the seller's counteroffer of $90,000. On October 23, the land was assessed at a value of $135,000 for property tax purposes. On January 15 of the next year, Snap Repair Service was offered $144,000 for the land by a national retail chain.At what value should the land be recorded in Snap Repair Service's records
Business
1 answer:
astra-53 [7]3 years ago
8 0

Answer:

$90,000

Explanation:

As per the historical cost principle, the assets should be recognized at the purchase price or the historical cost. In this, no other cost should be recognized such as assessed value, land improvements, etc

Since in the given question the Snap Repair Service accepted the seller counter offer i.e. $90,000  so the same is to be presented in the financial statements  

hence, the land should be recorded at $90,000

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A company has the following unadjusted account balances at December 31, of the current year; Accounts Receivable of $185,700 and
stellarik [79]

Answer:

a. The amount of the Allowance for Doubtful Accounts that should appear on the December 31, Balance Sheet of the current year is:

= $8,965.

b. Adjusting Journal Entry:

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To record bad debts expense and bring the balance of the Allowance for Doubtful Accounts to a credit balance of $8,965.

Explanation:

a) Data and Calculations:

Accounts Receivable balance = $185,700

Allowance for Doubtful Accounts $1,600 (credit balance)

Aging Schedule:

Account Age                 Balance  Estimated Uncollectible   Amount

                                                                 Percentage

Current (not yet due) $96,000                  1.00%                    $960

1—30 days past due    64,000                  2.50%                    1,600

30—60 days past due  16,000                  11.00%                   1,760

61—90 days past due    6,500                  37.00%                 2,405

Over 90 days past due 3,200                  70.00%                 2,240

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Bad Debts Expense:

Allowance for Uncollectible Accounts:

Beginning balance     ($1,600)

Ending balance           $8,965

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Answer:

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There are different types of diversity:

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Answer:

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