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gtnhenbr [62]
3 years ago
12

If a company is considering the purchase of a parcel of land that was acquired by the seller for $90,000 is offered for sale at

$160,000, is assessed for tax purposes at $100,000, is considered by the purchaser as easily being worth $150,000, and is purchased for $147,000, the land should be recorded in the purchaser's books at
Business
1 answer:
Lelechka [254]3 years ago
8 0

Answer:

$147,000

Explanation:

According to the historical cost principle, the assets of the company should be recorded at the purchase price or acquisition price in the financial statements

Since in the given situations many values are given with respect to the acquisition done by the seller, for tax turquoises, etc

But it is recorded at the purchase price i.e $147,000

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a restaurant would like to be able to announce its daily specials every morning on its website. which of the following social we
kodGreya [7K]

Answer:

knowing restaurants probably Instagram

Explanation:

7 0
3 years ago
On July 8, Action Co. issued a $70,000, 6%, 120-day note payable to Scanlon Co. Assuming a 360-day year, what information is nee
nirvana33 [79]

Answer:

c.The face value ($70,000), interest rate (6%), and term (120 days) are needed to calculate the maturity value of the note.

Explanation:

maturity value = face value + interest

interest = face value*interest rate*period

             = $70,000*6%*120/360

             = 1400

face value = 70,000

maturity value = 70,000 + 1400

                        = 71400

Therefore, face value and interest rates needed to calculate the maturity value of the rate.

4 0
3 years ago
suppose larry's lariats produces 25,000 lassos and sells each for $10. what is the company's total revenue?
zmey [24]

If Larry's Lariats produces 25,000 lassos and sells each for $10, then the company's total revenue is $250,000.

What is total revenue?
Revenue
is the sum of money that a company makes by charging a certain price for its products or services. It is the starting point of an organization's income statement that establishes how much net income it generates after <u>deducting costs, taxes, and interest</u>. It is one of the most crucial line items for a business as a result. There are numerous perspectives on the same number, despite the fact that it may only be one. These different levels of insight are beneficial to investors, analysts, and businesses. Total revenue as well as marginal revenue are two of the most popular types of revenue.

To learn more about total revenue
brainly.com/question/25623677
#SPJ4

3 0
1 year ago
The following information is from ABC Company's general ledger: Beginning and ending inventories, respectively, for raw material
Sholpan [36]

Answer:

cost of goods manufactured= $176,000

Explanation:

Giving the following information:

Direct materials:

Beginning inventory= $16,000

Ending inventory= $20,000

Purchase= $72,000

WIP:

Beginning inventory= $40,000

Ending inventory= $44,000

Direct labor= $72,000

Manufacturing overhead applied= $40,000

T<u>o calculate the cost of goods manufactured, we need to use the following formula:</u>

cost of goods manufactured= beginning WIP + direct materials + direct labor + allocated manufacturing overhead - Ending WIP

Direct material used= beginning inventory + purchases - ending inventory

Direct material used= 16,000 + 72,000 - 20,000= 68,000

cost of goods manufactured= 40,000 + 68,000 + 72,000 + 40,000 - 44,000

cost of goods manufactured= $176,000

8 0
3 years ago
Calgary Industries is preparing a budgeted income statement for 2018. Predicted sales for the year are $730,000 and cost of good
NeTakaya

Answer:

$186,900

Explanation:

The gross profit is the difference between the sales revenue and the cost of good sold. The gross profit percentage is the ratio of gross profit to net sales expressed as a percentage.

As such, the net operating income/loss is the difference between the sales and the total costs .

To get the net income, we would first get the gross income.

Gross income

= $730,000 - (40% * $730,000)

= $438,000

Next we must compute the net income before tax. This is the difference between the gross income and the operating expenses

= $438,000 - $90,000 - $81,000

= $267,000

Income tax expense = 30% * $267,000

= $80,100

budgeted net income for 2018

= $267,000 - $80,100

= $186,900

8 0
3 years ago
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