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katrin2010 [14]
3 years ago
15

Taylor Company purchased a piece of equipment for $2,000 several years ago. It would cost $4,000 to replace that piece of equipm

ent. A. The equipment should be recorded at $4,000 in the accounting records because that is the replacement cost. B. The company can choose whether to report the equipment at $2,000 or $4,000. C. The equipment should be recorded at $2,000 in the accounting records because that was the exchange price. D. None of the above are correct.
Business
1 answer:
Black_prince [1.1K]3 years ago
6 0

Answer:

C. The equipment should be recorded at $2,000 in the accounting records because that was the exchange price.

Explanation:

The equipment should simply be recorded at $2,000. For example, if it was paid in cash, the journal entry would be:

Account                      Debit           Credit

Equipment                $2,000

Cash                                                $2,000

The fact that it would cost $4,000 to replace it does not mean that it will be replaced. It is only a hypothetical scenario that should not be recorded in the accounting journal, because it does not reflect economic reality.

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Bill Rose owns Rose Sporting Goods. At the beginning of the year, Rose Sporting Goods had $2,600 in inventory. During the year,
Alja [10]

Answer:

a. $15,800

b. $12,000

c. $3,800

Explanation:

The movement in the balance of inventory at the start and end of a period is as a result of sales and purchases. While sales reduces the balance in inventory, purchases increases the balance. This may be expressed mathematically as

Opening balance + purchases - cost of goods sold = closing balance

The opening balance added to the purchases gives the amount of goods available for sale.

Cost of goods available for sale during the year

= $2,600 + $13,200

= $15,800

$2,600 + $13,200 - cost of goods sold = $3,800

Cost of goods sold = $2,600 + $13,200 - $3,800

= $12,000

The ending inventory balance is reflected in the balance sheet.

3 0
3 years ago
Monique buys a new television for​ $795. she receives consumer surplus of​ $355 from the purchase. how much does monique value h
iragen [17]
The value of the television for Monique is the same as the amount that Moniques is willing to pay for the television. We calculate this amount from the definition of consumer surplus. This term is a measure of consumer benefit. It is equal to the difference of the amount that the consumer is willing to pay for a certain good or service and the amount that the consumer really paid or the real price of the product or service. From this definition, we can calculate the value of the television for Monique.

Consumer surplus = value for monique - value paid
$ 355= Value for Monique - $ 795
Value of the television for Monique = $ 1150
6 0
3 years ago
"Google employs the practice of team building and rewards ideas that are outside the box. They are likely to have ________ compa
Vladimir79 [104]

Answer:

lower employee turnover                        

Explanation:

Employee turnover represents the number or proportion of employees leaving a company and being replaced by new ones. Evaluating employee turnover can be useful for executives who want to look into the considerations for turnover or measure the cost-to-recruit for budget considerations.

As in the given case, google is making their employees fell more valuable and involved, its employees will feel more satisfied with the jobs and will not easily leave the company. Thus, the employee turnover in google will be lower.

6 0
3 years ago
Jon was hired as a new manager and worked closely with Christine, a supervisor who had worked for the company for over a decade.
postnew [5]

Answer:

i. The training method was on-the-job training.

ii. Christine's performance error was stereotyping.

Explanation: On-the-job training is a learning process in which a worker is trained on how to perform certain tasks by actually doing those tasks, where an experienced colleague, supervisor or manager will usually serve as the trainer.

Stereotyping is the act for generalizing a particular category of people, it is having an expectation of a person or group of persons that they might behave or act in a certain way.

Christine in the scenario above, has ranked Jon using a stereotype that he is young new to the job, therefore that is the reason why he did not perform well or up to standard.

6 0
3 years ago
Which of the following are attributes of California's legislative process for passing state budgets and controlling taxes?
scoray [572]

Answer:

- The state's constitution allows budgets to be passed with a simple majority vote in both the Assembly and the Senate.

- Taxes can only be cut with a two-thirds vote in the Assembly and the Senate.

Explanation:

California's legislative branch is composed of two main bodies, the State Assembly (similar to the House of Representatives) and the State Senate. The legislative branch has the power to enact state laws and make change to existing state laws.

The State Assembly has 80 members who serve for 2 years, while the State Senate has 40 members who serve for 4 years. .

6 0
3 years ago
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