Answer
Sales tax Payable = $780
Entry to record transaction is:
Dr: Cash $16,380
Cr: Sales Tax Payale $ 780
Cr: Sales $ 15,600
Explanation:
Coghlan Auto Supply sales are inclusive of tax so at first step it is necessary to segregate sales tax from the total sales of $16,380.
In order to calculate sales tax in Coghlan total sale divide the total sales figure with 1+the sales tax rate i.e (1+5%=1.05)
So the sales exclusive of tax will be: $ 16,380/1.05 = $15,600
Tax can be calculated now by subtracting Net sales by gross sales i.e $16,380-$15,600 = $780.
If you had set the price of $17 per book among your friends
in a trade, the likely result would be that there will be a presence of surplus
books in which if the required is met, left overs will likely be produced
because of supply over the demand.
Answer:
Based on different valuation methods to value such estate, the value can be transferred either from a lessee to another or from the lessor to the lessee
Explanation:
Leased Fee Estate
Leased Fee estate represent properties are owned per an individual given out as rent for a particular period of time. The owner of the estate is the lessor and the individual who is renting is the lessee. The lessee takes rent of the property for a period of time for a fee consideration.
It should be noted that while an estate would normally have unlimited or infinite life, a leased fee estate will always have a limited time/life.
Finally, in order to valuate the leased fee estate, the followng can be used
1. The Expected life of the estate based on depreciaton
2. The Nature of use of the estate
3. The period in which the estate will be leased for
4. The cost that will be saved by the owner from the lease.
Once the value is determined, then the value can be transferred either from a lessee to another or from the lessor to the lessee
Answer:
Case A (issued at 100) Case B(at 97) Case C(at 101)
$300,000 $291,000 $303,000
<u>The financial statements for Case A</u>
Long term liabilities:
Bonds payable $300,000
<u>The financial statements for Case B</u>
Long term liabilities:
Bonds payable $300,000
Unamortized discount $9,000
<u>The financial statements for Case C</u>
Long term liabilities:
Bonds payable $300,000
Unamortized premium $3,000
<span>The answer is 3,184 minutes.
According to the data, with a 75% learning curve, where the first unit is 1, the cumulative time to produce 500 units is 63.68 minutes.
Given that where the first unit took 50 minutes
Thus, the total time will be;
50 x 63.68
=3,184 minutes</span>
