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Nikolay [14]
3 years ago
11

Taylor Music Center has 5 CD players on hand at the balance sheet date. Each costs $400. The current replacement cost is $380 pe

r unit. Under the lower-of-cost-or-market basis of accounting for inventories, what value should be reported for the CD players on the balance sheet?
Business
1 answer:
babymother [125]3 years ago
8 0

The correct answer is $380 per unit.

The lower-of-cost-or market rule requires that you report the lower value of either the purchase price or current market price of items in inventory. In this case the current market price is lower, so it should be used when calculating the value of inventory.

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Windsor Industries acquired two copyrights during 2017. One copyright related to a textbook that was developed internally at a c
Art [367]

Answer:

Balance sheet extract:

Intangible assets:

Copyright 1      $0

Copyright 2      $48,000

Explanation:

The points to note in the question are enumerated as follows:

An internally generated intangible asset cannot  be capitalized.By capitalization ,I mean its costs is treated as intangible asset to be amortized over its useful life.As a result,the $16,000 incurred on the internally generated intangible asset,specifically,the first copyright should be treated as expense when  incurred.

However,the second copyright that was bought from University Press can be treated as asset but cannot be amortized since it has indefinite life,but would be tested for impairment on a yearly basis,with impairment losses charged to profit or loss account.

7 0
3 years ago
Using the most reliable information available, how much of the Earth's land surface is used for agriculture today? View Availabl
enot [183]

Answer:

The answer is: 30 to 40%, according to satellite imagery

Explanation:

Satellite imagery is the most reliable way to try to determine what percentage of the Earth's land is used for agriculture. First and most important, the world is huge and only satellites have the technology to take images of continents and differentiate what possible use is given to them.

Government's surveys and records are no very reliable since you would need to use information from all the governments in the world including democratic countries and nations with dictatorships.

4 0
3 years ago
A company pays its employees $2,900 each Friday, which amounts to $580 per day for the five-day workweek that begins on Monday.
Readme [11.4K]

Answer:

$2,320

Explanation:

Calculation to determine what amount of salaries earned but unpaid at the end of the accounting period is:

Ending salaries earned but unpaid=$2,900-$580

Ending salaries earned but unpaid=$2,320

($2,900-580)

Therefore the amount of salaries earned but unpaid at the end of the accounting period is: $2,320

5 0
3 years ago
Recording Issuing of Materials Materials issued for the current month are as follows: Requisition No. Material Job No. Amount 94
babymother [125]

Answer:

Work in process = $72,220

Factory Overhead = $1,098

Explanation:

DATA

No.      Material     Job No.        Amount

945     Fiberglass     78           $20,240

946       Plastic         93             $9,890

947      Glue            Indirect        $1,098

948     Wood              99           $3,622

949     Aluminium      108         $38,468

Required:  Amount of materials transferred to Work in Process and Factory Overhead?

Solution

Work in process = sum of all direct material cost

Work in process = $20,240 + $9.890 + $3,622 + $38,468 = $72,220

Factory Overhead = sum of all indirect material cost

Factory Overhead = $1,098

6 0
3 years ago
Which of the following items is included in GDP?
loris [4]

Answer:

B. All the above are included in GDP.

Explanation:

GDP is a measure of an economy’s total production and in most cases, it is used to determine how developed or how grown a certain economy is. To calculate the GDP, we take into consideration every form of production within the country. Factors such as consumption expenditure, private domestic investment, government spending, imports and exports are all determinants of GDP. Therefore, the sale of stocks and bonds, sale of services and the sale of used goods, collectively are included in calculation of GDP. Hence the correct answer is B.

7 0
3 years ago
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