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vagabundo [1.1K]
3 years ago
12

Harding Corporation acquired real estate that contained land, building and equipment. The property cost Harding $1,235,000. Hard

ing paid $280,000 and issued a note payable for the remainder of the cost. An appraisal of the property reported the following values: Land, $296,000; Building, $880,000 and Equipment, $584,000. What value will be recorded for the building
Business
1 answer:
olya-2409 [2.1K]3 years ago
6 0

Answer:

The value recorded for the building = $140,000

Explanation:

From the appraisal of the property, the following information is given:

Value of land = $296,000

Value of building = $880,000

value of equipment = $584,000

Total = 296,000 + 880,000 + 584,000 = $1,760,000

Next, we will calculate the percentage of the total value allocated to the building as follows:

Percentage allocated to building = (value of building ÷ total value) × 100

= (880,000 ÷ 1,760,000) × 100

= 0.5 × 100 = 50%

Next, since we now know that the building takes 50% of the property cost, and since $280,000 was paid, the value recorded for building will be 50% of the $280,000 paid, and this is calculated as follows:

value recorded for building = 50% of 280,000

= 50/100 × 280,000 = 0.5 × 280,000 =  $140,000

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Veronika [31]

Answer:

c. resources of the employer.

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6 0
3 years ago
Paying only the minimum balance on your credit card can lead to...
Darya [45]

Answer:

Payment of more interest in future and extension in the term of debt

Explanation:

Credit cards refer to plastic money.Such cards grant the holder the facility to withdraw and make payments greater than their balance of money in the account. Credit cards grant liquidity to the holder but at the same time, the holder is required to pay interest if the money drawn in excess is not paid back to the issuer within a stipulated time.

Minimum balance payment refers to that threshold limit of payment required which keeps the credit card and credit limit operational.

Paying a minimum balance eliminates late fee but interest will have to be paid on the balance remaining outstanding. So gradually, as one keeps paying only the minimum balance, the amount remaining unpaid would rise and thus, the interest to be paid on such outstanding amount shall rise too.

Also, with increasing outstanding dues, the debt term i.e the period by which the holder pays off the entire money due along with interest, will extend. So minimum balance payment may save funds initially, but has adverse long term implications.

5 0
3 years ago
One thing that helps incumbents win reelection is ______________, which might include federal spending projects benefiting state
Temka [501]

One thing that helps incumbents win reelection ,which might include federal spending projects benefitting state and local governments, businesses, colleges, and other institutions in a congressional district is

the pork barrel.

Pork barrel :

Pork barrel, or simply pork, is a metaphor for the appropriation of government spending for localized projects secured solely or primarily to bring money to a representative's district.

What is the problem of pork barrel?

The Priority Development Assistance Fund scam, also called the PDAF scam or the pork barrel scam, is a political scandal involving the alleged misuse by several members of the Congress of the Philippines of their Priority Development Assistance Fund (PDAF, popularly called "pork barrel"), a lump-sum discretionary fund

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5 0
1 year ago
Aviation Systems sells its products with a three-year manufacturing warranty. The company's sales revenue is $600,000. Based on
Vikki [24]

Answer:

$30,000

Explanation:

Warranty liability is a liability account used to report the expected amount of repairing or replacing products already shipped. It's a contingency liability and it should be recorded independently  from the actual warranty costs. Therefore, warranty liability, in this case, is:

$600,000 * 0.05 = $30,000

The estimated warranty liability reported in the balance sheet this year is $30,000

5 0
3 years ago
On January 1, 2014 the Accounts Receivable and the Allowance for Doubtful Accounts carried balances of $30,000 and $500, respect
san4es73 [151]

Answer:

correct option is $750

Explanation:

solution

we know here that Net balance of opening accounts receivable is

Net balance of opening accounts receivable = $30000 - $500

Net balance of opening accounts receivable = $29500

and

Credit sales during the year is here $7500 0

and Cash payments received = 74550

so

uncollecectible account expenses = credit sales × % of sale uncollectible

so uncollecectible account expenses = $75000 × 1%

uncollecectible account expenses  = $750

so correct option is $750

8 0
3 years ago
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