Answer:
The amount Laramie should record the purchase of land is <u>$6.2 million</u>.
Explanation:
The costs of a fixed asset refer to the purchase price and other relevant costs which are incurred in order to the location and working condition required to operate the fixed asset in way that it is intended.
The other relevant costs that are added to the purchase price to arrive at the cost of the fixed assets include professional fees, non-refundable taxes or levies, and among others.
If any trade discount or rebate is given, this will be deducted from the purchase price to arrive at the cost.
Any interest required to be paid on the delayed payment in order to reflects the time value of money are not part of the cost of the asset but expensed in the year they are incurred.
From the question, the land acquired is a fixed asset. Based on the explanation above, the total cost of the asset is $6.2 million. The interest from the 6% interest rate on the remaining $5 million will be part of the cost of the land but it will be expensed in the year they are incurred.
Therefore, the amount Laramie should record the purchase of land is <u>$6.2 million</u>.
Answer:
Correct Answer:
c. Low-income developing countries are catching up to high-income industrial countries.
Explanation:
The evidence which shows that low income developing countries are catching up to high-income industrial countries could be found in the series of developmental strides made by some countries like Rwanda, Kenya, Tanzania, Indonesia, Vietnam etc over the years. <em>Most of their achievements is at par with most European countries in different sectors such as educational, and social sectors.</em>
Answer:
Total cost= $385,000
Explanation:
Giving the following information:
Assembly Department budgeted direct labor of $110,000, direct materials of $170,000, and fixed factory overhead of $28,000 for 8,000 hours of production.
First, we need to calculate the unitary hourly rate for the department:
Total cost= 110,000 + 170,000 + 28,000= 308,000
Hourly cost= 308,000/8,000= $38.5
Now, for 10,000 hours:
Total cost= 38.5*10,000= $385,000
Answer:
an overall low-cost provider strategy.
Explanation:
Competitive advantage can be defined as conditions, factors or circumstances that allow a business firm (organization) to manufacture finished goods or services better and perhaps cheaper than other (rival) firms in the same industry. Thus, it's responsible for putting a business firm in a superior or more favorable position than rival firms.
This ultimately implies that, a competitive advantage has a significant impact on a business because it increases its level of sales, revenue generation and profit margin when compared to rival firms in the same industry.
A overall low-cost provider strategy is a strategic business model that's typically focused on a broad customer base (segment) while still making profit by providing low-cost goods and services to the customers, as well as underpricing rivals in the same industry.
This ultimately implies that, it is a business strategy that involves lowering the price of goods and services in order to stimulate demand, generate more revenue, draw more customers and gain a competitive advantage over competitors or rivals in the same industry.
Hence, when a company strives to achieve lower overall costs than its rivals in the same industry and appeals to a broad spectrum of customers, it is considered to pursue an overall low-cost provider strategy.
To determine the tax amount you multiply the gross pay and the tax percentage. In this case, you would multiply $35,600 by .16 which equals $5,696 for the federal tax year. Remember: to convert a percentage to a decimal number, move the decimal place 2 places to the left.
