1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
solniwko [45]
3 years ago
5

On June 25, Easy Repair Service extended an offer of $150,000 for land that had been priced for sale at $171,000. On July 9, Eas

y Repair Service accepted the seller's counteroffer of $163,000. On October 1, the land was assessed at a value of $245,000 for property tax purposes. On December 22, Easy Repair Service was offered $261,000 for the land by a national retail chain.At what value should the land be recorded in Easy Repair Service's records?
Business
1 answer:
Lelu [443]3 years ago
5 0

Answer:

$163,000

Explanation:

According to the historical cost principle, the value of the fixed assets should be recorded at purchase price or  acquired price or historical cost

Since it is given that the seller counter offer is $163,000 and the same is to be recorded in the company books of accounts.

If there is value assessed, or any increment in the value of the land so it would be ignored. It only records the purchase price of the land      

You might be interested in
Which of the following is a disadvantage of partnerships compared to sole proprietorship
Vanyuwa [196]

Answer:

C.It is sometimes difficult for partners to agree on every business decision.

Explanation:

In partnerships, the company is owned by several people who held the status as 'Partners'. Everytime the company wants to make a decision, they need to ensure that the majority of these 'partners' agree on the decision. Often time, problem might occurs if the partners have different ideas on how the company should be operated.

In sole proprietorship, only one person held the position as the owner. This mean that the person has full authority in determining the type of decision that should be implemented for the business.

6 0
3 years ago
The monumental failure of Jack Welch, the legendary leader of GE (General Electric), is that he was great transactional leader b
sammy [17]

Answer:

False

Explanation:

6 0
3 years ago
Read 2 more answers
Given direct material cost of $10, direct labor cost of $15, direct-labor based overhead of $12 and Activity-Based Costing overh
Serga [27]

Answer:

<em>Total cost of product using the Activity-Based costing</em>

Particulars                                Amount

Material cost                                $10

Labor cost                                    $15

Overheads cost under ABC        <u>$16</u>

Total cost of product                   <u>$41</u>

5 0
3 years ago
I have the following options: A) I can lease a car for $500 per month with an additional upfront payment of $200. The lease term
Nataliya [291]

Answer:

The Answer Is A Because You Spent Less Money But Dont Get Any Back.

8 0
3 years ago
An organization looking for general agreement on ethical practices might take what step?
Kisachek [45]

An organization looking for general agreement on ethical practices might:<u> establish an ethical code of conduct.</u>

<h3>What is establish an ethical code of conduct?</h3>

Ethical code of conduct can be defined as a set of guidelines, policy, rules and regulation that a person is expected to follow and abide by in an organization.

This code of conduct enables us to know the organization norms and values as well  what is right and what is wrong which in turn means that it enables us to know the right things to do and thing to to avoid.

The code of conduct encourage ethical act which is to be honest and to have integrity among others and as well discourage unethical behavior in an organization which is why most organization has ethical code of conduct that enables their employee or workers to known the ethical ways they should behave.

Therefore an organization looking for general agreement on ethical practices might:<u> establish an ethical code of conduct.</u>

Learn more about establish an ethical code of conduct here:brainly.com/question/28465686

#SPJ1

4 0
2 years ago
Other questions:
  • A project is expected to create operating cash flows of $22,500 a year for three years. The initial cost of the fixed assets is
    13·1 answer
  • Receive cash from customers, $16,400. Pay cash for employee salaries, $10,400. Pay cash for rent, $4,400. Receive cash from sale
    9·1 answer
  • In a small, closed economy, national income (GDP) is $350.00 million for the current quarter. Individuals have spent $100.00 mil
    5·1 answer
  • Zuo Software categorizes its accounts receivable into four age groups for purposes of estimating its allowance for uncollectible
    13·1 answer
  • What happens to the individual demand curve as the price of an item increases?
    10·1 answer
  • Why do you think we "ignore" taxes (like sales and property tax) that fund things we really "like," and instead focus on federal
    11·1 answer
  • Moorcroft’s assistant controller suggested that Moorcroft hire a part time collector to encourage customers to pay more promptly
    11·1 answer
  • The following units of a particular item were available for sale during the calendar year:
    10·1 answer
  • Question 1
    8·2 answers
  • Which style of interaction might seem to be the only way for couples whose backgrounds are completely irreconcilable to survive?
    10·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!