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]
2 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]2 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
Richard wants to buy additional stock in Rancor Mobil, but the price of the stock has fluctuated in recent days. He wants to mak
kvasek [131]

Answer:

Limit order.

Explanation:

A limit order is an order executed in part or in full when a price level previously defined by it has been reached. In case of a partial execution, the order remains active until executed in full within its validity period or until cancelled.

Limit order in the L2 module :

- executed only at the specified price and only with Deltastock as a liquidity provider ;

- when another liquidity provider is used, the order is executed as a market order when the requested price is met and with the provider first to quote that price.

- in case of a partial execution of a limit order in the L2 module, the remaining amount constitutes a new limit order, valid until executed or cancelled.

8 0
2 years ago
Explain the role audit committee plays in the company​
jeka94

Answer:

The primary purpose of a company's audit committee is to provide oversight of the financial reporting process, the audit process, the company's system of internal controls and compliance with laws and regulations. ... As such, CPAs report directly to the audit committee, not management.

Hope this helps.☝

7 0
2 years ago
Tyree's basketball coach makes his players practice free throws after a difficult practice and under the threat of having the wh
Zinaida [17]
<span>Tyree's coach is likely trying to instill teammate dependability in his players by making them run laps if their teammates do not get at least 75% of their free throwns in.</span>
3 0
3 years ago
The lower of cost or market approach is Blank______ for companies that use Blank______. Multiple choice question. required under
LenaWriter [7]

The lower cost or market approach is (C) required under GAAP for companies that use  LIFO or retail inventory.

<h3>What is market approach?</h3>
  • The market approach is a method of evaluating an asset's worth based on the selling price of comparable assets.
  • Along with the cost technique and discounted cash-flow analysis, it is one of three main valuation methodologies (DCF).
  • Companies that use LIFO or retail inventory are obligated by GAAP to use the lower cost or market method.
  • A realtor, for example, can gather information on comparable real estate sales in close vicinity to a client's property and modify those values to account for differences in land area and building square footage to arrive at a market-based valuation for the targeted property.

Therefore, the lower cost or market approach is (C) required under GAAP for companies that use  LIFO or retail inventory.

Know more about the market approach here:

brainly.com/question/8084221

#SPJ4

The complete question is given below:

The lower cost or market approach is _____ for companies that use _____.

a. optional under GAAP; LIFO or the retail inventory

b. optional under GAAP; any method of inventory valuation

c. required under GAAP; LIFO or the retail inventory

d. required under GAAP; any method of inventory valuation

7 0
1 year ago
In 1–3 sentences, explain the role of entrepreneurs in the economy.
jenyasd209 [6]

ANSWER: There are many ways how entrepreneurs benefit the economy. Few of them are

1) Create Jobs: Entrepreneurs create jobs in the community. When someone opens a new business or expands his new business, he will need human resource to help him to do his works.

2) Wealth Creation: Entrepreneurs pool in their own money and attract investment from lenders, banks and other investors. This mobilizes public wealth.

3) Exports: Entrepreneurs after growing in their businesses will want to export their products as a part of extending their market. This will help gain foreign currency in the country.

4 0
3 years ago
Read 2 more answers
Other questions:
  • What is the name for utter business ruin or failure
    15·1 answer
  • Pinterest has gained a reputation for being among the most negative of social media platforms.
    9·2 answers
  • When economists use the term ceteris paribus, they are indicating that
    15·1 answer
  • The returns on the common stock of Cool Toys are quite cyclical. In a boom economy, the stock is expected to return 23 percent i
    15·1 answer
  • If the real rental price of capital is $10,000 per unit and the real cost of capital is $9,000 per unit, to maximize profits a f
    15·1 answer
  • Suppose that preferences over private consumption C and public goods G are such that these two goods are perfect substitutes, th
    13·1 answer
  • Write the multiplier for each increase or decrease of 18%
    7·1 answer
  • A __________ card is issued by a credit union or bank and allows the user to purchase goods and services by electronically deduc
    14·1 answer
  • What distinguishes a product/service from the competition ?
    14·1 answer
  • what is the role of advertising in increasing and decreasing economic well being, by giving examples from pakistani market, expl
    9·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!