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3 years ago

Rafael sold an asset to Jamal. What is Rafael's amount realized on the sale in each of the following alternative scenarios?

Business

1 answer:

alex41 [277]3 years ago

6 0

Answer:

First scenario amount realized is $85,000

Second scenario amount realized is $105,000

Third scenario amount realized is $72,000

Explanation:

first scenario:

Cash proceeds $80,000

vehicle worth $10,000

selling expense ($5,000)

Amount realized $85,000

second scenario:

Cash proceeds $80,000

mortgage relief $30,000

selling commission ($5,000)

Amount realized $105,000

Third scenario:

Cash proceeds $20,000

land worth $50,000

Marketable securities $10,000

selling commission ($8,000)

Amount realized $72,000

The second option is the most beneficial as the benefits of $105,000 is more than the amount realized on other options

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The following data were taken from the records of Clarkson Company for the fiscal year ended June 30, 2017.Raw Materials Invento

konstantin123 [22]

Answer:

A) cost of goods manufactured schedule

Factory Insurance 4,700

Factory Utilities 29,100

Factory Machinery Depreciation 19,000

Direct Labor 147,750

Plant Manager`s Salary 65,600

Indirect Labor 26,560

Factory Property Taxes 9,810

Factory Repairs 1,600

Add Beginning Work in Process Inventory 26,800

Less Closing Work in Process Inventory (22,300)

Cost of Goods Manufactured $308,620

B) income statement through gross profit

Sales Revenue 564,000

Less Sales Discounts (4,700)

Net Sales 559,300

Less Cost of Goods Sold :

Finished Goods Inventory 98,200

Add Cost of Goods Manufactured 308,620

Less Closing Finished Goods Inventory (26,100) (380,720)

Gross Profit 178,580

C) current assets section of the balance sheet at June 30,2017

Current Assets

Raw Materials Inventory 46,000

Work in Process Inventory 22,300

Finished Goods Inventory 26,100

Accounts Receivable 27,100

Cash 35,600

Total Current Assets 157,100

Explanation:

Raw Materials Consumed in Production Calculation

Open a Raw Materials T - Account as follows :

Debit :

Opening Balance $51,100

Purchases $97,500

Totals $148,600

Credit :

Closing Balance $46,000

Requisitioned for Production (Balancing figure) $102,600

Totals $148,600

3 0

3 years ago

Janine buys swimwear for a chain of apparel stores. At a recent trade show, she took the opportunity to meet with a few vendors.

Rama09 [41]

Answer:

B. inform her divisional merchandiser manager of the proposal

Explanation:

Since in the question it is mentioned that the Janine buys from each season also she knows that this thing would become benefiical what European tourists are wearing and applying this in an assortment for the customers that are targeted

So before discussion with the vendor first she reports the divisional merchandiser manager regarding this proposal

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3 years ago

Some individuals argue that accountants should focus on producing financial statements and leave the design and production of ma

dusya [7]

Answer:

If the accountants of an organization are to concentrate only on financial information then there will be no advantage. The both party (organization and the accountant) might suffer if this happened.

Moreover, it would be very costly to have two systems rather than one that captures and processes operational facts at the same time as it captures and reports financial facts.

The main disadvantage of this is that accountants would ignore much relevant information about the organization's activities. To the extent that such non-financial information (e.g., market share, customer satisfaction, measures of quality, etc.) is important to management, the value of the accounting function would decline.

Explanation:

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3 years ago

Bob was telling everyone in the break room that he thought it was a big mistake to hire laurie because it was clear to him that

Stolb23 [73]

The fact that Bob called Laurie "inept" and "under qualified" despite her fine performance on the job so far, but because he was angry that his girlfriend had not been hired instead is an example of workplace bullying.
The term workplace bullying denotes pattern of mistreatment in the workplace that causes harm (emotional or/and physical).
By saying such things and repeating hurtful remarks to Laurie Bob abused Laurie.

3 0

3 years ago

On January 1, 2019, Tonika Company issued a five-year, $10,000, 8% bond. The interest is payable annually each December 31. The

Alex777 [14]

Answer:

So book value at the end of December will be $9676

Explanation:

We have given amount of the bond = $10000

Rate of interest = 8 %

So interest paid Interest paid = 10000×0.08 = 800

Issue price = $9611

Effective interest rate = 9 %

Interest expense = 9611×0.09= 865

Discount amortization = 865-800 = 65

Book value at the end of December 31,2019 = 9611+65 = 9676

4 0

3 years ago