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geniusboy [140]
2 years ago
13

Joyce’s office building was destroyed in a fire (adjusted basis of $350,000; fair market value of $400,000). Of the insurance pr

oceeds of $360,000 she receives, Joyce uses $310,000 to purchase additional inventory and invests the remaining $50,000 in short-term certificates of deposit. She received only $360,000 because of a co-insurance clause in her insurance policy. What is Joyce’s recognized gain or loss?
$0
$10,000 loss
$10,000 gain
$40,000 gain
None of the above
Business
1 answer:
professor190 [17]2 years ago
3 0

Answer:

$10,000 gain

Explanation:

The computation of recognized loss or gain is shown below:

= Insurance proceeds amount - adjusted basis

= $360,000 - $350,000

= $10,000 gain

So, it would have a recognized gain of $10,000 by considering the amount of insurance proceed and adjusted basis. We ignore all other information which is given in the question

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Maria and Beth are college students who share an off-campus apartment. The rent is $800 a month, which they agreed to share equa
LenKa [72]

Answer:

a small claims court

Explanation:

A small claims court is a local court where a plaintiff can make a claim regarding small amounts of money. Usually small claims courts only have jurisdiction over private disputes regarding money owed under agreement (applies to Maria's claim), unpaid loans, property damage, contract breaches, etc. Small claims court can handle cases up to $35,000 and you usually do not need a lawyer.

4 0
3 years ago
Read 2 more answers
On April 1, Sangvikar Company had the following balances in its inventory accounts:
noname [10]

Answer:

a.

DR Raw Material Inventory                             $30,000

CR Accounts Payable                                                     $30,000

b.

DR Work in Process Inventory                          $33,900

CR Raw Material Inventory                                                $33,900

Working

= Job 114 + Job 115 + Job 116

= 16,500 + 12,400 + 5,000 = $33,900

c.

DR Work in Process                                            $‭7,430‬

CR Wages Payable                                                             $‭7,430‬

Working

= (150 * 15) + (220 * 17) + (80 * 18)

= $‭7,430‬

d.

DR Work in Process                                              $‭4,458‬

CR Manufacturing Overhead                                              $‭4,458‬

Working

Overhead as % of Direct labor cost using Job 115 = Applied Overhead / Direct labor = 936/1,560 = 60%

Manufacturing Overhead = Overhead rate * Direct labor

= 60% * 7,430 = $‭4,458‬

e.

DR Manufacturing Overhead                                     $4,765

CR Accounts Payable                                                              $4,765

f.

DR Finished Goods                                                    $‭23,520‬

CR Work in Process                                                                   $‭23,520‬

Job 115 costs = Beginning + Material + Labor + Overhead

= (2,640 + 1,560 + 936) + 12,400 + (220 * 17) + (220 * 17 * 60%)

= $‭23,520‬

g.

DR Cost of Goods sold                                               $‭23,520‬

CR Finished Goods                                                                     $‭23,520‬

DR Accounts Receivable                                            $‭32,928‬

CR Cost of Goods sold                                                              $‭32,928‬

Working

= ‭23,520‬ * 140%

= $‭32,928‬

4 0
2 years ago
Creswell Farms produces and sells clover honey and wants to expand its product line. A brainstorming session results in 40 diffe
Gwar [14]

Answer:

In this scenario, Creswell Farms is in the idea generation stage of the new product development process.  

Explanation:

Idea generation stage refers to the stage which involves the creation, development, and communication of the ideas. The process involves the construction of the idea and transforming the concepts into reality. The initiation of a project begins with the generation of the idea generation stage. In the above case, the suggestions are provided which would help the business of the product. Hence, this refers to the idea generation stage.

7 0
2 years ago
"Assume that Bullen issued 12,000 shares of common stock with a $5 par value and a $47 fair value for all of the outstanding sha
Ghella [55]

Answer:

Additional paid in capital in excess of par value is any amount of money received through issuing stocks at a higher value than par:

additional paid in capital = ($47 - $5) x 12,000 stocks = $42 x 1,200 = $504,000

Additional paid in capital does not affect retained earnings, so retained earnings should remain unchanged.

8 0
3 years ago
If the reserve requirement is 20% and commercial bankers decide to hold additional excess reserves equal to 5% of any newly acqu
coldgirl [10]

Answer:

B) 4

Explanation:

the monetary multiplier before this newly acquired checkable deposit was 1 / required reserve ratio = 1 / 20% = 5. Since the banks decided to increase the reserve ration to 25%, then the money multiplier will decrease to 1 / 25% = 4.

The monetary multiplier shows the money creating effect of the fractional banking system. E.g. you deposit $1,000 at bank A. Bank A will lend $750 to Bill. Bill then purchases a bike from Tom and Tom deposits the $750 in bank B. Bank B will then lend $562.50 to Sarah. Sarah purchases a TV from Alex, and Alex deposits the money in bank C. Then bank C will lend $421 to Frank, and the cycle goes on.

8 0
3 years ago
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