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jeka94
3 years ago
9

Classify each item as an asset, liability, common stock, revenue, or expense. (a) Issuance of ownership shares. select the corre

ct category (b) Land purchased. select the correct category (c) Amounts owed to suppliers. select the correct category (d) Bonds payable. select the correct category (e) Amount earned from selling a product. select the correct category (f) Cost of advertising. select the correct category
Business
1 answer:
Roman55 [17]3 years ago
8 0

Answer:

The classified list of items is as follows:

(a) Issuance of ownership shares - Common stock

(b) Land purchased - Asset

(c) Amounts owed to suppliers - Liability

(d) Bonds payable - Liability

(e) Amount earned from selling a product - Revenue

(f) Cost of advertising - Expense

Hence, all the items are classified as asset, liability, revenue, common stock and expense.

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For an auto insurance company, the average cost of collision claims is $500 per year for careful drivers and $3000 per year for
Rainbow [258]

Answer:

option (c) $875 per year

Explanation:

Given;

Average cost of collision claims for careful drivers = $500 per year

Average cost of collision claims for for poor drivers = $3000 per year

Poor drivers known by the company = 15%

thus,

Careful drivers = (100% - 15%) = 85%

Therefore,

Insurance company's breakeven price for the collision insurance  

= (Poor drivers known × Average cost of collision for poor drivers ) +( Careful drivers × Average cost of collision claims for careful drivers)

= 0.15 × $3000 + 0.85 × $500

= $450 + $425

= $875 per year

Hence, the correct answer is option (c) $875 per year

8 0
3 years ago
Which of the following is a tangible incentive for good team performance?
shepuryov [24]

Answer:

Option A an early lunch is your answer ☺️☺️

5 0
3 years ago
Barry owns a 50 percent interest in B&B Interests, a partnership. His brother, Benny, owns a 35 percent interest in that sam
omeli [17]

Answer:

$10,000 loss

Explanation:

Barry bought a property for $60,000. He sells it for $100,000 to a company he owns 50% of. 50% of $100,000 = $50,000. He bought it for $60,000 and sold it for $50,000... that's a $10,000 loss. But they did say they are keeping the property for resale so there still may be hope :D

5 0
3 years ago
The Fortunato Corp.'s inventory at Dec 31, 2018, was $325,000 based on a physical count priced at cost, and before any necessary
AleksandrR [38]

Answer:

$405,000

Explanation:

The computation of the ending inventory reported is shown below:

Inventory on December 31,2018 $325,000

Add: Goods purchased from a vendor i.e shipping point $30,000

Add: Goods sold FOB destination to customer $38,000

Add: consignment by Brecht Inc $12,000

Ending inventory reported $405,000

In the above cases, the added items indicates the ownership is transferred to buyer , received by buyer and remains with the buyer

4 0
3 years ago
Fashion house uses the retail method to estimate ending inventory in his monthly financial statements the following information
IgorC [24]
If we used the retail method to estimate the ending inventory first we get the given of the problem that can be used in solving.
 Given
  Sales - 200,000
  Goods available for sale - 261,000 (cost) & 450,000 (retail) 

First, we need to get the cost of retail ratio. the formula is 
 Cost to Retail ratio= Cost/ Retail
           261,000
CRR= -------------   =   0.58
           450,000

Next is to get the ending inventory by following this steps
                                                              Cost             Retail
Cost of Goods Available for Sale    $261,000        $450,000
- Sales                                                                        $200,000
                                                                                  ------------------
Ending Inventory                                                        $250,000
x Cost to Retail Ratio                                                           .58
                                                                                  ------------------
Ending Inventory                                                       $145,000

So, the estimated ending inventory for the month of July is $145,000. 
4 0
3 years ago
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