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WINSTONCH [101]
3 years ago
5

Identifying Variable Costs, Committed Fixed Costs, and Discretionary Fixed Costs Required: Classify each of the following costs

for a jeans manufacturing company as a variable cost, committed fixed cost, or discretionary fixed cost. a. The cost of buttons.
Business
1 answer:
cricket20 [7]3 years ago
6 0

Answer: committed fixed cost

Explanation: assuming all the jeans produced need buttons, the cost of these buttons is necessary and therefore a committed cost

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In September of Year 1, Hansen Company issued a note payable to borrow money from its bank. Principal and interest on the note w
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Answer: True

Explanation:

As a result of the Accrual principle in accounting, transactions need to be recorded in the period that they occur in and not in the period they are paid for in.

The interest in Year 1 was incurred in year 1 and so will need to be recorded in year 1 for the period from issuance of the note to the last day of the accounting period.

This means that if the last day of the accounting period is December 31st, the interest for year 1 would have to be accrued from September to December of year 1 and recorded as year 1 interest.

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People who use white hat SEO tactics try to trick the search engine into thinking a website has high-quality content, when in fa
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Answer:

False

Explanation:

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3 years ago
Organizations use ________ planning to determine what contributions the departments or work units can make toward the organizati
Nastasia [14]

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<u>Explanation:</u>

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3 years ago
Half of brainly rn <br> ...............
Svetach [21]

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3 0
3 years ago
Read 2 more answers
Salad Express exchanged land it had been holding for future plant expansion for a more suitable parcel of land along distributio
r-ruslan [8.4K]

Answer:

1.  $173,500

2. $ 71,000

Explanation:

Requirement 1: Solution

We can calculate the fair value of new parcel of land just by adding the current market price with additional cash paid to complete the transaction

Fair Value = Current market price + cash paid additionally

Fair Value = $150,000+$23,500

Fair value = $173,500

Requirement 2: Solution

We need to calculate Gain/loss on exchange first in order to record them on books. This can be done by just subtracting the land's book value from the current market price of land

Gain/loss on exchange = Current market price - book value

Gain/loss on exchange = $150,000 - $79,000

Gain/loss on exchange = $71,000

Entries:               Debit                          Credit  

New land           $173,500

Old land                                                 $79000

Cash                                                       $23,500

Gain                                                        $71,000

5 0
3 years ago
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