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3 years ago

Why is it necessary to maintain a fixed asset register and what does it enable you to do?

Business

1 answer:

Jobisdone [24]3 years ago

8 0

Answer:

There is financial consequence to not maintaining an accurate asset register. Every business should know at any given time where their assets are and in what condition they are in. The tracking of assets can prevent theft and loss and the maintenance of assets can extend the life of the asset. There are major tax benefits to any business tracking their assets correctly. In most cases it is a statutory requirement to have an asset register.

Explanation:

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According to the Census Bureau, in October 2016, the average house price in the United States was $27,358. 8 years earlier, the

yarga [219]

Answer:

Annual increase in price=3.3%

Explanation:

Using the cumulative average growth formula, we can compute the average annual increase as follows;

Average annual increase =( Recent price/Initial price)^1/(n-1)

Initial price =$27,358. 8

Recent price = $21,808

n=8

Average annual increase= (27,358. 8/21,808)^(1/(8-1))=3.3%

Annual increase in price

3 0

3 years ago

Holding all other things constant, a higher price for ski lift tickets would a) increase the number of skiers. b) increase the p

slega [8]

Answer:

The answer is C. decrease the number of skis sold

Explanation:

This satisfies the popular law of demand which states that other things being equal, the higher the price the lower the quantity demanded and vice-versa.

Ski lift is a normal good which also satisfies the law of demand. The elasticity of demand is elastic meaning 1% increase in price will lead to a significant decrease in quantity demanded.

3 0

4 years ago

At April 30, partners’ capital balances in PDL Company are G. Donley $52,000, C. Lamar $48,000, and J. Pinkston $18,000. The inc

slamgirl [31]

Answer:

See the explanation below

Explanation:

(1) Terrell purchases 50% of Pinkston’s ownership interest by paying Pinkston $16,000 in cash.

Amount to debit and credit = $18,000 × 50% = $9,000

Debit: Pinkston's capital account - $9,000

Credit: Terrell's Capital account - $9,000

Being the purchase of ownership interest from Pinkston by Terrell

Note that the $16,000 paid by Terrell to Pinkston does not affect the partnership since it is an indirect transaction.

(2) Terrell purchases 331/3% of Lamar’s ownership interest by paying Lamar $15,000 in cash.

Amount to debit and credit = $52,000 × 331/3% = $17,333

Debit: Lamar's capital account - $16,667

Credit: Terrell's Capital account - $16,667

Being the purchase of ownership interest from Lamar by Terrell

Note that the $15,000 paid by Terrell to Lamar does not affect the partnership since it is an indirect transaction.

(3) Terrell invests $62,000 for a 30% ownership interest, and bonuses are given to the old partners.

Terrel's Capital = ($52,000 + $48,000 + $18,000 + $62,000) × 30% = $54,000

Bonus paid to old partners = $62,000 - $54,000 = $8,000

Donley's Capital = $8,000 × (5 ÷ 10) = $4,000

Lamar Capital = $8,000 × (4 ÷ 10) = $3,200

Pinkston Capital = $8,000 × (1 ÷ 10) = $800

The entries are therefore as follows:

Debit: Cash - $62,000

Credit: Terrel's Capital - $54,000

Credit: Donley's Capital - $4,000

Credit: Lamar's Capital - $3,200

Credit: Pinkston's Capital - $800

Being the purchase of ownership interest by Terrel and bonus shared to old partners.

(4) Terrell invests $42,000 for a 30% ownership interest, which includes a bonus to the new partner.

Terrel's Capital = ($52,000 + $48,000 + $18,000 + $42,000) × 30% = $48,000

New partner's bonus = $48,000 - $42,000 = $6,000

Donley's Capital = $6,000 × (5 ÷ 10) = $3,000

Lamar's Capital = $6,000 * 4/10 = $2,400

Pinkston's Capital = $6,000 * 1/10 = $600

The entries are therefore as follows:

Debit: Cash - $42,000

Debit: Donley's Capital - $3,000

Debit: Lamar's Capital - $2,400

Debit: Pinkston's Capital - $600

Credit: Terrel's Capital - $48,000

Being the purchase of ownership interest by Terrel and bonus from old partners to him.

5 0

3 years ago

Each unit requires 0.25 direct labor-hours and direct laborers are paid $14.00 per hour. In addition, the variable manufacturing

pshichka [43]

Answer:

Instructions are listed below.

Explanation:

Giving the following information:

Each unit requires 0.25 direct labor-hours and direct laborers are paid $14.00 per hour. In addition, the variable manufacturing overhead rate is $1.60 per direct labor-hour. The fixed manufacturing overhead is $95,000 per quarter.

Direct labor per unit= 0.25*14= $3.5

Direct labor equation= 3.5*x

x= units produced

For example:

100 units

Direct labor= 3.5*100= $350

7 0

3 years ago

As a manager of a retail-clothing store, Lance favors detailed job descriptions, formal rules and regulations, detailed records,

mars1129 [50]

Answer: Max Weber

Explanation:

From the given case/scenario , we can state that Lance's attitudes tends to suggest that , he is influenced by the ideologies of Max Weber. Max Weber is best known for thesis which were associated with sociology of the religion and economic sociology, it was further discussed in the book "Protestant Ethic and Spirit of the Capitalism" , where Max proposed that the ascetic of Protestantism was considered to be one of the major affinities that was associated with rise in market-driven capitalism.

5 0

3 years ago

Why is it necessary to maintain a fixed asset register and what does it enable you to do? ​

Why is it necessary to maintain a fixed asset register and what does it enable you to do?