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cluponka [151]
3 years ago
8

If a company is considering the purchase of a parcel of land that was acquired by the seller for $96,000 is offered for sale at

$172,000, is assessed for tax purposes at $106,000, is considered by the purchaser as easily being worth $162,000, and is purchased for $159,000, the land should be recorded in the purchaser's books at:
Business
1 answer:
77julia77 [94]3 years ago
4 0

Answer:

The land should be recorded in the purchaser's books at $159,000.

Explanation:

Book keeping is the important term in the accounting and it records all the information of purchasing and selling amount from for a specific person to a large company.

As the buyer purchased the land in $159000, thus in his book it should be recorded as land purchased for $159000, and all the persons involved init from seller to intermediate organizations. All other tax processes and assessed values does not relate with the buyer. He just payed for the land and recorded it. Other values will be recorded in the book of seller and the book of intermediary organizations involved who assessed the land value as for the recording purposes.

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Assume that a company uses a standard cost system and applies overhead to production based on direct labor-hours. It provided th
g100num [7]

Answer:

$289,000

Explanation:

Predetermined overhead rate (Fixed) = Budgeted Fixed overhead cost / Budgeted hours

Predetermined overhead rate (Fixed) = 300,000/60,000

Predetermined overhead rate (Fixed) = $5 per hours

Applied Fixed overhead = Standard hours allowed × Predetermined overhead rate(fixed)

Applied Fixed overhead = 57,800 * $5 per hours

Applied Fixed overhead = $289,000

So, the fixed overhead applied to production during the period is $289,000

8 0
3 years ago
A present value of $2600 is invested in an account with an annual interest rate of 4.1% . Determine the minimum amount of time r
Olin [163]

Answer:

The minimum amount of time required is:

26.82 years.

Explanation:

Present value = $2,600

Future value = $7,800 ($2,600 * 3)

Annual interest rate = 4.1%

Monthly interest rate = 4.1%/12 = 0.342%

$2,600 will need to be invested for 321.781 (26.82 years) periods to reach the future value of $7,800.00.

FV (Future Value) $7,800.00

PV (Present Value) $2,600.00

N (Number of Periods) 321.781

I/Y (Interest Rate) 0.342%

PMT (Periodic Payment) $0.00

Starting Investment $2,600.00

Total Principal $2,600.00

Total Interest $5,200.00

5 0
2 years ago
A mother who purchases a new pair of shoes for her 4 year old child can be considered a consumer, but not a customer. true or fa
Sedaia [141]
The answer is false because a customer is a person that buys goods or services from a store of business.  
4 0
3 years ago
In​ class, we discussed the differences between a contribution income statement versus the traditional approach​ (absorption whi
Irina-Kira [14]
B) Contribution margin
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True or False: In the event of the firm's bankruptcy, the most shareholders can lose is their original investment in the firm's
KATRIN_1 [288]

Answer:

The answer is true.

Explanation:

Preference or preferred shareholders are synonymous to lenders to a business or company. Preferred shares are like debt to a business. They possess the characteristics of both debt and equity and in the case of liquidation, they have to be settled first. Common shareholders are the last shareholders to settled.

3 0
2 years ago
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