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Shalnov [3]
3 years ago
14

On May 20, White Repair Service extended an offer of $108,000 for land that had been priced for sale at $140,000. On May 30, Whi

te Repair Service accepted the seller's counter offer of $115,000. On June 20, the land was assessed at a value of $95,000 for property tax purposes. On July 4, White Repair Service was offered $150,000 for the land by a national retail chain. At what value should the land be recorded in White Repair Service's recordsa. $115,000 b. $108,000 c. $140,000 d. $95,000
Business
1 answer:
Masteriza [31]3 years ago
8 0

Answer:

A

Explanation:

In this question, we are asked at what value should the land be recorded in White Repair services records.

Technically, the value of land is to be recorded as purchase price plus improvements.

Generally, what we mean by improvements include such fees such as attorney fees. Looking at the question, we cannot find any of the entries that speaks about payment yo an attorney or any general land issue. This means that we only record the value of the land as purchase price only.

Looking at the question, the purchase price is the accepted seller’s counter offer. This value is $115,000. Hence, it is the value at which the land would be recorded in White repair service records

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The Kwok Company’s inventory balance on December 31, 2021, was $215,000 (based on a 12/31/2021 physical count) before considerin
Eduardwww [97]

Answer:

$274,000

Explanation:

As per the data given in the question,

Particulars                                                                                     Amount

Inventory balance before considering following items         $215,000

Adjustments:

1) According to FOB destination, ownership passes to buyer at receipt of goods $-

2) According to FOB shipping point, ownership passes to buyer at the point of shipment                                                                                     $27,000

3) According to FOB destination, ownership passes to buyer at receipt of goods                                                  

                                                                                                    $32,000

4) As goods received before period close, no adjustment is required $-

5) According to FOB shipment, ownership passes to buyer at receipt of shipment $-

Correct inventory amount to be reported in Kwok's 2021 balance sheet  

= ( $215,000 + $27,000 + $32,000) =  $274,000

8 0
3 years ago
Scenario 26-3. Assume the following information for an imaginary, open economy.
Keith_Richards [23]

Answer:

GDP equals $1455, answer is D

Explanation:

GDP = Consumption + Investment + Net exports + Private saving - National saving + Taxes

GDP = 1000 + 200 - 50 + 225 - 150 + 230

GDP = 1,455

6 0
3 years ago
Let x be per capita income in thousands of dollars. Let y be the number of medical doctors per 10,000 residents. Six small citie
MAVERICK [17]

Answer:

The percentage of variation esplained by the model is given by the determination coefficient, on this case:

R^2 = 0.934^2 =0.872

And we have 87.2% of the variation explained by the linear model given.

\hat y = 5.756(8.5) -36.895=12.031

And we have 12.031 doctors per 10000 residents.

Explanation:

Assuming the following dataset:

x                 y

8.6           9.6

9.3           18.5

10.1          20.9

8.0           10.2

8.3           11.4

8.7            13.1

Assuming this question: "The data has a correlation coefficient of r = 0.934. Calculate the regression line for this  data. What percentage ofvariation is explained by the regression line? Predict the number of doctors per 10,000 residents in a town with a per capita income of $8500."

We want a linear model like this:

y = mx +b

Where m represent the slope and b the intercept for the linear model. And we cna find the slope and b with the following formulas:

m = \frac{n \sum xy - \sum x \sum y}{n \sum x^2 -(\sum x)^2}

b = \frac{\sum y}{n} -m \frac{\sum x}{n}

And from the dataset we have the following values:

n= 6, \sum x =53, \sum y = 83.7 , \sum xy = 755.89, \sum x^2 = 471.04

And replacing into the equation for m we got:

m =\frac{6(755.89) - (53)(83.7)}{6(471.04) -(53)^2}=5.756

And the intercept:

b = \frac{83.7}{6}-36.895 5.756 \frac{53}{6}=-36.895

And then the linear model is given by:

\hat y = 5.756 x -36.895

We can find the estimation replacing x = 8.5 into the linear model and we got:

\hat y = 5.756(8.5) -36.895=12.031

And we have 12.031 doctors per 10000 residents.

The percentage of variation esplained by the model is given by the determination coefficient, on this case:

R^2 = 0.934^2 =0.872

And we have 87.2% of the variation explained by the linear model given.

4 0
3 years ago
Sales to customers who use bank credit cards such as mastercard and visa are usually recorded by:a. Debit to Cash and a credit t
algol13

Answer:

c. Debit to Bank Credit Card Sales, debit to Credit Card Expense, and a credit to Sales

Explanation:

The journal entry is shown below:

Bank credit card sales A/c Dr XXXXX

Credit card expense A/c Dr XXXXX

       To Sales A/c XXXXX

(Being the sales is recorded via bank credit cards)

As the credit card has some expense so we debited the credit card expense along with the bank credit card sales and credited the sales as it is revenue which is to be credited

4 0
3 years ago
Use the following selected information from Wheeler, LLC to determine the 2017 and 2016 trend percentages for net sales using 20
babunello [35]

Answer:

119.4% for 2017 and 100.0% for 2016.

Explanation:

                                                      2017                2016

Net sales                                 $276,200        $231,400

Cost of goods sold                  $151,900        $129,590

Operating expenses                $55,240         $53,240

Net earnings                             $27,820          $19,820

since we are using 2016 as a base year, the $231,400 in net sales represent 100%, so the trend percentage for 2017 = net sales 2017 / net sales 2016 $276,200 / $231,400 = 1.1936 = 119.4% or a 19.4% increase.

The base year's amount will always be 100% or 1, and the trend percentages will change relative to that year.

7 0
3 years ago
Read 2 more answers
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