Answer: $170,000
Explanation:
According to the historical cost concept, the original cost value of a asset (i.e. land) should be recorded in the books. The original cost refers to the cost of a asset at the time of purchasing. As per the principle of historical cost, assets are always recorded as a original cost or historical cost or acquisition cost.
But when a person sold the asset then he will consider the fair market value.
A revenue tariff is a tax applied to increase the revenue(money brought in) of an economy. Usually occurs in business. For example, oil that is imported or exported from the US is a revenue tariff.
Answer:
Prepare the journal entries for above accounts
Explanation:
1. Cash Dr.147,000
Sales Discount Dr.1,314
A/R Cr.148,314
2. Account Receivable Dr.5,620
Disallowance for Bad debts Cr.5,620
3. Allowance for Doubtful Accounts Dr.26,900
Account Receivable Cr.26,900
4. Bad Debts Expense Dr.26,900
Allowance for Doubtful Accounts Cr.26,900
Answer:
Defined Contribution
Explanation:
Retirement plans that re employer sponsored are broken into two categories. The first is called the defined- contribution plan while the second is known as defined-benefit plan. The main difference is that defined contribution seeks the cooperation of both the employer and employee to invest and contribute towards retirement while defined benefits is a guarantee of a specified amount in retirement for the employee
Defined Contribution
This retirement package requires an employee to make an investment of a fixed amount from his/her salary to his retirement plan while the employer is also expected to either match the amount contributed by the employee or promise a monthly/annual contribution of a particular percentage to the retirement package. This way the employer makes no promise of future pension but commits to a regular contribution
