Answer:
$2.4 million
Explanation:
The total assets of the firm are funded by both debt and equity,hence, the total assets is the same as total equity plus total debt based on the accounting equation formula below:
total assets=equity+debt
tota assets=$4 million
equity=unknown
debt can be derived using the debt ratio as shown thus:
debt ratio=debt/total assets
debt ratio=40%
debt=unknown
total assets=$4 million
40%=debt/$ 4 million
debt=40%*$4 million
debt=$1.6 million
$4 million=equity+$1.6 million
equity=$4 million-$1.6 million
equity =$2.4 million
Answer:
At will employment
Explanation:
At-will employment is a term used in U.S. labor law for contractual relationships in which an employee can be dismissed by an employer for any reason, and without warning, as long as the reason is not illegal.
Through at-will employment, both the employee and the employer are able to terminate employment at any time. The employment can end at the discretion of either party at any time, with or without cause, and with or without notice.
Hence the answer to this question is At will employment
Answer: The correct answer is "C. Parent company total assets equals consolidated total assets".
Explanation: The statement "C. Parent company total assets equals consolidated total assets" is false before making adjustments on the consolidated worksheet when a parent uses the equity method because the parent company total assets are not equal to consolidated total assets.
Answer:
The Journal entry is as follows:
Land A/c Dr. $400,850
To Cash A/c $100,850
To Notes payable $300,000
(To record purchase of land with cash and notes payable)
Workings:
Purchase price of land = $392,000
Total cost of land:
= Purchase price of land + Property taxes + Title insurance + Removal of building
= $392,000 + $2,100 + $950 + $5,800
= $400,850
