1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
3241004551 [841]
3 years ago
13

Additional sales were made to Larry by Bird in 2018; inventory costing $24,000 was transferred at a price of $40,000. Of this to

tal, 30% was not consumed until 2019. Larry should record equity income in Worthy in 2018 of _______.
Business
1 answer:
Alona [7]3 years ago
7 0

Answer:

$11,200

Explanation:

As not mentioned in the account. It is Assumed that the Larry and Bird are related parties and Bird made a sale at a transfer price of $40,000 with $24,000 cost of inventory.

Bird can only recognize the equity up to the ratio of inventory used or sold by the related party.

As 30% was not consumed then consumption will be 70%, so 70% of the income is realized and it will be recorded.

Equity Income = $40,000 - $24,000 = $16,000

Realized Equity income = $16,000 x 70% = $11,200

* There is some ambiguity in the question given.

You might be interested in
Amber’s academic adviser has asked her to set 3 academic goals for this semester. these goals are most likely to be accomplished
Kisachek [45]
Had to look for the options and here is my answer:

Since Amber was assigned by her academic adviser some academic goals, how these goals could be accomplished is by writing or noting down her goals. This way, she will have a guide on what to do first and the task will do done smoothly.
4 0
3 years ago
Gnosis Inc. is an energy drink manufacturer. A white racing stag on a purple background is the logo on all of its drinks. When c
xz_007 [3.2K]

Given that the logo of the brand is what makes people to buy when they see it, it is an example of a retrieval cue.

<h3>What is a retrieval cue?</h3>

This is the cognitive and the phsyical environment of a person that helps them to recall certain things.

The cue here helps people to but the brand of this drink because they have become so familiar with it.

Read more on business here: brainly.com/question/24553900

#SPJ1

3 0
2 years ago
Both parties to a valid and enforceable contract must provide consideration. In a contract for the sale and purchase of real est
Wittaler [7]

Answer:

The correct answer is C

Explanation:

The seller consideration is the consideration which is defined as to take the property off the place as well as the market it into the escrow.

For example, if the buyer wants to bought the house, then the buyer will provide an earnest amount of money deposit (it will be the consideration of the buyer), and the seller would agree to sell the home to the buyer (it is the seller consideration).

So, in the agreement of sale and the purchase of the real estate, the seller consideration is to give the property to the buyer.

3 0
3 years ago
Identify the importance of accounting by selecting the statement that is correct below. Multiple choice question. Accounting inf
Zielflug [23.3K]

Answer:

Accounting information helps users make business and financial decisions.

Explanation:

Users of accounting information are divided into :

  1. Internal users
  2. External users

Internal users include : owners, managers, employees

External users include : shareholders, tax authority, regulatory bodies

Based on the information contained in the financial information a shareholder can decide if to invest in a company or not to.

Also, mangers can decide to invest in new ventures based on the information on profitability contained in the financial statements.

6 0
3 years ago
Select the statement which best describes the primary purpose of closing entries a. To complete the recording of various transac
ValentinkaMS [17]

Answer: c. To reduce the balances of revenue and expense accounts to zero so that they may be used to accumulate the revenues and expenses of the next period.

Explanation:

Closing entries are the journal entries that are made at the end of an accounting period in order to be able to transfer temporary accounts to the permanent accounts.

The primary purpose of closing entries is to reduce the balances of revenue and expense accounts to zero so that they may be used to accumulate the revenues and expenses of the next period.

Therefore, the correct option is C.

7 0
2 years ago
Other questions:
  • In an effort to save money for early retirement, an environmental engineer plans to deposit $1200 per month starting one month f
    6·1 answer
  • Which of the following would cause a shift in the demand curve loading from point A to point B?
    7·1 answer
  • Describe at least three other investments you want to make with your income either now or someday in the future. Explain why you
    15·2 answers
  • Selected financial statement information and additional data for Crane Co. is presented below. December 31 2019 2020 Cash $38,00
    15·1 answer
  • Johanna agrees to purchase Jessie’s land so that she can build a golf course. They write a contract, and Johanna transfers the d
    15·1 answer
  • Do you think a luxury brand can ever be called good value? Explain your answer
    9·1 answer
  • CHRISTIE IS THINKING ABOUT GETTING A TERM LIFE insurance policy. She currently makes $75,000 a year. Her husband, Chip, is a sta
    8·1 answer
  • Example of how this skill can make you valuable to potential employer of self and social awareness
    7·1 answer
  • The question are on the picture...can someone help me ?​
    8·1 answer
  • You buy a $100 ticket to a theme park and once inside you can ride on as many rides as you want at no extra cost. In this case,
    13·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!