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harkovskaia [24]
3 years ago
13

Land was acquired in 2021 for a future building site at a cost of $40,000. The assessed valuation for tax purposes is $27,000, a

qualified appraiser placed its value at $48,000, and a recent firm offer for the land was for a cash payment of $46,000. The land should be reported in the financial statements at:
Business
1 answer:
Aleks [24]3 years ago
8 0

Answer:

The land should be reported in the financial statements at $40,000

Explanation:

At the time of recording of the fixed assets, the fixed assets should be recorded at purchase cost or historical price

Since in the question, the land was purchased at $40,000 and moreover, it is assessed for the tax purpose for $27,000 and by other appraisers it was valued at $48,000 plus there is an offer of cash payment for $46,000

But at the time of recording, the balance sheet would show at the purchase price i.e $40,000

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Which of the following statements about the segment margin is not true? In preparing a segmented income statement, the variable
Trava [24]

Answer: The segment margin is obtained by deducting the common fixed costs that have been allocated to a segment from that segment's contribution margin

Explanation:

Segment margin is referred to the net profit or the net loss that a particular segment of a business makes. Segment margin is used to know segments that are performing well.

It is also used to know the long-run profitability of a particular segment as it shows the margin that is available after the cost has been covered by a segment.

Based on the above illustration, the statement that isn't true will be "the segment margin is obtained by deducting the common fixed costs that have been allocated to a segment from that segment's contribution margin".

This is false as segment margin is gotten after the traceable fixed costs of a segment has been subtracted from the contribution margin of that particular segment.

8 0
3 years ago
Which of the following statements is true?
nadezda [96]

Answer:

Correct option is (c)

Explanation:

MIS is the abbreviation for management information system. It helps managers organizing different tasks and departments within the organization.

It is a computer based software that enables retrieving past data, analyse present data and predict future data, thereby simplifying decision making process. As such, it can be said that MIS contributes or enables business success and innovation.

3 0
3 years ago
Orange manufactures orange juice. last month's total manufacturing costs for the operation included:_______
Black_prince [1.1K]

Orange manufactures orange juice. final month's overall production costs for the operation covered: Direct exertions, production overhead, and conversion fees.

Manufacturers are described because of the creation of recent merchandise, either from raw materials or components. Examples of products include car companies, bakeries, shoemakers, and tailors, as all of them create products, as opposed to presenting offerings.

Manufacturers are the making of products by means of hand or via gadgets that upon finishing touch the business sells to a customer. items utilized in manufacture may be raw substances or component components of a larger product. the production generally takes place on a massive-scale production line of equipment and professional exertions.

A manufacturer is any enterprise that produces completed items from uncooked substances. They sell these items to clients, wholesalers, distributors, shops, and different manufacturers trying to create more complicated gadgets. manufacturers typically persist with one form of the product.

Learn more about manufacturers here: brainly.com/question/26320301

#SPJ4

7 0
1 year ago
Gipple Corporation makes a product that uses a material with the quantity standard of 7.3 grams per unit of output and the price
noname [10]

Answer:

C) $300 U

Explanation:

Gipple Corporation

Material Quantity Variance = (Actual Quantity Used * Standard Unit Cost )-

( Standard Quantity Used * Standard Unit Cost )

Material Quantity Variance =(AQ* SP) -(SQ*SP)

Material Quantity Variance = (24,870* 6)- ( 7.3* 3400 *6)

Material Quantity Variance = (24,870* 6)- (24,820* 6)

Material Quantity Variance = 149220 - 148920

Material Quantity Variance = $300 Unfavorable

As actual quantity is greater than standard quantity it is unfavorable.

4 0
3 years ago
Wrangler Western has some of its jeans stone-washed under a contract with an independent contractor, Almos Garment Corp. If Almo
Novay_Z [31]

Answer:

The present of worth of machine operating cost is $ 228,061.55  

 

Explanation:

In calculating the present worth of the machine operating cost,I grew the cost of $34000 per year from year 3 onwards by 6% , thereafter I discounted the increased machine operating cost with the applicable discount factor in each year as shown in the attached spreadsheet.

Download xlsx
6 0
3 years ago
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