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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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At the beginning of the project, it may not be possible to estimate the costs for all activities with a level of confidence rega
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Answer: Longer-term project

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At the beginning of a project, it may not be possible to estimate the costs for all activities with some levels of confidence regarding their accuracy if the project isn't a short-term project, because it's not really possible to accurately fortell the costs of unforseeable outcomes and factors that may affect the project in one way or the other in the long run.

5 0
3 years ago
Marcos owns 1,500 shares of ABC stock which he purchased at $44 a share. The stock has been steadily decreasing in value and he
ch4aika [34]

Answer:

Market sell order for 1,500 shares

Explanation:

The type of order that Marcos should place is Market sell order for 1,500 shares because he already owns 1,500 shares of the ABC stock in which the ABC stock shares was purchased at $44 per share.

Since the stock has been decreasing in value in which he wants to cut his losses now because the stock price may continue to decrease, the best thing for him to do is to use the Market sell order for the 1,500 shares in order to cut the losses that may arise and to avoid losing all the Total amount of the shares bought which is $66,000 ( 1,500 shares ×$44).

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3 years ago
You are asked to send out an important letter to your business associates in Japan, and it must be sent within the next 90 minut
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2 years ago
Kelly inc. sold $930,000 worth of goods during the year, out of which $820,000 was on credit. accounts receivable at the beginni
vazorg [7]

Answer:

The accounts receivable turnover of Kelly for the year is 7.8

Explanation:

The formula for computing the accounts receivable turnover of Kelly for the year is as:

Accounts receivable turnover = Net Credit Sales / Average Accounts receivable

where

Net credit sales amounts to $820,000

Average accounts receivable formula is as:

Average accounts receivable = Beginning Accounts receivable + Ending Accounts receivable / 2

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So, putting the values above as:

Accounts receivable turnover = $820,000 / $105,000

Accounts receivable turnover = 7.80

7 0
3 years ago
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