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Juliette [100K]
3 years ago
13

Fresh Veggies, Inc. (FVI), purchases land and a warehouse for $520,000. In addition to the purchase price, FVI makes the followi

ng expenditures related to the acquisition: broker's commission, $32,000; title insurance, $2,200; and miscellaneous closing costs, $6,400. The warehouse is immediately demolished at a cost of $32,000 in anticipation of building a new warehouse. Determine the amount FVI should record as the cost of the land.
Business
2 answers:
user100 [1]3 years ago
6 0

Answer: $519,000

Explanation:

Purchase Price 460000

Add Broker's Commission 26000

Add Title Insurance 1600

Add Misc .Closing Cost 5400

Add Warehouse demolistion cost 26000

Cost of Land 519000

Vilka [71]3 years ago
6 0

Answer:

The amount FVI should record as the cost of the land=$592,600

Explanation:

Given Data:

Land cost=$520,000

broker's commission=$32,000

title insurance=$2,200

Miscellaneous closing costs=$6,400

Demolition cost=$32,000

Required:

The amount FVI should record as the cost of the land=?

Solution:

Total Cost=Land cost+broker's commission+title insurance+ Miscellaneous closing costs+Demolition cost

Total Cost=$520,000+$32,000+$2,200+$6,400+$32,000

Total cost=$592,600

The amount FVI should record as the cost of the land=$592,600

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Vaughn Manufacturing can sell all the units it can produce of either Plain or Fancy but not both. Plain has a unit contribution
Annette [7]

Answer:

Vaughn should produce Plain as it makes greater profit.

Explanation:

Vaughn Manufacturing can sell all the units it can produce of either Plain or Fancy but not both.

Plain has a unit contribution margin of $86 and takes two machine hours to make and Fancy has a unit contribution margin of $111 and takes three machine hours to make.

There are 2400 machine hours available to manufacture a product.

Profit per machine hour for Plain

= \frac{86}{2}

= $43

Profit per machine hour for Fancy

= \frac{111}{3}

= $37

The difference in profit

= $43 - $37

= $6

Plain makes $6 more profit per machine hour than Fancy.

7 0
3 years ago
As time passes, fixed assets, other than land, lose their capacity to provide useful services. To account for this decrease in u
natta225 [31]

Answer:

depreciation

Explanation:

Based on the information provided within the question it can be said that the term that is being described in this question is called depreciation. This is the reduction in the value of an asset as time goes by, and is mainly due to the fact that the asset experiences wear and tear and is not in the same condition as it was when it was purchased, therefore there is less demand for it.

6 0
3 years ago
While waiting in line to buy two tacos at 75 cents each and a medium drink for 80 cents, Jordan notices that the restaurant has
puteri [66]

Answer:

The correct answer is $0,20.

Explanation:

The marginal cost, at each level of concrete production, indicates the costs we incurred in carrying out said production. Basically, it is an indicator that will allow us and help to make decisions regarding the preparation and production of goods and services.

In the previous case, the cost of buying two tacos for $ 75 each plus a $ 80 bedid is as follows:  

Tacos: $ 75 * 2 = $ 1,50

Drink: $ 80

TOTAL = 2,30

For its part, the second option is priced at $ 2,50

Subtracting the results, the marginal cost is defined as follows:

$ 2,50 - $ 2,30 = $ 0,20

6 0
3 years ago
_______ measures how many consumers in a market are familiar with the brand and what it stands for and have an opinion about it.
Anastasy [175]

Answer:

Brand Awareness

Explanation:

Brand Awareness measures how many consumers in a market are familiar with the brand and what it stands for and have an opinion about it. Brand awareness is further consisted of 2 elements:

1: Brand Recognition: is the ability of consumers to confirm previous exposures to brand when they are presented the brand as a cue. For example, if you go to a store, will you be able to recognize the brand to which you have been already exposed?

2: Brand Recall: It is the consumers ability to retrieve the brand from their memory if they are given product category or usage occasion as a cue. For example, when you think of carbonated drink, then what brand comes into your mind?

3 0
3 years ago
Molly's auto detailers maintains its records on the cash basis. During 2018, molly's collected $72,800 from customers and paid $
igor_vitrenko [27]

Accrued Net Income will be calculated as below:

Sales                                                    $72800

Less Expenses                                     $20400

Cash Income                                         $52400

Less: Depreciation                                 $4900

Add: Accounts Receivable Inc              $4500

Less: Reduction in Prepaid Exp             $1900

Add: Reduction in Acc Liab                    $1700

Accrued Income                                   $51800

Depreciation will be reduced as its an expense and all expenses will be reduced.

Increase in Accounts Recievables indicate there have been sales which have not been paid for yet, thus sales will increase and this needs to be added

Reduction in Prepaid Expenses refer to expenses being paid off earlier but now need to be recognised, thus these need to be added to expenses

Reduction in accrued liabilitites indicate that expenses of previous period have been paid off now thus those need to be reduced from cash expenses.

6 0
3 years ago
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