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borishaifa [10]
3 years ago
7

Elway Company purchases land for $85,000 cash. Elway assumes $2,500 in property taxes due on the land. The title and attorney fe

es totaled $1,000. Elway has the land graded for $2,200. They paid $10,000 for paving of a parking lot. What amount does Elway record as the cost for the land?a. $88,200b. $100,700c. $90,700d. $85,000
Business
1 answer:
defon3 years ago
3 0

Answer:

c. $90,700

Explanation:

The computation of the cost of the land is shown below:

= Purchase cost of land + property taxes + attorney fees + land graded cost

= $85,000 + $2,500 + $1,000 + $2,200

= $90,700

We added the property taxes, attorney fees, and the land graded cost to the purchase cost of the land. We do not include the parking lot expenses

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On March 15, a fire destroyed Blossom Company's entire retail inventory. The inventory on hand as of January 1 totaled $5300000.
Svet_ta [14]

Answer:

The value of inventory destroyed=$4,082,000

Explanation:

<em>The value of the inventory destroyed is the difference between the the cost of the total goods available for sale and the cost of goods sold</em>

The value of inventory destroyed = cost of goods available for sale - value of inventory sold

Cost of goods sold = 3540,000 - (20%×  3540,000)= 2,832,000

The cost of goods available for dale = opening inventory + purchases + freight charges

$5300000 + $1432000 +  $182000 = 6,914,000

The value of inventory destroyed = 6,914,000 - 2,832,000 = 4082000

The value of inventory destroyed=$4,082,000

7 0
3 years ago
If you are busy with another customer when someone comes in, what can you do? select one:
prohojiy [21]
Ab. smile at them and make eye contact while you continue to help the first customer so they know they were recognized and not being ignored.
7 0
3 years ago
Olga buys a bag of potato chips every day after her economics class. The first potato chip always tastes wonderful. The second d
xxMikexx [17]
Olga buys a bad of potato’s so B
5 0
3 years ago
A businesswoman is upset with her husband. She channels this anger into her work and increases her productivity dramatically. Th
MArishka [77]

Answer:

Sublimation

Explanation:

Sublimation is the process of channelling negative, socially-unacceptable feelings, toward productive, or socially-acceptable abilities.

The concept was developed by Freud, especially in his work "Madness and Civilization".

Freud basically said that sublimation is what allowed humans to live in society, however, he also warned that sublimation did not always work, and some people were less likely to behave than others, leading to for example, the presence of criminality and antisocial behaviour.

6 0
3 years ago
Here I Sit Sofas has 7,100 shares of common stock outstanding at a price of $94 per share. There are 600 bonds that mature in 30
Zinaida [17]

Answer:

Weight of debt = 57.83 %

Explanation:

given data

number of shares =  7,100

price = $94 per share

number of bonds = 600

mature time = 30 year s

coupon rate = 6.8 percent

bonds par value = $2,000

sell = 108.5 percent

stock outstanding = 6,000 shares

stock outstanding price = $47 per share

to find out

capital structure weight of the debt

solution

first we get here Equity market value that is express as

Equity market value = number of shares × price per share

Equity market value = 7100 × $94

Equity market value = $667,400

and  

current debt value will be here as

current debt value = number of bonds × price per bond

current debt value = 600 × (1.085 × 2000)

current debt value = $1,302,000

and now Preferred stock value will be

Preferred stock value = stock outstanding × stock outstanding price

Preferred stock value = 6,000  × $47

Preferred stock value = $282000

and total capital will be as  

Total capital = Equity market value + current debt value + preferred stock value ..................1

put here value

Total capital =  $667,400 +  $1,302,000 + $282000

total capital = $2251400

so here Weight of debt will be

Weight of debt = debt value ÷ total capital ..............2

Weight of debt = \frac{1,302,000}{2251400}

Weight of debt = 0.578306

Weight of debt = 57.83 %

6 0
3 years ago
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