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
Lisa [10]
3 years ago
5

Kelly Corp. barters with Ace Corporation for goods that are similar in nature and value. The value of the goods was $1,000. The

cost of the goods was $400. If Kelly uses IFRS to prepare financial statements, what amount should Kelly recognize as income?
a. $1,000.
b. $0.
c. $400.
d. $600.
Business
1 answer:
mixas84 [53]3 years ago
4 0

Answer:

Option 1 is correct because Income is the amount that we receive from our customers when we sell them our product. In this case, the amount should be received was $1000, which the Kelly can use to buy the product she has exchanged its product with the item.

The entry will be contra entry:

Dr    Purchases   $1000

CR                Income   $1000

You might be interested in
In a gift of a parcel of real estate, one of the two owners was given an undivided 60 percent interest and the other received an
hram777 [196]

Answer:

D) Tenants in common

Explanation:

To be tenants in common you must be part of a tenancy in common agreement. A tenancy in common agreement is a situation in which 2 or more people hold interest in a property and each owner has the right to leave their share of the property to a beneficiary upon their death.

This doesn’t mean you own separate parts, but that you have separate interest in the whole property.

Tenants in common can have different ownership interests, e.g. Smith may own 60% of a property and Michael may own 40%.

4 0
3 years ago
All of these are functions of money EXCEPT :________
tino4ka555 [31]

Answer:

c

Explanation:

it doesn't make sense to be a function of money

8 0
2 years ago
f pat and chris each spend half their time on each task then: the outcome will be efficient they will plant more bulbs
12345 [234]

false pat and chris each spend half their time on each task then: the outcome will be efficient they will plant more bulbs

<h3>What is efficient?</h3>

Efficiency is the ability to avoid wasting materials, energy, efforts, money, and time while doing something or producing a desired result. In a broader sense, it is the ability to do things well, successfully, and efficiently.

The work efficiency formula is efficiency = output / input, and the result can be multiplied by 100 to calculate work efficiency as a percentage. This is used in a variety of energy and work measurement methods, such as energy production and machine efficiency.

Business efficiency refers to how much a company or organization can produce given the time, money, and resources available.

To know more about efficient follow the link:

brainly.com/question/26152499

#SPJ4

3 0
2 years ago
Matt purchased a 20-year par value bond with an annual coupon rate of 8% compounded semiannually for a price of 1722.25. The cou
finlep [7]

Answer:

(b) 1440

Explanation:

As the coupon rate of 8% is greater than the yield to maturity (YTM) of 6% annually, the bond is selling at a premium. Hence, the bond will be called at the earliest i.e. 15 years.

Coupon = Call Price * Semi-annual coupon rate = X * [0.08 / 2] = X * 0.04

Yield to call = 6% annually = 3% semi-annually

Time = 15 years * 2 = 30

We know that,

Current Price of bond = Coupon * [1 - (1 + YTC)-call date] / YTC + Call Price / (1 + YTC)call date

  • 1,722.25 = [X * 0.04] * [1 - (1 + 0.03)-30] / 0.03 + [X / (1 + 0.03)30]

  • 1,722.25 = [X * 0.04] * 19.60 + [X * 0.41]

  • 1,722.25 = X * [(0.04 * 19.60) + 0.41]

  • 1,722.25 = X * 1.194

  • X = 1,722.25 / 1.194
  • X=$ 1,442.42 \approx $ 1,440

4 0
3 years ago
10 POINTS PLEASE HELP ASAP
saul85 [17]

Answer:

I wanna say D

Explanation:

hope that helps

3 0
3 years ago
Other questions:
  • How can u keep a converstaion going with somebody
    6·2 answers
  • Suppose price is initially $20, but then decreases to $15. The absolute value of the percentage change in price (using the midpo
    11·2 answers
  • Doing taxes, taking people's blood pressure, and using video editing software are examples of _______ skills.
    5·1 answer
  • On October 1, Eder Fabrication borrowed $55 million and issued a nine-month, 13% promissory note. Interest was payable at maturi
    11·1 answer
  • 11) One tenet of classical economics is that A) the role of the government should be limited, since the market will always be se
    13·1 answer
  • A,B,C, or D on 8-10__________
    7·1 answer
  • Makoto Corp. prepared the following reconciliation of income per books with income per tax return for the year ended December 31
    9·1 answer
  • Phil deposits his money in the bank and earns _____. The bank uses part of Phil's money to make _____.
    8·2 answers
  • Identity theft and financial fraud<br> have declined in recent years.<br> TRUE,<br> FALSE
    12·2 answers
  • Comparing Stock and Cash Dividends
    10·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!