Answer:
Explanation:
The cost allocation of each lot is presented below:
(A) (B) (A × B)
Lot Appraised Value Percentage Purchase value Allocated cost
Lot 1 $76,500 15% $355,000 $53,250
Lot 2 $229,500 45% $355,000 $159,750
Lot 3 $204,000 40% $355,000 $142,000
Total $510,000 100% $355,000
Now the journal entry would be
Land - Lot 1 $53,250
Land - Lot 2 $159,750
Land - Lot 3 $142,000
To Cash A/c $355,000
(Being the lots are purchased for cash)
Answer:
PART A:
For preparing the predistribution plan we first caluclate the order of partnership elimination based on their capital accounts and the profit sharing ratio.
The lowest capital contributor is eliminated first and so on. Which is attached in figure 1
Then we prepared the predistribution plan which is attached in figure 2
PART B
The statement is attached in figure 3
Answer:
Common Stock $3,400 (credit)
Mower $1,600 (debit)
Revenue Service $1,000 (credit)
Cash $2,600 (debit)
Gas Expense $100 (debit)
Dividends $0
Explanation:
See below the posting i have done to the ledger accounts.
Mower T - Account
Debit :
Accounts Payable $1,600
Credit :
Balance c/d $1,600
Revenue Service T - Account
Debit :
Balance c/d $1,000
Credit :
Account Receivable $1,000
Cash T - Account
Debit :
Common Stock $3,400
Credit :
Gas Expense $100
Dividends $700
Balance c/d $2,600
Gas Expense T - Account
Debit :
Cash $100
Credit :
Balance c/d $100
Dividends - T Account
Debit :
Shareholders for dividends $700
Credit :
Cash $700
Answer:
A. Request confirmation of a sample of the inactive account.
Explanation:
In the confirmation of accounts receivable, the auditor would most likely Request confirmation of a sample of the inactive accounts .
Answer:
The correct answers are the following:
1 - C
2 - B
3 - D
4 - A
Explanation:
1 - C: The market labor demand curve is represented graphically by the relationship between the wage rate and the quantity of labor firms are willing to hire in a market due to the fact that the firms are the ones who are looking for workers and therefore they demand it.
2 - B: The market labor supply curve is represented graphically by the relationship between the wage rate and the quantity of labor that the workers are willing to provide due to the fact that they are the one who put their work in the market in order to be used.
3 - D: The marginal product of labor represents the increase in the amount of output from an additional unit of labor that an additional worker puts in the firm.
4 - A: The value of the marginal product of labor comprehends the additional revenue the firm receives from selling the output produced from and additional unit of labor that an additional worker put in the firm.
