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shusha [124]
3 years ago
13

When plant assets are purchased as a group in a single transaction for a lump-sum price, the cost of the purchase is allocated a

mong the different types of assets acquired based on their relative market values.
true or false
Business
1 answer:
butalik [34]3 years ago
8 0

Answer:

Statement is true

Explanation:

Sometimes several fixed assets are purchased together for a lump sum price. Single amount is paid for different classes of assets. In this case, these assets are recorded differently under fixed asset section in the balance sheet. Each asset is allocated cost based on their fair market value or market price.

This situation arises when a particular land is purchased along with adjacent structures. Single amount is paid for this transaction.

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How much should you save each year for maintaining your home
slega [8]

Answer:

According to the one percent rule, you should set aside at least one percent of your home's value every year for home maintenance. For a $360,000 house, this works out to $3,600 per year, or $300 per month.

6 0
3 years ago
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When supervisors directly oversee the actions of employees, monitoring employees' work and correcting problems as they occur, __
pickupchik [31]
The answer to this question is <span>concurrent control
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This type of control is used to make sure that employees will always meet company's expectation so the company could realize all of its planned goals.

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7 0
3 years ago
As of December 31, Year 1, Flowers Company had total assets of $220,000, total liabilities of $66,000, and common stock of $110,
liberstina [14]

Answer:

(b) After-closing balance in the Retained Earnings account on December 31, Year 1,

Total Stockholder's equity = Total assets - Total liabilities

                                            =  $220,000 - $66,000

                                            = $154,000

After-closing balance of Retained Earnings = Total Stockholder's equity - Common stock

                                                                        = $154,000 - $110,000

                                                                        = $44,000

(a) Before-closing balance in the Retained Earnings account on December 31, Year 1.

Net Income = Revenue - Expenses

                   = $40,000 -  $23,000

                   = $17,000

Before-closing balance of Retained Earnings:

= After-closing balance of Retained Earnings + Dividend paid - Net Income

= $44,000 + $3,200 - $17,000

= $30,200

(c) Before-closing balances in the following accounts:

Revenue = $40,000

Expenses = $23,000

Dividend = $3,200

(d) After-closing balances in the following accounts:

Revenue = $0

Expenses = $0

Dividend = $0

Because revenue and expenses are transferred to income statement and dividend are transferred to retained earnings.

6 0
3 years ago
Identify the mission and strategy of your automobile repair garage. What are the manifestations of the 10 OM decisions at the ga
Mamont248 [21]

Answer:mission and vision of the garage

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5 0
4 years ago
There are several methods used to classify restaurants, experts agree that the two main categories of restaurants would be:
ludmilkaskok [199]

Answer:

independent, chain are the answer

Explanation:

3 0
3 years ago
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