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Kamila [148]
3 years ago
5

On January 1, 2021, Laramie Inc. acquired land for $9.6 million. Laramie paid $2.9 in cash and signed a 6% note requiring the co

mpany to pay the remaining $6.7 million plus interest on December 31, 2022. An interest rate of 6% properly reflects the time value of money for this type of loan agreement. For what amount should Laramie record the purchase of land?
Business
1 answer:
Alexxandr [17]3 years ago
6 0

Answer:

$9.6 million

Explanation:

The amount Laramie would record in its books of account in respect of the land acquisition cost is the sum of the cash paid now and the notes payable .

That effectively gives acquisition cost of $9.6 million ($2.9 million+$6.7 million).

The interest payable on the notes payable of $6.7 million would be treated as expense in the income statement of years 2021 and 2022 respectively without being added to the acquisition cost since it is a revenue expense and should not be capitalized.

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The main outputs of which process are a quality management plan, quality metrics, project management plan updates, and project d
Ray Of Light [21]

Answer:

Process asset updates.

Explanation:

Quality assurance assessments, validated modifications, authenticated deliverables, performance at work indicators, configuration management, project management plan modifications, project document security patches, and organisational process asset updates are the key outputs of quality assurance.

3 0
2 years ago
Bailee works approximately 60 hours each week as an account executive with an advertising agency and rarely has time to shop. Sh
Papessa [141]

Answer:

Correct option is (a)

Explanation:

Convenience is one the most important benefit offered by online shopping websites. Not every fashion store offers services round the clock. The biggest advantage of online shopping is that it is one stop destination to purchase all types of products. It offers anytime anywhere shopping experience with no extra efforts in terms of time and waiting in queues. Products are delivered to the customer's doorsteps.

Bailee works 60 hours a week and has no time for going out for shopping. She loves the convenience of shopping online as she can shop sitting at home even at midnight and the product is delivered to her within 24 hours.

6 0
2 years ago
ren Pork Company uses the value basis of allocating joint costs in its production of pork products. Relevant information for the
Alex

Answer:

Allocated costs Loin Chop= $5,590

Explanation:

Giving the following information:

Product - Pounds - Price/lb.

Loin chops 3,000lb $ 5.00/lb

Ground 10,000lb $2.00/lb

Ribs 4,000lb $4.75/lb

Bacon 6,000lb $3.50/lb

The total joint cost for the current period was $43,000

First, we need to calculate the weighted average lb participation of Loin Chops:

Total lb= 23,000

Weighted average lb= 3,000/23,000= 0.13

Now, we can allocate the joint costs:

Loin Chop= $43,000*0.13= $5,590

7 0
3 years ago
A description of the future one envisions for a business, including what one plans to do and how one plans to do it, is called _
Arturiano [62]

Answer:

planning ( b )

Explanation:

planning for a business involves all the components of a business idea and how to carryout such business idea in the open market in other to be successful and profitable.

hence the description of the future one envisions for a business and what one plans  to do and how to do them is embodied in the planning stage of the business. while the Brainstorming session/stage of the business cycle deals with finding solutions to already existing challenges. also surveying is used to measure what kind of business one should be involved with.

4 0
3 years ago
Chip Off The Old Block is a new chocolate chip cookie created by the Arizona Cookie Company. To generate interest for this new p
Westkost [7]

Answer:

C) sales promotion.

Explanation:

Sales promotions are the activities that a business conducts to persuade a customer to buy. There are marketing pull strategies aimed at stimulating sales. Sales promotions also mean extra incentives given to salespeople and retailers to increase sales.

Sales promotion are short term measures used to boost sales or introduce a product to the market. Arizona cookies expect the customers will enjoy the free cookies and use the free coupons to buy more. By giving the free samples, Arizona is introducing its products to new customers with the anticipation of growing its sales. Other methods of sales promotions include competitions and loyalty points.

8 0
3 years ago
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