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zlopas [31]
3 years ago
15

Land was acquired in 2021 for a future building site at a cost of $41,500. The assessed valuation for tax purposes is $28,200, a

qualified appraiser placed its value at $49,300, and a recent firm offer for the land was for a cash payment of $44,800. The land should be reported in the financial statements at:
Business
1 answer:
alexira [117]3 years ago
8 0

Answer:

The land should be reported in the financial statements at $41,500

Explanation:

The company will report the asset value in the financial statements as their original purchase price of $40,300. Under Historical cost principle, the price of an asset on the balance sheet is always based on the original cost when the company purchased the asset. It follows the Generally Accepted Accounting Principles (GAAP) which is widely accepted. Therefore the land is reported in the financial statements at its purchase value of $41,500

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In economics, decisions are necessary because ________ are scarce, while ________ are practically unlimited.
sasho [114]

In economics, decisions are necessary because resources are scarce, while wants and needs are practically unlimited.

<h3>What is economic?</h3>

Economics examines how products and services are produced, distributed, and consumed as well as the decisions that people, corporations, communities, and countries make when distributing funds.

There are enormous people who are living in this world and all of them have some kind of need or want them to need to fulfill and also which means that there will be limited resources that will be available to them in the near future also.

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1 year ago
Why does excessive fishing occur?
Diano4ka-milaya [45]

Explanation:

Growth overfishing occurs when fish are harvested at an average size that is smaller than the size that would produce the maximum yield per recruit.

8 0
2 years ago
The Midwest Division of Grainger Company has investment center average invested assets of $200,000 and investment center income
EleoNora [17]

The return on investment for this division is (B) 20%.

<h3>What is the return on investment (ROI)?</h3>
  • Return on investment (ROI) or return on costs (ROC) is a ratio of net income to investment over time (costs resulting from an investment of some resources at a point in time).
  • A high ROI indicates that the benefits of the investment outweigh the costs.
  • ROI is used as a performance indicator to evaluate the efficiency of an investment or to compare the efficiencies of several investments.
  • It is one method of connecting profits to capital invested in economic terms.

<h3>To find the return on investment for this division:</h3>

= income/average invested assets

= $40,000/$200,000

= return on investment

= 20%

Therefore, the return on investment for this division is (B) 20%.

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Correct question:

The Midwest Division of Grainger Company has an investment center average invested assets of $200,000 and an investment center income of $40,000. What is the return on investment for this division?

(A) 500%

(B) 20%

(C) 25%

(D) 80%

4 0
2 years ago
Recording purchases made for cash and on account. LO 8-1 Lewis Corporation engaged in the following transactions during June. DA
vampirchik [111]

Answer:

(A) June 4

Inventory debit 1,065

Accounts Payable credit 1,065

(B) June 15

Inventory debit 1,550

Cash credit 1,550

(C) June 30

Accounts Payable debit 1,065

Cash credit 1,065

Explanation:

(A) there is no information or suggestion that Lweis will take the discount, we post as it was nominal, if later on it is paid within the discount period, we will recognize it. <u>No discount is recorded</u>

(B) Simple: increase the inventory receive and decrease cash by the amount paid.

(C) We settle the account payable for the nominal of the purchase.

It wasn't within the discount period. So <u>no discount is granted.</u>

5 0
3 years ago
At December 31, Amy Jo's Appliances had account balances in Accounts Receivable of $302,000 and in Allowance for Uncollectible A
Lunna [17]

Answer:

$870

Explanation:

When a company makes sales on account, debit accounts receivable and credit sales. Based on assessment, some or all of the receivables may be uncollectible.  

To account for this, debit bad debit expense and credit allowance for doubtful debt. Should the debt become uncollectible (i.e go bad), debit allowance for doubtful debt and credit accounts receivable.

Allowance for uncollectible accounts at 5%

= 5% * $302,000

= $1,510

Since the Allowance for Uncollectible Accounts was $640 (credit) before any adjustments, the bad debt expense for the year

= $1,510 - $640

= $870

8 0
3 years ago
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