when valuing raw materials inventory at lower-of-cost-or-market, what is the meaning of the term market Replacement cost, Net realizable value, or Net realizable value less a normal profit margin.
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What is Replacement cost?</h3>
- The cost to replace a critical asset, such as a piece of real estate, an investment security, a lien, or another object, with one of equal or greater worth is referred to as replacement cost.
- A replacement cost, which is often referred to as "replacement value," can change depending on a variety of variables, including the cost of preparing assets for use and the market worth of the parts needed to rebuild or repurchase the asset.
- Replacement costs are frequently used by insurance companies to calculate the value of an insured item. Accountants, who use depreciation to expense the cost of an asset over its useful life, also regularly employ replacement costs.
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The right answer for the question that is being asked and shown above is that: "a cooperative a nonprofit organization." a semi-independent business that pays fees to a parent company in return for the exclusive right to sell a certain product or service in a given area called <span>a cooperative a nonprofit organization</span>
Answer:
Answered
Explanation:
The order of steps in the accounting cycle.
1 Transactions are analyzed and recorded in the journal.
2 Transactions are posted to the ledger.
3 An unadjusted trial balance is prepared.
4 Adjustment data are assembled and analyzed.
5 An optional end-of-period spreadsheet (work sheet) is prepared.
6 Adjusting entries are journalized and posted to the ledger.
7 An adjusted trial balance is prepared.
8 Financial statements are prepared.
9 Closing entries are journalized and posted to the ledger.
10 A post-closing trial balance is prepared.
Answer:
Blossom record $161,100 as cost of land.
Explanation:
Here, we are to calculate amount recorded as the cost of the land purchased by Blossom company.
We proceed mathematically;
From the question;
Calculation of land cost = cash payment + property tax value + Title and attorney fees + Grading cost
Cost of land = 150,000 + 5,200 + 2,000 + 3,900 = $161,100
Blossom record $161,100 as cost of land.
Answer:
B. has no effect on total assets.
Explanation:
Both cash and accounts receivable are assets. When a sale is made on credit, the entries required are debit accounts receivable and credit revenue.
On receipt of cash, debit cash and credit accounts receivable.
Hence the collection of a $1,000 Accounts Receivable will have no effect on total assets as one asset was credited ( a reduction) while the other was debited(an increase) by the same amount.
