Answer: B. the asset's acquisition cost less the total related depreciation recorded to date.
Explanation:
Plant Assets will depreciate over the years or as they are used. For this reason, they need to be recorded at a value that takes this into consideration and this value is the Book Value.
The Book value is the cost of the asset less the total depreciation that the asset has accrued over the years up until that point. If the cost of machinery was $5,000 when it was bought but has depreciated by $3,500, the book value will be $1,500.
If a manufacturing unit uses all its resources efficiently, the production rate of the unit will increase. The waste produced will be minimized and more profit will be gained. The manufacturing unit will also have a greater opportunity of being improved.<span />
Answer:
c. John's capital account for $41,400
Explanation:
Based on this information it can be said that in this scenario the journal entry to record the admission of John as a new partner would include a credit to John's capital account for $41,400. This is mainly because even though Bobbi sold his interest for $63,900 his actual interest capital in the partnership was that of $41,400 .... meaning that John now holds a partnership capital of $41,400 and the Bobbi profited $22,500
All of these rely on the the production budget except selling and administrative expenses.
<h3>What is production budget?</h3>
Production budget refers to budget prepared with regard of the manufacturing under taken while producing the goods and services in the organization.
It includes all the expenses incurred in the process of the production such as the direct labor, cost of the raw material, manufacturing overhead.
Selling and administration expenses are not directly related to the production expenses but they help in the activity of the production. They are kind of non- production expenses.
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Balance sheet.
The balance sheet shows assets, liabilities, and stockholder's equity. Buying the van on credit would be a liability.