<span>When determining the value of raw land, there is a relatively fixed amount of supply; therefore, the value of land is primarily determined by demand?
Because land isn't something we can just add in to the world, there is a fixed amount of supply available to us as a resource. When the supply becomes scarce, it is easy for the value of land to go up because if demand is high and there is a low amount the price can be higher since there is less competition of the same. </span>
Answer:
See below
Explanation:
Required 1
Overhead rate
= Overhead costs ÷ Direct material cost
= [$612,000 ÷ $1,800,000] × 100
= 34%
Required 2
Total cost of job in process
$90,000
Less: Materials cost of job in process
($27,000)
Less: Overhead applied (34% × $27,000)
($9,180)
Direct labor cost
$53,820
Answer:
True
Explanation:
The answer to this question is true. The recording of assets is usually done at cost. This is equivalent to the value that was exchanged when the asset was sold. In a country like the United States for example, if an asset such as a land or machine gets to appreciate in value after a period of time, it is not usually revalued. Therefore the answer to this question is true.
Answer:
When interest rates change, there are real-world effects on the ways that consumers and businesses can access credit to make necessary purchases and plan their finances. It even affects some life insurance policies. This article explores how consumers will pay more for the capital required to make purchases and why businesses will face higher costs tied to expanding their operations and funding payrolls when the Fed changes the interest rate. However, the preceding entities are not the only ones that suffer due to higher costs, as this article explains.
Explanation:
Answer:
Dec. 2.
Dr. Inventory $4,000
Cr. Troy $4,000
Dec. 3.
Dr. Rent Expense $2,600
Cr. Cash $2,600
Dec. 5.
Dr. Office Supplies $450
Cr. Rigby Supply $450
Dec. 8.
Dr. Utility Expense $590
Cr. Cash $590
Dec. 9.
Dr. Equipment $6,500
Cr. Alright Equipment $6,500
Dec. 10.
Dr. Alright Equipment $6,500
Cr. Equipment $6,500
Dec. 11.
Dr. Troy $4,000
Cr. Discount received $40
Cr. Cash $3,960
Explanation:
Dec. 11
The terms 1/10 n/30 mean there is a discount of 1% available on the payment to be made in 10 days of the purchase. The net credit period is 30 days. As the payment is made within the discount period, hence the payment will be made net of discount.
Discount on Purchase = $4,000 x 1% = $40
Payment = Total amount due - Discount = $4,000 -$40 = $3,960