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Grace [21]
3 years ago
15

Jason Thompson purchase an office building 10 years ago for $780,000. The building was just appraisal $1.25 million. What value

should be used for the building in Jason's accounting records?
Business
1 answer:
Kamila [148]3 years ago
8 0

Answer:

No adjustment in records can be made until the asset is sold.

Explanation:

This is an example of cost concept. Assets are generally recorded at cost and remain on the accounting records at cost until they are disposed of. Future economic condition may change this appraised value, and therefore no adjustment in records can be made until the asset is sold.

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stock sells for $100 rights-on, and the subscription price is $90. Ten rights are required to purchase one share. Tomorrow the s
m_a_m_a [10]

Answer:

$99.09

Explanation:

Calculation for What is Tricki's expected price when it begins trading ex-rights

Using this formula

Expected price=Stock rights-on- [ (Stock rights-on-Subscription price)÷(10 rights+ One share)]

Let plug in the formula

Expected price=$100-[($100-$90)÷(10+1)]

Expected price=$100-($10÷11)

Expected price=$100-$0.91

Expected price=$99.09

Therefore Tricki's expected price when it begins trading ex-rights will be $99.09

3 0
3 years ago
Diana invests $11,000 into two accounts. One account earns 9% interest and the other earns 15% interest. After one year her tota
inysia [295]

Answer:

1.15X + 1.09(11000 - X) = 11000 + 1452

1.15X + 11990 - 1.09X = 12452

0.06X = 462

X = 7700

The answer is

7700

Explanation:

5 0
3 years ago
Rusty Corporation purchased a rust-inhibiting machine by paying $56,500 cash on the purchase date and agreed to pay $11,300 ever
kolbaska11 [484]

Answer:

Find the multiple choices below:

A) 133,900

B) 82,400

C) 123,803

D) 79,323

The correct option is D,79,323

Explanation:

The liability to be reported can be ascertained by using the pv formula in excel.

The pv implies present value of future cash flows of $11,300 every three months.

The applicable formula is :=-pv(rate,nper,pmt,fv)

the rate is quarterly rate of 12%/4=3%

nper is the number of times the $11,300 would be paid 2*4=8 times

pmt is the quarterly payment of $11,300

fv is the future value which is unknown and taken as zero

=-pv(3%,8,-11,300,0)

pv=$79,322.52  

This is the liability that would be shown on the balance sheet after the initial payment of $56,500

4 0
3 years ago
Teresa rents her apartment for ​$860860 per​ month, utilities not included. When she moved​ in, she paid a ​$700700 security dep
Akimi4 [234]

Answer:

$10,425

Explanation:

The computation of total annual costs of renting is shown below:-

Total annual costs of renting = Annual cost of rent + Annual insurance cost + Interest lost

= ($860 × 12) + $84 + ($700 × 3%)

= $10,320 + $84 + $21

= $10,425

Therefore computing the total annual costs of renting we simply applied the above formula.

5 0
3 years ago
The following are all the steps in the accounting cycle. List them in the order in which they should be done. - Closing entries
AlexFokin [52]

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.

3 0
3 years ago
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