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adelina 88 [10]
4 years ago
7

On 3/15/20, Robertson Corp. bought land from Lear, Inc. for $248,000. Lear had carried the land on its books at $240,000. Robert

son paid $50,000 in cash and signed a note payable for the balance. On 12/19/20, Davis Co. offered to buy the land from Robertson for $252,000. On its 12/31/20 balance sheet, Robertson should show the land account at:
Business
1 answer:
ruslelena [56]4 years ago
4 0

Answer:

$248,000

Explanation:

According to the historical cost principle, the fixed assets should be recorded at the purchase price or the acquired price.

Since in the question it is mentioned that the land is purchased from Lear inc for $248,000 and the other transactions are also there

So here the land should be recorded at the purchase price i.e. $248,000

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Small businesses are important to the U.S. economy because
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Answer:

D) They create about 65% of new jobs each year and generate over 50% of the U.S. GDP.

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3 years ago
Consider a firm with a 2013 net income of $20 million, revenue of $60 million, and cost of goods sold of $25 million. If the bal
Nostrana [21]

Answer:

Weeks of supply = 4.16 weeks

Explanation:

given data

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cost of goods sold = $25 million

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to find out

how many weeks of supply does the firm hold

solution

we know here that Weeks of supply will be express as

Weeks of supply = \frac{average inventory}{cost of goods sold} × 52 weeks          ....................................1

so put here value we get weeks of supply

Weeks of supply =  \frac{2}{25} × 52 weeks

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3 years ago
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3 years ago
Read 2 more answers
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