All categories

3 years ago

Riverwood Properties bought three lots in a subdivision for a? lump-sum price. An independent appraiser valued the lots as?

Business

1 answer:

Law Incorporation [45]3 years ago

8 0

Answer:

Explanation:

The cost allocation of each lot is presented below:

(A) (B) (A × B)

Lot Appraised Value Percentage Purchase value Allocated cost

Lot 1 $76,500 15% $355,000 $53,250

Lot 2 $229,500 45% $355,000 $159,750

Lot 3 $204,000 40% $355,000 $142,000

Total $510,000 100% $355,000

Now the journal entry would be

Land - Lot 1 $53,250

Land - Lot 2 $159,750

Land - Lot 3 $142,000

To Cash A/c $355,000

(Being the lots are purchased for cash)

You might be interested in

Vivian worked as a manager at her company. She was asked to order a few cars that would be used by company employees. Which best

Arada [10]

To ensure that her company is being socially responsible, Vivian should ensure that the cars are environmentally friendly. Being socially responsible means you do what is best for planet, people, and profits. In this case, taking care of the planet means choosing the car that is the most environmentally friendly.

3 0

3 years ago

Gulliver, Inc., which uses a process-costing system, transfers completed production from Department no. 1 to Department no. 2 fo

12345 [234]

Answer:

d. Work-in-Process Inventory: Department no. 2.

Explanation:

The profuct is Transferred from Department 1 to Department 2. The cost in in the work in process of Department 1 which will be trasnferred to next department.

Following Journal entries will be recorded for this event.

Dr. Cr.

Work-in-Process Inventory: Department no. 2. xxx

Work-in-Process Inventory: Department no. 1 xxx

5 0

3 years ago

Bonita Corporation had net sales of $2,409,200 and interest revenue of $38,100 during 2020. Expenses for 2020 were cost of goods

____ [38]

Answer:

net income: $ 451,010

EPS: $ 6.32 per share

Explanation:

net sales 2,409,200

cost of good sold (1,464,600)

gross profit: 944,600

operating expenses:

selling expenses (284,000)

operating income 660,600

non operating:

interest revenue 38,100

interest expense (54,400)

non operating expense (16,300)

earning before taxes: 644,300

tax expense: 30% 193,260

net income 451,010

shares outstanding 71,390

Earning per share: 451,010/71,390 = 6,31755

4 0

3 years ago

Which dimension of the Big Five model refers to an individual's propensity to defer to others? A) conscientiousness B) agreeable

lisabon 2012 [21]

Answer:

agreeableness

Explanation:

Emotional stability measures the ability to withstand stress.

Conscientiousness measures the ability of a person to be reliable and organised.

Openness to experience measures interests and fascination with new things and experiences.

Extraversion measures the degree to which a person likes being with other people.

I hope my answer helps you

6 0

3 years ago

Read 2 more answers

An important item that should be included within a job description is the job _______as this provides the situations or conditio

andreyandreev [35.5K]

Answer:

An important item that should be included within a job description is the job context as this provides the situations or conditions where the employee performs the job.

6 0

2 years ago