1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
Mamont248 [21]
3 years ago
14

Horton Stores exchanged land and cash of $5,300 for similar land. The book value and the fair value of the land were $88,400 and

$100,800, respectively. Assuming that the exchange lacks commercial substance, Horton would record land-new and a gain/(loss) of: Land Gain/(loss) a. $ 106,100 $ 0 b. $ 106,100 $ 12,400 c. 93700 $ 0 d. $ 93,700 $ 12,400
Business
1 answer:
solmaris [256]3 years ago
6 0

Answer:

c.- 93,700  // 0

Explanation:

As it lacks commercial substance neither Horton nor the other parti will recognize gain/loss on the trade.

Horton will recognize the new land for the value traded without a gain/loss entry:

Land  93,700 (88,400 + 5,300 cash)  debit

   Cash              5,300 credit

   Land            88,400 credit

--to record trade of land without commercial subtance--

You might be interested in
Genent%E2%80%8B Industries, Inc.%E2%80%8B (GII), developed standard costs for direct material and direct labor. In%E2%80%8B 2017
Sliva [168]

Answer:

Direct material price variance

= (Standard price - Actual price) x Actual quantity purchased

= ($10 - $7) x 1,300 pounds

= $3,900(F)

Explanation:

Direct material price variance is the difference between standard price and actual price multiplied by actual quantity purchased.

7 0
3 years ago
Define �cost� as applied to the valuation of inventories.
padilas [110]
Cost is the primary basis for accounting for inventories. Sum of the expenses and charges incurred in bringing an item to it's existing condition and location.
3 0
3 years ago
Fracbtion in simpiest form<br><img src="https://tex.z-dn.net/?f=%20%5Cfrac%7B2%7D%7B10%7D%20" id="TexFormula1" title=" \frac{2}{
dmitriy555 [2]

Answer:

\frac {1}{5}

Explanation:

You divide the top by 2 and the bottom by two.

6 0
3 years ago
If there is an even number of data, how is the median found?
pishuonlain [190]

Answer:

the average of two middle numbers

Explanation:

the median is the number in the middle of an arranged from smallest to largest number of a set of numbers

when you have an even number of data there is no 1 number in the middle so you take the average of the 2 middle numbers

4 0
3 years ago
Maria, a single mother of three, has been saving to buy the family's first home. Her budget is limited, but there is a home she
levacccp [35]

Answer:

B) Incurable

Explanation:

The convenience store is working legally in front of your house, and unless you have enough money to buy the whole business and close it, then you cannot do anything about it. That is what incurable means in real estate: the costs of improvements or corrections necessary are higher than the value that is added by the improvement or cure.

That is probably the reason why the house is so cheap and Maria can afford it.

7 0
3 years ago
Other questions:
  • Oriole Company had $197,000 of net income in 2019 when the selling price per unit was $152, the variable costs per unit were $90
    13·1 answer
  • When creating a campaign in enterprise campaigns, consult with your design team on the specific colours that are true to your co
    6·1 answer
  • 1. Assume a friend of a friend wants to borrow a moderate amount of money from you. List the information you would want to know
    9·1 answer
  • Spanos Corporation reported net income $26,000, net sales $400,000, and weighted-average common shares outstanding 4,000. There
    7·1 answer
  • The potential benefits lost by taking a specific action when two or more alternative choices are available is known as a(n):
    13·1 answer
  • The stock of ABC Company has a current market price of $75. The corporation has paid a dividend of $3.75 over the last 12 months
    7·1 answer
  • Mel suddenly finds an opportunity to sell boxed dinners. The new opportunity would require the use of the 30 percent unused capa
    5·1 answer
  • Why do you think women occupy so few seats on boards of directors
    13·1 answer
  • In the month of March the Chester Corporation received and delivered orders of 182,000 units at a price of $15.00 for revenue of
    13·1 answer
  • During the 1920s, more people began to acquire shares of stock using
    13·2 answers
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!