Answer:
1. Which amount related to this purchase should be recorded in the accounting records?
According to the historical cost principle, assets must be recorded at their original purchase price, only accumulated depreciation can adjust their value.
2. The resources owned by a business are its _____.
Assets are all the resources a business uses to carry out their normal business activities and operations.
3. The rights and claims of creditors on a company's assets are represented by _____.
Liabilities represent all the debts that a company has.
4. Which element of the accounting equation represents the rights of owners?
Equity refers to the part of a company owned by its stockholders or owners. A company can finance itself through all equity, or it can have a mixed financing structure with equity and debt (liabilities). The investment made by the owners of a company is represented by the equity part of the balance sheet.
Answer:
Jack has claim while Jill didn't have.
Explanation:
Jack has claim against Deuce Hardware because his performance is tremendous and make more sales for the company. He done his work very well so he can claim against Deuce Hardware Supplies while on the other hand, Jill has no claim against Deuce Hardware because he commit a crime on the basis of which the company has the authority to terminate him from the job. He works very well in the company but his crime is big enough to terminate him.
Answer:
B. $140,000
Explanation:
An adjusted basis refers to the total cost of acquiring an asset. In include transportation, installing, commissions, and all other relevant fees. The fair market value represents the price an asset can fetch if sold in the market. It is the amount that a company will receive if it were to dispose of an asset in the market.
Shareholders will be the fair market value adjusted for the mortgage balance.
=$ 230,000 - $ 90,000
=$140,000
Answer:
True
Explanation:
There are two reason which suggest that action will generate greater inequality.
1. some amount is stolen by government official thus fund is getting allocated to person who are already self-sufficient hence causing inequality
2. even left portion of fund is not allocated proportionally to all the area and thereby increasing the inequality.
Answer:
a. $142,500
b. $86,250
Explanation:
a. The computation of the total direct manufacturing cost is shown below:
= (Direct material per unit + direct labor per unit) × number of units manufactured
= ($7.20 + $4.20) × 12,500 units
= $142,500
b. The computation of the total indirect manufacturing cost is shown below:
= (Variable manufacturing overhead per unit + Fixed manufacturing overhead per unit) × number of units manufactured
= ($1.70 + $5.20) × 12,500 units
= $86,250
