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gtnhenbr [62]
3 years ago
10

Thomas Company has decided to purchase a company vehicle. The accountant was given all of purchase details. Which should be used

to record the vehicle in the accounting records? The price negotiated with the dealer. The manufacturer’s suggested retail price (MSRP). The amount of the loan with the bank. The average selling price of similar vehicles in the area.
Business
1 answer:
DanielleElmas [232]3 years ago
8 0

Answer:

The price negotiated with the dealer.

Explanation:

Since in the question it is mentioned that the Thomas company decided to purchase a company vehicle. And the accountant provided all the purchase details.

So for recording the vehicle in the accounting records the price negotiated with the dealer is used as in the accounting, only numbers are recorded which are based on the type of the transactions.

The purchase details includes color of a vehicle, price, mileage, capacity, etc

Therefore for accounting purpose, we only considered the price and the same is to be considered.

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An examination of Hyong Corporation's inventory accounts revealed the following information:
andreyandreev [35.5K]

Answer:

Production= 45,000 units

Explanation:

Giving the following information:

Raw materials, June 1: 46,000 units

Raw materials, June 30: 51,000 units

Purchases of raw materials during June: 185,000 units

<u>First, we need to calculate the raw material used in production:</u>

<u></u>

Direct material used= beginning inventory + purchases - ending inventory

Direct material used= 46,000 + 185,000 - 51,000

Direct material used= 180,000

<u>Now, the production for the period:</u>

Production= 180,000/4

Production= 45,000 units

3 0
3 years ago
Explain the entries on a W-4 form and describe its purpose.
yKpoI14uk [10]
A W-4 form is a short form you use when you don't have a lot of things to pay for. So when you get out of high school is an example to use it. so one of the entries is your paycheck amount, tax, and how much money you will or will not get
8 0
3 years ago
Ruby Corporation, a calendar year, accrual method C corporation, has two cash method, calendar year shareholders who are unrelat
telo118 [61]

Answer:

Explanation:

Answer:

$200000 + $200000 +$50000(to COLE's bonus)

= $450000

Ruby corporation uses accrual method.

A corporation that is using accrual method, cannot claim a deduction for an accrual with respect to a related party until the recipient reports that amount as income.

Here, Cole owns more than 50% (55%) so its a related party and it will report bonus on february 1,2017

Therefore, Ruby can not deduct bonus payable to oliver in 2016

Hence total deductible in 2017 would be $450000.

5 0
3 years ago
The national incident management system is
Mazyrski [523]
<span>The national incident management system is
                                                   Answer:</span>
<span>The National Incident Management System (NIMS) is a systematic, proactive approach to guide departments and agencies at all levels of government, nongovernmental organizations, and the private sector to work together seamlessly and manage incidents involving all threats and hazards.</span>
5 0
4 years ago
Identify which of the following statements is false. A. The AAA balance can be​ negative, but the​ shareholder's basis in the S
astra-53 [7]

Answer:

(B) Nonmoney property distributions made by an S corporation having accumulated​ E&P are treated differently when determining the corporateminuslevel gain recognized under Sec. 311 than are property distributions made by an S corporation without accumulated​ E&P.

Explanation:

7 0
3 years ago
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