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lesya692 [45]
3 years ago
15

Amble Inc. exchanged a truck with a book value of $12,000 and a fair value of $20,000 for a truck and $5,000 cash. The exchange

has commercial substance. At what amount should Amble record the truck received
Business
1 answer:
anygoal [31]3 years ago
3 0

Answer:

$20,000

Explanation:

Based on the information given about Amble Inc the amount that Amble should record the truck received should be $20,000 because the book value is the amount of $12,000.

Secondly since we were told that the exchange has commercial substance which means that the amount of $20,000 which is the fair value of the truck which the buyer is willing to buy from the seller should be the amount that Amble should record the truck received .

Therefore Amble should record the truck received at the amount of $20,000

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If you stop and take the time to ask yourself if you are being realistic about
mariarad [96]

The correct answer is Overconfidence bias

Explanation:

Overconfidence bias is the result of an excessive and unrealistic estimation of one's skills, knowledge, ideas, etc even to the point the individual considers himself better than others or does not have an objective perception about himself. This type of bias can lead to negative consequences, for example, by overestimating his ability to pass a test a student might choose not to study at all and then fail the test. Moreover, this can be avoided by assessing realistically one's skills, judgments, etc. According to this, the type of bias that can be avoided is overconfidence bias.

6 0
3 years ago
Mike has a car accident and Maria saves his life. To show his appreciation, Mike gives Maria a life estate in one of the homes h
jok3333 [9.3K]

Answer:

Jackie owns the property until Maria dies

Explanation:

In this specific scenario, Jackie owns the property until Maria dies. That is because, in common law and statutory law, a life estate also known as life tenancy is defined as the ownership of land for the duration of a person's life. Therefore since Mike granted life estate to Maria and not Jackie, the land is legally Maria's to do as she wishes up until the moment of her death. Once this comes to pass the land ownership is returned to Mike.

8 0
3 years ago
Inventory records for Dunbar Incorporated revealed the following:
marshall27 [118]

Ending inventory assuming weighted-average cost would be $694

Solution:

Given,

Dunbar sold 560 units of inventory

Apr. 1 Beginning inventory 550 $2.33

Apr. 20 Purchase 310 2.68

Now,

Ending inventory  = 560 -550 = 10

                             = 310 -10 = 300

Ending inventory = 300 × $2.33 = $694

7 0
3 years ago
Connor and demi are employees of ecocrop corporation. under the equal pay act, ecocrop can legitimately pay different wages on t
mylen [45]

Connor and demi are employees of Eco crop corporation. under the equal pay act, Eco crop can legitimately pay different wages on the basis of seniority.

What is a Wages?

A wages is the amount of money that an employer agrees to pay a worker in exchange for their services. Actual earnings come in a variety of forms, including the following:

  • Piece rates are the remuneration given in accordance with the job completed by the employee. The quantity of units generated by the employee is taken into account while calculating the piece rate.
  • Time earnings are earned when a worker is compensated for his or her labor in accordance with the passing of time. For instance, time wages would apply if the worker received 35 rupees  per day.

Learn more about Wages here:

brainly.com/question/15431287

#SPJ4

6 0
2 years ago
Purchase order processing requires distributing, allocating and executing funds, ensuring that funds are not over-committed, and
kobusy [5.1K]

Answer:

Hi, so it apprears that this question is about Purchase Order processing.

Whilst it is important to note that the steps used in purchasing process differs from company to company depending on their policies and practices, There are also very generic steps that cut accross board. They are:

Here are the steps involved:

1. Creation of the Purchase Order

2. Approval of the Purchase Order

3. Dispatch of the Purchase Order

4. Making and taking delivery of the good(s) and or service(s) that was requested whilst checking to confirm their consistency with what was ordered.

5. Issurance of Invoice by the supplier to the purchaser demanding payment for good(s) and or service(s) delivered

6. Checking that the invoice, the purchase order and the cotents of the delivery note all synchronise before making payment.

Explanation:

Purchase order management is a subset of Financial Management. Management of finance as the name implies connotes the proper and judicial management of cashflow.

When purchae orders are reviewed, it is with the intention to check

  1. whether or not the items ordered are no longer required
  2. whether or not the supplier is unable to provide or deliver the requested item(s) and or service(s)
  3. whether or not an invoice has been treated for a recieved devlivery

In doing so, funds are allocated properly (that is, there are no critical shortfalls or excessive commitment of funds. This allows for proper cashflow management.

Cheers!

5 0
3 years ago
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