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
OverLord2011 [107]
3 years ago
10

Corazon Company purchased an asset with a list price of $14,000. Corazon paid $500 of transportation in cost, $800 to train an e

mployee to operate the equipment, and $200 to insure the asset against theft after it has been setup in the factory. The asset was purchased under terms 1/20/n30 and Corazon paid for the asset within the discount period. Based on this information, Corazon would capitalize the asset on its books at___________
Business
2 answers:
Licemer1 [7]3 years ago
7 0

Answer:

15,160

Explanation:

Net 20 terms: Full amount ready between 20 days, occasionally written as n/20.

Terms 2/10. n/30: with a 2% discount for settlement within 10 days, net 30 implying that the full amount will be ready between 30 days.

The terms 1/10, n/30: with a 1% discount for settlement within 10 days time, net 30 meaning the full amount is going to be ready between 30 days.

Terms 5/10, 2/30, n/60: 5% for settlement within 10 days, 2% for settlement in 11-30 days, full amount due within 60 days.

Net 30 Terms EOM: Payment will be ready in full 30 days after the end of the month (EOM) in which the invoice was given for.

iragen [17]3 years ago
7 0

Answer:

$15160

Explanation:

The net terms or n/30 means that the payment fo an item purchased must be made within 30 days of purchase.

but 1/20/n30 means that if full payment of an asset or item purchased is made within the first 20 days of the 30 days an additional 1 % discount will be granted to the buyer.

since Corazon paid within the first 20 days he purchase price would be

= $14000 - (1% of $14000 )

= 14000 - 140

= $13860

the total capitalization of the asset by Corazon will be ( excluding the insurance)

= $13860 + $500 + $800 = $15160

You might be interested in
When you purchase an item in a store, you may be charged __________.
Bess [88]
<span>When buying any item in most stores, you are charged sales tax. Retailers, even smaller businesses are charged taxes for running their business. Businesses are able to pass on part of the burden to their paying customers in way of sales tax. So when you see an item marked as 99 cents, you will be paying slightly more than a dollar in almost all cases.</span>
5 0
3 years ago
Read 2 more answers
Cion 3
Natali [406]

Answer:

i think c

Explanation:

...hope this helps?

3 0
2 years ago
Which type of company enjoys the benefit of passing along deductions and credits of the company on to partners to file on their
Oksi-84 [34.3K]

Answer:

The correct answer is Limited Liability Partnerships.

Explanation:

A Limited Liability Company is a type of mercantile company, in which the liability is limited to the capital contributed, and therefore, in the event that debts are incurred, it does not respond with the personal assets of the partners, but to the one contributed in said Limited company. It presents as a capitalist-type society in which capital, which will be divided into social interests, will be integrated by the contributions of all partners, who will not respond personally to social debts.

Social ACTIONS are not equivalent to the actions of corporations, as there are legal obstacles to their transmission. In addition, they do not have a "value" character and cannot be represented by means of securities or account entries, and their transmission by means of the public document that will be registered in the partner register book is mandatory. It will be constituted in a public deed and subsequently in the registration of the commercial register, at which time it acquires legal personality.

3 0
3 years ago
MacKenzie Company sold $640 of merchandise to a customer who used a Regional Bank credit card. Regional Bank deducts a 5.5% serv
Ne4ueva [31]

Answer and Explanation:

The Journal entry is shown below:-

Cash Dr, $604.80 ($640 × 5.5%)

Card Expense $35.20

            To Sales $640

(Being sale is recorded)

Here we debited the cash and expenses as assets are increasing also it increased the expenses On the other hand it also increased the sales. Also assets and expenses contains normal debit balance and the sales revenue contains normal credit balance

6 0
2 years ago
Riverboat Adventures pays $450,000 plus $5,000 in closing costs to buy out a competitor. The real estate consists of land apprai
kkurt [141]

Answer:

$150,150

Explanation:

Total fair value of all assets:

= Land + Building + Paddleboats

= $67,200 + $158,400 + $254,400

= $480,000

Building accounted for:

= Fair value of building ÷ Total fair value

= $158,400 ÷ $480,000

= 33%

Therefore, the building is 33% of the total fair value of assets.

Cost of acquisition of assets:

= Amount paid + Closing cost to buy out a competitor

= 450,000 + 5,000

= $455,000

Cost to be allocated to the building:

= Cost of acquisition of assets × Percent share in total fair value

= $455,000 × 33%

= $150,150

8 0
3 years ago
Other questions:
  • The master budget at Western Company last period called for sales of 225,000 units at $9 each. The costs were estimated to be $3
    7·2 answers
  • Which of the following actions would improve your credit score
    11·1 answer
  • Michele had been working as an executive assistant to the president for nearly 25 years, so when she retired, no one had a good
    15·1 answer
  • Greg benefited from his experience working for an established private company that provided innovative lighting for large music
    5·1 answer
  • Ralph works for a manufacturing company in Ohio. Recently, he called in a department manager to assist in the purchase of some h
    10·1 answer
  • What is a subcontractor
    5·1 answer
  • Sheffield Company has the following production data for March: no beginning work in process, units started and completed 30,500,
    14·1 answer
  • A company manufacturing shirts for a department store decides to create a new style of cotton shirt. The company would most like
    15·1 answer
  • Foam Products, Inc., makes foam seat cushions for the automotive and aerospace industries. The company’s activity-based costing
    8·1 answer
  • Why is keystone so bad
    7·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!