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lapo4ka [179]
3 years ago
9

City Auto Parts recently traded in store fixtures. The exchange had commercial substance. The old fixtures had a cost of $48,000

and accumulated depreciation of $14,000. City paid $101,000 for the new store fixtures. These new fixtures had a market value of $117,000. There is a loss of $18,000 on this exchange.True or False
Business
1 answer:
IRISSAK [1]3 years ago
5 0

Answer:

The correct option is true

Explanation:

The book value of the old fixtures at the date of exchange which is the cost less accumulated depreciation till date is computed thus:

Book value of old fixtures=$48,000-$14,000=$34000

Expected cash payable by the company for the new fixtures is the market value of the new fixtures minus the carrying value of the old fixtures.

Expected cash=$117,000-$34,000=$83,000.00  

Loss on the exchange =cash paid -expected cash payable=$101,000-$83,000=$18000

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alex41 [277]

Answer:

The demand for 10 a.m. class is higher than the demand for the 2 p.m. class.

Explanation:

The supply of seats for the psychology class at 10 a.m is the same as the class at 2 a.m. But there is a surplus of seats at 2 a.m class and shortage of seats at 2 p.m class.  

Other things being constant this implies that more students are attending the 10 a.m class than the 2 p.m. class. This shows that the demand for the 10 a.m class is comparatively higher than the demand for the 2 p.m. class.  

This causes a surplus of seats at 2 p.m and shortage of seats at 10 a.m.

7 0
3 years ago
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sineoko [7]

Answer: <em>Option (A) is correct</em>

Explanation:

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3 0
3 years ago
The manager of a retail store notices that 7% of the inventory is missing. She doesn’t know if the merchandise was stolen, lost,
hodyreva [135]

Answer:

<u>(D) ​inventory obsolescence</u>

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GarryVolchara [31]

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7 0
3 years ago
Project managers typically use ________, also called analogous estimating or the ______ method when there is a past history of s
VMariaS [17]

Answer:

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