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Alex Ar [27]
2 years ago
15

Question #1

Business
1 answer:
Gnesinka [82]2 years ago
8 0
Trueeeeeee

Lolololol
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Miller's office building with an adjusted basis of $625,000 and a fair market value of $885,000 is condemned on December 30, 201
Amiraneli [1.4K]

Answer:

1a. Recognized Gain $20,000

1b. Basis $625,000

Explanation:

1a. Calculation for Miller's recognized gain using this formula

Miller's recognized gain =Condemnation award-Costs of building a new office

Let plug in the formula

Miller's recognized gain=$850,000-$830,000

Miller's recognized gain=$20,000

Therefore Miller's recognized gain will be $20,000

1b.Miller's basis

Based on the information given we were told that Miller's office building had an adjusted basis of the amount of $625,000 which simply means that Miller's BASIS for the new office BUILDING will be the amount of $625,000

Therefore the Basis is $625,000

4 0
2 years ago
In January, 2020, Harmony Inc. has the following expenditures related to manufacturing a new generation of widgets. Match each e
Ivan

Answer:

Harmony Inc.

Expenditure                                          Appropriate accounting treatment

a. Machinery $550,000                       B. Capitalize to the Machine  

b. Machinery $33,000                          B. Capitalize to the Machine

Research and development $95,000 D. Expense.

c. Freight-in (Machinery) $4,250         B. Capitalize to the Machine

d. Installation, etc (Machinery) $16,500 B. Capitalize to the Machine

e. Prepaid Insurance $3,000               A. Capitalize to a different asset account.  

Explanation:

1) Data and Analysis:

a. Machinery $550,000 Accounts payable $550,000

b. Machinery $33,000 Sales Tax Expense $33,000

Research and development $95,000 Cash $95,000

c. Freight-in (Machinery) $4,250 Accounts payable $4,250

d. Installation (Machinery) $16,500 Cash $16,500

e. Prepaid Insurance $3,000 Cash $3,000

b) The correct approach in capitalizing fixed assets and related costs is to follow this procedure: capitalize freight, sales tax, transportation, and installation, in addition to the fixed asset purchase cost.

7 0
2 years ago
For each of the following transactions below, prepare the journal entry (if one is required) to record the initial transaction a
Nikitich [7]

Answer and Explanation:

the journal entries are as follows:

a Prepaid rent $213,000

               To cash  $213,000

(To record prepaid rent)  

Adjusting entry:  

Rent expense $71,000  ($213,000 ÷ 3)  

        Prepaid rent  $71,000

(To record September rent expense)  

b Cash $840,000

         To unearned sales revenue $840,000

(To record cash received on season sales)  

Adjusting entry:  

Unearned sales revenue  ($840,000 ÷ 12)  $70,000

          Sales revenue $70,000

(To record sales revenue recognised)  

c Cash $300,000

      Note payable  $300,000

(To record note payable issued on borrowed amount )  

Adjusting entry:  

Interest expense ($300,000 × 6% ÷ 12) $1,500

         Interest payable   $1,500

(To record interest payable due)  

d Prepaid advertising 3,500

          To Cash 3,500

(To record cash paid for advertising)  

Adjusting entry:  

Advertising expense ($3,500 ÷  60) × 20 $1,167

   To prepaid advertising  $1,167

e No entry  

Adjusting entry:  

Accounte receivable ($160,000 × 8%) $12,800

        Sales revenue   $12,800

(To record amout due)  

6 0
2 years ago
Help me please.. there is no option on here for Human Resources principals, so I jus clicked business as the subject..
Wewaii [24]

Answer:

C

Explanation:

Job Analysis is mainly related to the skills and qualifications of the person doing the job, so this would allow leadership to see if a position is over or understaffed.

3 0
2 years ago
Currently, Cathy's Shirt Shop sells 498 units a month at an average price of $98 a unit. The company thiks it can increase sales
Katena32 [7]

Answer:

$6,020

Explanation:

Calculation for the incremental cash inflow

Using this formula

Incremental cash flow=(Average price per units-Variable cost per unit)*Additional units

Let plug in the formula

Incremental cash flow = ($98 - $55)*140 units

Incremental cash flow=$43*140 units

Incremental cash flow= $6,020

Therefore the incremental cash inflow will be $6,020

4 0
3 years ago
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