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2 years ago

At what value should the land be recorded in clementine repair service records?

Business

1 answer:

adell [148]2 years ago

6 0

Answer: $369,500

Explanation:

The Cost concept of accounting calls for the recording of Assets at their cost.

Clementine Repair services offered to buy the land at $350,500 when it was priced at $388,500.

The seller countered with $369,500 and Clementine accepted this.

This means that Clementine bought the land for $369,500 which makes it the cost price.

They should therefore record it at $369,500.

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3 years ago

On March 31 a company needed to estimate its ending inventory to prepare its first quarter financial statements. The following i

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2 years ago

Degregorio Corporation makes a product that uses a material with the following direct material standards: Standard quantity 2.5

nydimaria [60]

Answer:

Materials quantity variance = $1,750(U)

Explanation:

Standard quantity(SQ) = $2.5 * 6600 = 16500 Kg

Standard Price( SP) = $5

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3 years ago

Below are the account balances for Cowboy Law Firm at the end of December. Accounts Balances Cash $ 3,600 Salaries expense 1,300

luda_lava [24]

Answer:

Income Statement

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Utilities expense -$1.100

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Explanation:

5 0

2 years ago

A project will produce an operating cash flow of $56,200 a year for 5 years. The initial fixed asset investment in the project w

Lelu [443]

Answer :

Net present value = -$18,375

Explanation :

As per the data given in the question,

Initial investment = $239,800

The project will generate operating cash flow pf $56,200 for 5 years

So present value of operating cash flow :

PMT = $56,200

N = 5 years

Rate = 15.2%

FV = $0

Now applying the formula

= -PV(RATE,NPER,PMT,FV,0)

The present value comes $187,502

Now

FV = $67,000

n = 5 years

Rate = 15.2%

PMT = $0

Now applying the formula

= -PV(RATE,NPER,PMT,FV,0)

The present value comes $33,023

Now the Net present value is

= ($33,023 + $187,502) - $238,900

= -$18,375

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3 years ago