Once you are signed up for overdraft protection, you cannot opt out? True or False

A company paid $150,000, plus a 6% commission and $4,000 in closing costs for a property. The property included land appraised a

Oxana [17]

Answer:

Land $81,500; Land Improvements $32,600; Building $48,900

Explanation:

Calculation for What should be the allocation of this property's costs in the company's accounting records

First step is to calculate the total value

Total value= $87,500 + $35,000 + $52,500

Total value= $175,000

Second step

Land appraised = $87,500 ÷ $175,000

Land appraised= 0.50

Land improvement = $35,000 ÷ $175,000

Land improvement = 0.20

Building appraised = $52,500 ÷ $175,000

Building appraised = 0.30

Third step is to calculate the Total Amount

Total Amount= $150,000 + $150,000 × 0.06 + $4,000

Total Amount= $150,000 + $9,000 + $4,000

Total Amount= $163,000

Last step is to calculate the allocation of this property's costs in the company's accounting records

Land appraised = $163,000 × 50%

Land appraised = = $81,500

Land improvement = $163,000 × 20%

Land improvement= $32,600

Building appraised = $163,000 × 30%

Building appraised = $48,900

Therefore What should be the allocation of this property's costs in the company's accounting records is :

Land $81,500; Land Improvements $32,600; Building $48,900

4 0

3 years ago

Prine Company purchased equipment on January 1, 2018, for $ 25 comma 000. Suppose Prine Company sold the equipment for $ 3 com

Marat540 [252]

Answer:

a. The company recognizes loss on the sale of the equipment $6,000

b. The entry to record the sale of the equipment:

Debit Cash $3,000

Debit Accumulated depreciation account $16,000

Debit Loss on sale equipment $6,000

Credit Equipment $25,000

Explanation:

To recognize gain or loss on the sale of the equipment:

First, the company calculates the carrying amount of the asset by using the original cost of the asset, minus all accumulated depreciation and any accumulated impairment charges.

Then, subtract this carrying amount from the sale price of the asset. If the remainder is positive, it is a gain and if the remainder is negative, it is a loss

On December 31, 2019, the carrying amount of the asset = $25,000 - $16,000 = $9,000

Sale price - Carrying amount of the asset = $3,000 - $9,000 = -$6,000

=> The company recognizes loss on the sale of the equipment $6,000

b. The entry to record the sale should be made:

Debit Cash $3,000

Debit Accumulated depreciation account $16,000

Debit Loss on sale equipment $6,000

Credit Equipment $25,000

4 0

3 years ago

Replenishing the Petty Cash Fund

liq [111]

Answer:

Explanation:

Postage expense. 1320

freight out. 1140

miscellaneous exp. 150

Cash. 2610

to replenish petty cash account

note that pettty cash is only debited or credited when you are increasing Or decreasing the petty cash fund. This entry appears to be only replenishing the petty cash account.

4 0

2 years ago

8. What includes retail sales, housing starts, and truck and auto sales

GREYUIT [131]

Answer:

monthly data series in a GDP

Explanation:

A GDP is defined as the actual domestically manufactured or produced products or the services provided in a financial year which describes or estimates the financial status or economic status of a country. GDP stands for Gross domestic product.

By analyzing the monthly data series of goods or services produced one can predict the real GDP of a country to be. One can use the monthly observations of the employment, unit auto as well as truck sales, sousing starts, retail sales, trade, automobile inventories, manufacturing, shipment of machinery and equipment, index of the industrial production, etc. to predict the GDP growth or get an idea of the GDP figures that are going to show the robust growth of the economy.

7 0

3 years ago

Harding, Jones, and Sandy, a partnership, is in the process of liquidating. The partners have the following capital account bala

Radda [10]

Answer: Cash to be distributed to Harding = $ 17000, Jones = $ 3000 

Explanation:

It has been indicated that the ($9,000) deficit will be covered with a forthcoming contribution

∴ The Remaining Capital Balance is = (24000 + 24000) = $48000

∵Total cash Available = $20000

Loss = 48000 - 20000 = $ 28000

Loss will be shared between Harding & Jones in ratio = 16:48

∴ Harding Capital balance = $\frac{(24000 - 28000)\times16}{16+48}$ = $ 17000

∴ Jones Capital balance = $\frac{(24000 - 28000)\times48}{16+48}$ = $ 3000

Cash will be Distributed in their capital balance ratio

Therefore,

Cash to be distributed to Harding = $ 17000, Jones = $ 3000

7 0

3 years ago

Once you are signed up for overdraft protection, you cannot opt out?True or False​

Once you are signed up for overdraft protection, you cannot opt out?True or False