Answer: $2,970,000
Explanation:
According to US tax laws, property taxes can be recognised for 60 days into the next financial period because it is assumed that within this period, the taxes can still cover expenses related to the period that it is from.
Therefore, if Property taxes are paid within the first 60 days in 20X9 then the Town of Dean should recognise those taxes paid.
Those taxes amount to $10,000 so therefore, the amount to be reported in the fund is,
= 2,960,000 + 10,000
= $2,970,000
$2,970,000 is amount of property tax revenue that should be reported by the general fund for the year ended December 31, 20X8.
Answer:
land 362,500
Explanation:
the accounting considers that asset should be measure at historic cost thus, the land will be disclosure as the sum of all the cost incurred to obtain it and leave it read y for use:
350,000 cost
2,500 delinquent propierty tax
<u> 10,000 </u>removal of the building
362,500 total cost.
Answer:
Ending inventory as at Oct 15 : $348
Explanation:
The FIFO (First-In-First-Out) method of inventory valuation is whereby the stock that enters first into inventory is the one that is sold or used first. In other words, the oldest stock is used first. This is common for inventory consisting of perishables such as vegetables, which will be wasted if not used soon.
Oct 1 : Beginning inventory : 40 units x $12.50 = $500
Oct 5 : Purchases : 26 units x $13.50 = $351
Oct 12 : 36 units x $14.50 = $522
Oct 15 : Sales : 78 units. This consists of:
40 units x $12.50 = $500
26 units x $13.50 = $351
12 units x $14.50 = $174
Hence, Cost of Goods sold is : $500 + $351 + $174 = $1025
Ending inventory is (36-12) x $14.50 = $348
Answer:
The answers are:
A) non cash investing and financing activity
B) financing activity
C) non cash investing and financing activity
D) financing activity
E) investing activity
F) operating activity
G) operating activity
Explanation:
- operating activity: relative to the functions of a business directly related to producing and selling goods or services
- investing activity: refers to buying and selling long-term assets and other investments
- financing activity: refer to transactions with creditors or investors used to fund company operations
- non cash investing and financing activity: refer to investing and financing activities that do not directly affect cash
Answer:
C. $4.20
Explanation:
The computation is shown below:
Before that we need to do following calculations
Total costs to be incurred is
= ($2 × 5,000,000 units) + $9,000,000
= $19,000,000
Now
Required return is
= $40,000,000 × 5%
= $2,000,000
So,
Sales price per unit is
= (Total cost incurred + required return) ÷ number of unit sold
= ($19,000,000 + 2,000,000) ÷ 5,000,000 units
= $4.20
