Answer:
a. What is the amount and character of Kimberly's recognized gain or loss on the distribution?
Kimberly's capital gain = land's FMV - other land's FMV = $22,675 - $19,850 = $2,825
b. What is Kimberly’s remaining basis in KST after the distribution?
Kimberly's basis = basis + gain - land basis = $18,300 + $2,825 - $15,575 = $5,550
c. What is KST's basis in the land Kimberly contributed after Kimberly receives the distribution?
KST's basis on the land = land's basis + Kimberly's gain = $12,750 + $2,825 = $15,575
Answer:
The correct answer is 63,200 kg.
Explanation:
According to the scenario, the computation of the given data are as follows:
Raw material required for production = Production in units × req. raw material per unit
= 16,000 units × 4 kg
= 64,000 kg.
Beginning inventory = (64,000 kg) × 10%
= 6,400 kg
Ending inventory = ( 14,000 × 4 kg) × 10%
= 56,000 kg × 10%
= 5,600 kg
So, we can calculate the budgeted purchases of raw materials by using following formula:
Budgeted purchases of raw materials = Raw material required for production + Ending inventory - Beginning inventory
= 64,000 kg + 5,600 kg - 6,400 kg
= 63,200 kg
Answer:
Tariff
Explanation:
A Tariff is otherwise known as an import duties, it is the taxes imposed on goods that come from other countries into a particular country. Tariff is imposed for so many reasons one of which is to protect local industries of the country i.e enabling local industries in the country to have profitability in their business and eliminating competitions from foreign organisation.
By imposing tariff, the rate of goods imported into a country will be reduced and this will encourage local production of goods and discourage importation.
Answer:
The unadjusted Cost of Goods Sold for the year was: $403,000
Explanation:
<u>Calculation of Cost of Goods Sold</u>
Opening Finished Goods Inventory $38,000
Add Cost of Goods Manufactured for the year $415,000
Less Ending Finished Goods Inventory ($50,000)
Cost of Goods Sold $403,000
The journal entry to record the purchase of materials on account in process cost accounting is an Increase in assets and an increase in liabilities. Option A. This is further explained below.
<h3>What is a journal entry?</h3>
Generally, In process cost accounting, a rise in assets and an increase in liabilities are recorded in the journal entry for the purchase of materials on account.
In conclusion, A journal entry is a kind of entry that is used in the accounting records of a company to record a transaction that occurred inside the company.
Read more about the journal entry
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