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Nostrana [21]
2 years ago
13

Burke Company purchases land for $100,000 cash. Burke assumes $2,500 in delinquent property taxes due on the land as part of the

purchase. The title and attorney fees totaled $1,000. Burke has the land graded for $2,200. They paid $10,000 for paving of a parking lot. What amount does Burke record as the cost for the land
Business
1 answer:
Natali [406]2 years ago
8 0

Answer: $105700

Explanation:

The amount that'll be paid as the cost of the land will be calculated as:

Land purchase = $100,000

Add: Property tax = $2500

Add: Fees = $1000

Add: Grading = $2200

Total = $105700

Therefore, the amount that'll be paid as the cost of the land will be $105700

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Schumpeter’s process of "creative destruction" challenges Porter’s five forces of competition framework by:_______. A. Introduci
ch4aika [34]

Answer:

C. Proposing that competitive behavior determines industry structure rather than the other way round.

Explanation:

The Porter’s five forces of competition is a framework developed by Michael E. Porter in 1979, it is used to measure and analyze an organization's competitiveness in a business environment.

The Porter's five forces of competition framework are:

1. The bargaining power of suppliers.

2. The bargaining power of customers.

3. Threat posed by substitute products.

4. Threats posed by new entrants.

5. Threats posed by existing rivals in the industry.

Joseph Alois Schumpeter was born on the 8th of February 1883 in Moravia, and he later became an Austrian political economist.

Joseph Schumpeter’s process of "creative destruction" challenges Porter’s five forces of competition framework by proposing that competitive behavior determines industry structure rather than the other way round.

From Schumpeter’s perspective, competition among organizations is a process of "creative destruction." He argued that, the essential fact about capitalism is the process of "creative destruction."

Hence, the competitiveness of a business environment causes market dominating organizations to face constant challenges from their counterparts through innovations.

3 0
3 years ago
Present value with periodic rates. Sam​ Hinds, a local​ dentist, is going to remodel the dental reception area and add two new w
rusak2 [61]

Answer:

What will Sam have to pay for this equipment if the loan calls for semiannual payments ​(2 per​ year)

  • $2,820.62

and monthly payments ​(12 per​ year)?

  • $531.13

Compare the annual cash outflows of the two payments.

  • total semiannual payments per year = $2,820.62 x 2 = $5,641.24
  • total monthly payments per year = $531.13 x 12 = $6,373.56

Why does the monthly payment plan have less total cash outflow each​ year?

  • The monthly payment has a higher total cash outflow ($6,373.56 higher than $5,641.24), it is not lower. Since the compounding period is shorter, more interest is charged.

What will Sam have to pay for this equipment if the loan calls for semiannual payments ​(2 per​ year)?

  • $2,820.62 x 12 payments = $33,847.44 ($25,000 principal and $8,847.44 interests)

Explanation:

cabinet cost $25,000

interest rate 10%

we can use the present value of an annuity formula to determine the monthly payment:

present value = $25,000

PV annuity factor (5%, 12 periods) = 8.86325

payment = PV / annuity factor = $25,000 / 8.8633 = $2,820.62

present value = $25,000

PV annuity factor (0.8333%, 60 periods) = 47.06973

payment = PV / annuity factor = $25,000 / 47.06973 = $531.13

5 0
3 years ago
Which employees may be at risk of losing their jobs when the political party in power changes? Check all that apply.
Debora [2.8K]
Elected governance officials and appointed governance officials
8 0
3 years ago
On January 1, 2018, Allgood Company purchased equipment and signed a six-year mortgagenote for $186,000 at 15%. The note will be
Ne4ueva [31]

Answer:

The correct answer is A: interest= $21048

Explanation:

An amortization schedule is a complete table of periodic loan payments, showing the amount of principal and the amount of interest that comprise each payment until the loan is paid off at the end of its term. While each periodic payment is the same amount early in the schedule, the majority of each payment is interest; later in the schedule, the majority of each payment covers the loan's principal.

Each payment is the same ($49,148), but the proportions of interest and capital pay changes. The interest proportion decreases from pay to pay.

Loan= 186000

i= 15%

n= 6 years

First pay:

i=186000*0,15=27900

amortization= 49148-27900=21248

Second pay:

i=(186000-21248)*0,15=24712

amort=49148-24712=24436

Third pay:

i=(164752-24436)*0,15=21048

amort=49148-21048=28100

While payments progress, interest decreases and amortization increases.

5 0
2 years ago
Centerpiece Arrangements has just completed operations for the year ended December 31, 2024. This is the third year of operation
zhenek [66]

Question Completion:

Centerpiece Arrangements has just completed operations for the year ended December 31, 2018. This is the third year of operations for the company. The following data have been assembled for the business (Click the icon to view the assembled data of Centerpiece Arrangements.) Prepare the income statement of Centerpiece Arrangements for the year ended December 31, 2018. (If a box is not used in the table leave the box empty, do not select a label or enter a zero.) Net Income

i Data Table $ $ Insurance Expense Service Revenue Utilities Expense Rent Expense Common Stock Cash Retained Earnings, January 1, 2018 6,500 92,000 800 13,000 7,000 6,400 Salaries Expense Accounts Payable Office Supplies Dividends Accounts Receivable Equipment 42,000 2,600 2,500 4,500 3,500 27,600 5,200

Answer:

Centerpiece Arrangements

Income Statement for the year ended December 31, 2024:

Service Revenue                       $92,000

Expenses:

Insurance expense $6,500

Utilities expense              800

Rent expense                 13,000

Salaries expense        42,000

Total Expense             $62,300

Net Income                     $29,700

Explanation:

a) Data:

Trial Balance as for December 31, 2024:

                                           $           $

Insurance Expense        6,500

Service Revenue                         92,000

Utilities Expense               800

Rent Expense               13,000

Common Stock                              7,000

Cash                              6,400

Retained Earnings,

 January 1, 2018                           5,200

Salaries Expense       42,000

Accounts Payable                        2,600

Office Supplies            2,500

Dividends                     4,500

Accounts Receivable  3,500

Equipment                27,600

Total                      $106,800 $106,800

7 0
3 years ago
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