Answer:
See attachment for detailed answer.
Explanation:
Answer:
The usefulness of the magazine
Explanation:
A primary factor that determines or affect the demand of a particular finished product or service is the amount of satisfaction that the customer (consumer) will derive from the use of such products or services.
This ultimately implies that, the utility or usefulness of a product or service determines whether or not it will be demanded by the consumers.
Hence, the demand for a consumer magazine is affected by the usefulness of the magazine. A consumer is most likely to buy a magazine only if it has informations that interest him or her i.e usefulness.
Answer:
Bramble Enterprises' Income Statement is attached.
Explanation:
The inventory valuation losses determined by comparing the inventory at cost with inventory at the lower of cost and net realizable value.
In all cases, the net realizable values were lower than the costs. Therefore, the total costs were adjusted to show the loss in income.
Answer:
Felix Incorporated
Exchange of Preferred Stock for Land:
Journal Entries:
Debit Land $90,000
Credit Preferred Stock $81,250
Credit Additional Paid-in Capital - Preferred Stock $8,750
To record the issue of 1,250 of $65 par-value preferred stock for land with a fair price of $90,000.
Explanation:
Felix Incorporated will debit Land with the fair price of $90,000 and Credit the Preferred Stock account with $81,250 (1,250 x $65) at par-value. The difference between the fair price of land and the preferred stock at par-value is credited to additional paid-in capital account for preferred stock. Felix Incorporated cannot take into account the current market value of the stock at $75 in its accounting records. The current share price of $75 is for the benefit of investors, and can only serve as basis for Felix Incorporated to decide transactions with potential investors.