Carlos purchased an apartment building on November 16, 2020, for $3,000,000. Determine the cost recovery for 2020.

On January 1, 2019, Brooks, Inc., borrows $90,000 from a bank to purchase machinery. Brooks signs a 5 percent installment note r

klasskru [66]

Answer:

A Journal entry for Brooks Incorporation on January 1, 2019 which is shown below

Explanation:

Solution

Given that:

JOURNAL ENTRY FOR BROOKS INCORPORATION

Date General Journal Debit Credit

Jan 01 2019 Cash 90000

Notes Payable 90000

Thus

A Journal entry was recorded for Brooks Incorporation.

Here, the cash of $90,000 was recorded at the debit side of the Journal.

While the notes payable of $90,000 was also recorded on the credit side

7 0

3 years ago

Presented below are three revenue recognition situations. (a) Groupo sells goods to MTN for $901,000, payment due at delivery. (

LekaFEV [45]

Answer:

Groupo

Transaction Price When Revenue should be recognized

a. $901,000 the delivery date

b. $879,000 the sales date

c. $443,000 the sales date

c. $37,000 in the period interest is earned.

Explanation:

1) Data and Analysis:

a. Delivery date: Cash $901,000 Sales Revenue (MTN) $901,000

b. Sales date: Accounts receivable (Grifols) $879,000 Sales Revenue $879,000

c. Sales date: Accounts receivable (Magnus) $480,000 Sales Revenue $443,000 Deferred Interest Revenue $37,000

2) According to the IFRS 15 and ASC 606, Revenue from Contracts with Customers, revenue should be recognized when performance obligations have been met.

8 0

2 years ago

Mark tells Leslie that his stereo has quadraphonic speakers because he was told that when he bought it. Leslie buys the stereo,

Gemiola [76]

Answer:

Yes, because the statement was false.

Explanation:

Breach of warranty is defined as a misrepresentation of the quality or type of a product. The seller fails to fulfil a promise or claim made during a transaction.

When a good is being sold there are certain assertions which the seller must stand behind.

In this scenario Mark tells Leslie that his stereo has quadraphonic speakers because he was told that when he bought it.

The fact that the stereo did not have quadrophinic speakers should have been discovered and stated by Mark. The misinformation he got when buying the stereo does not clear him of breach of warranty

6 0

2 years ago

How long after irs process return will it be direct deposited.

lord [1]

Most refunds will be issued in less than 21 days. You can start checking the status of your refund within 24 hours after you have e-filed your return. Remember, the fastest way to get your refund is to e-file and choose direct deposit.

6 0

2 years ago

. There is an 80% probability that Tom will be in good health during the year and incur only $200 in medical expenses, but there

zaharov [31]

Answer:

The Actuarially Fair Premium that Tom have to pay for hid Health Insurance is $4,160

Explanation:

To compute the amount that Tom have to pay for Health Insurance is;

Actuarially Fair Premium = (Probability of actuality ill × Payments incurred) + (Probability of not actuality ill × Payments incurred)

Actuarially Fair Premium = (20% x $20,000) + (80% x $200)

Actuarially Fair Premium = $4,000 + $160

Actuarially Fair Premium = $4,160

5 0

3 years ago