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cupoosta [38]
3 years ago
7

A building with an appraisal value of $137,732 is made available at an offer price of $156,512. The purchaser acquires the prope

rty for $35,983 in cash, a 90-day note payable for $22,273, and a mortgage amounting to $56,052. The cost basis recorded in the buyer's accounting records to recognize this purchase is
Business
1 answer:
Irina18 [472]3 years ago
7 0

Answer:

the cost basis is $114,308

Explanation:

The computation of the cost basis recorded in the buyer accounting records is shown below:

The Cost basis in buyer's accounting records is

= Cash payment + 90-day note payable + Mortgage amount

= $35,983 + $22,273 + $56,052

= $114,308

Hence, the cost basis is $114,308

We simply applied the above formula so that the correct value could come

And, the same is to be considered

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Answer:

The correct answer is option A) Statement of Concepts

Explanation:

The Financial Accounting and Standard Board (FASB) pronouncements intended to establish the objectives and concepts that the FASB will use in developing standards of financial accounting and reporting is Statement of Concepts.

Statement of Concepts is intended to serve the general interest of the public by setting the objectives, characteristics, specific qualities, and other parameters that guide selection of economic concepts that will be recognized and reflected in financial statements for financial reporting.

Statement of concepts guide the FASB in developing well researched and informed accounting principles that reflects the contents and inherent limitations that will be used in developing standards of financial accounting and reporting.

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4 years ago
Physical capital differs from raw materials in the sense that raw materials A. have a longer useful life in production B. are co
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Answer:

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3 years ago
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3 years ago
Nita is a devoted Coca-Cola consumer, whereas Becky can drink either Coca-Cola or Pepsi products. Nita’s demand for Coca-Cola wi
mafiozo [28]

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Any increase in price of Coca-cola will make Becky to shift to Pepsi.

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