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Soccer Wholesale purchased land and a warehouse for $990,000. In addition to the purchase price, Soccer Wholesale makes the foll

Elan Coil [88]

Answer:

Cost of land= $1,124,100

Explanation:

According to International accounting standards(IAS) 16 ,The cost of land includes purchase cost plus all other costs necessary to bring and make it ready for the intended use.

These costs include purchase cost, fees and commission associated with the purchase transaction.

Further more, included in the historical cost are the net demolition cost of old structure to prepare the land for use. Net cost here means cost of demolition less any incidental proceed from the old structure.

However, remember that land is not depreciated because it has an infinite life span.

So using the historical cost principle the cost of the land

Cost of land = 990,000 + 49,600 +2300 + 6, 900 + 75,300= 1,124,100.00

Cost of land= $1,124,100

6 0

3 years ago

What is the historical development of accounting

Vaselesa [24]

Answer:

Accounting history dates back to ancient civilizations in Mesopotamia, Egypt, and Babylon. For example, during the Roman Empire the government had detailed records of their finances. However, modern accounting as a profession has only been around since the early 19th century. The earliest accounting records were found over 7,000 years ago among the ruins of Ancient Mesopotamia. At the time, people relied on accounting to keep a record of crop and herd growth.

Explanation:

4 0

3 years ago

Bob Clarke Corporation has provided the following data from its activity-based costing system: Activities Estimated Overhead Cos

AfilCa [17]

Answer:

Total Unit Cost= $ 96.65

Explanation:

Bob Clarke Corporation

Activities Estimated Overhead Cost Expected Activity

Assembly $1,005,040 68,000 machine-hours

Processing orders $102,500 2,000 orders

Inspection $139,840 1,900 inspection-hours

First we find the overhead rates using ABC costing method.

Overhead Rates= Estimated Overhead Cost/ Expected Activity

Assembly Rate= $1,005,040 /68,000 = $ 14.78 per machine-hours

Processing rate= $102,500 / 2,000= $ 51.25 per orders

Inspection Rate= $139,840/ 1,900= $ 73.6 per inspection-hours

Then we find the overhead costs applying the ABC Costing rates

Overhead Costs Of 450 Hockey

Assembly= 710 machine-hours, * $ 14.78= $10493.8

Processing=42 orders, *$ 51.25= $ 2152.5

Inspection= 12 inspection-hours*$ 73.6 = $ 883.2

Total Overhead Costs of 450 Hockey = $ 13529.5

Overhead Cost of One Hockey= 13529.5/450= 30.065= $ 30.07

Then the:

Product Cost

Direct materials cost is $36.42 per hockey stick

Direct labor cost is $30.16 per hockey stick

Overhead Costs is $ 30.07

Total Unit Cost= $ 96.65

7 0

3 years ago

The following information is available on a depreciable asset owned by Mutual Savings Bank:

BARSIC [14]

Answer:

$4366.67

Explanation:

Given: Asset book value on july 1, year 3= $57800

Salvage value= $5400

Useful life left= 6 years.

Now, computing the depreciation expense under straight line method.

Formula; Depreciation= $\frac{Asset\ book\ value - salvage\ value}{useful\ life}$

Useful life in months= $6\times 12= 72\ months$

Next, Depreciation expense= $\frac{57800-5400}{72} = \$ 727.77$

∴ Monthly depreciation expense= $ 727.77

Depreciation expense for last six months of year 3= $727.77 \times 6= \$ 4366.67$

∴ Depreciation expense for last six month of year 3 is $4366.67.

3 0

4 years ago

In the agriculture industry, migrant workers are commonly employed to pick crops ready for harvest. They are hired as needed and

vekshin1

Answer:

The correct answer is: Chase strategy.

Explanation:

The chase strategy is a production planning approach that consists in producing according to the demand level of the market. Industries implementing this practice work based on orders. As soon as they receive an order they start processing the goods and once the production is over, the operations stop.

This strategy is helpful while saving inventory costs and is mostly used by perishables industries that cannot afford the risk of loss or unsold products.

7 0

3 years ago