Which appraisal method would be most useful in appraising an unusual building which has a very limited and specific use?

Suppose Piranha.com sells 3,500 books on account for $17 each (cost of these books is $35,700) on October 10, 2018 to The Textbo

nadezda [96]

Answer:

The journal entries are as follows:

(1) (i) On October 10, 2018

Merchandise inventory A/c (3,500 × $17) Dr. $59,500

To Accounts payable (Piranha) $59,500

(To record the purchase of books)

(ii) On October 13, 2018

Accounts payable A/c (100 × $17) Dr. $1,700

To merchandise inventory $1,700

(To record the purchase return of book)

(2) (i) On October 10, 2018

Accounts receivable A/c Dr. $59,500

To sales

(To record the sales of book)

Cost of goods sold A/c Dr. $35,700

To merchandise inventory $35,700

(To record the cost of goods sold of book)

(ii) On October 13, 2018

Sales return and allowances A/c Dr. $1,700

To accounts receivable $1,700

(To record the sales return of book)

Merchandise inventory A/c Dr. $1,020

To cost of goods sold $1,020

(To record the cost of good return)

5 0

3 years ago

If accrued salaries were recorded on December 31 with a credit to Salaries Payable, the entry to record payment of these wages o

nikdorinn [45]

Answer:

c. A debit to Salaries Payable and a credit to Cash.

Explanation:

As on December 31, entry to record the expense of Salaries which is accrued and not paid is

Salary A/c Dr.

To Salaries Payable

Now on the closing date, of previous year there is a liability outstanding of Salary Payable.

In the next year on 5th January the salary outstanding in opening balance sheet is paid.

For this, the payment will be made and accordingly, cash will be reduced.

Accordingly liability will be reduced for this, liability will be debited.

Therefore, correct option is

c. A debit to Salaries Payable and a credit to Cash.

6 0

3 years ago

Sarah was in a meeting where various vendors were being considered. She noticed that one of the vendors had a history of mistrea

Papessa [141]

Answer:

C. role relativism

Explanation:

In this relativism the moral fits to the goals of the company so its adjusted to gain the goals set inside the firm regardless personal views.

6 0

3 years ago

Read 2 more answers

The Jabba Corporation manufactures the "Snack Buster" which consists of a wooden snack chip bowl with an attached porcelain dip

Masja [62]

Answer:

The fixed overhead cost that can be eliminated if the bowls are purchased from an outside supplier is a relevant cost. The variable selling cost of the snack is also a relevant cost.

The correct answer is A

Explanation:

Relevant costs are costs that relate to future decisions. All variable costs are relevant for decision-making. Eliminated fixed overhead are also relevant for decision-making.

3 0

3 years ago

FIFO and LIFO Costs Under Perpetual Inventory SystemThe following units of a particular item were available for sale during the

Sidana [21]

Answer:

FIFO - $22,880

LIFO - $21,120

Explanation:

The FIFO inventory system means first in, first out. It means the initial inventory is the first to be sold. The ending inventory would consist of the last purchased inventory.

Ending inventory = 52 ×$440 = $22,880.

The LIFO inventory system means last in, first out. It means the last purchased inventory are the first to be sold . The ending inventory would consist of the initial inventories.

Ending inventory = (36 units × $400) + [(52-36) × 420] =$14,400 + $6,720 = $21,120

I hope my answer helps you

5 0

3 years ago