Answer:
Asset Allocated cost
Land $58,000
Building $188,500
Equipment $43,500
Debit Assets $290,000
Credit Note payable $290,000
Being entries to recognize the purchase of assets by note payable.
Explanation:
The cost of each asset (land, building, and equipment) will be allocated to them based on the market value. The higher the market value, the higher the cost apportioned to each asset from the single amount paid for all the assets.
Given that the market values are in the ratio of
64,000:208,000:48,000 for land, building and equipment respectively. This is equivalent to ratios 4:13:3.
Hence, where the total amount paid is $290,000, cost apportionment
Land
= 4/20 × $290,000
= $58,000
Building
= 13/20 × $290,000
= $188,500
Equipment
= 3/20 × $290,000
= $43,500
When an asset is purchased with a note payable signed, the asset is debited and the note payable is credited.
Answer:
C) $21,080
Explanation:
The computation of the net operating income is given below:
Particulars Per unit Total
Sales $114 $1,128,600
Less: Variable expenses:
Raw material cost (6 pounds for $4) $24 $237,600
Direct labor cost (2.4 hours for $24) $58 $570,240
Manufacturing overheads (2.4 hours for $9) $22 $213,840
Variable selling and admin expenses $2 $15,840
Contribution margin $9 $91,080
Less: Fixed Selling and admin exp $70,000
Net operating income $21,080
Answer:
the business will provide finance for the event
Explanation:
When messages are sent to business, local or international, to sponsor events, it is more often than not thought to be a request fro financial backing or financial muscle for the event. For this reason, the business being courted does not involves itself in the event but rather provides financial aid and maybe send out company representatives to see the event if necessary.
Cheers.
In the production of corn meal for baking, corn is ground. This conversion process is an example of process manufacturing.
What is process manufacturing?
- Process manufacturing is a branch of manufacturing that is associated with formulas and manufacturing recipes and can be contrasted with discrete manufacturing, which is concerned with discrete units, bills of materials and the assembly of components.
- Process manufacturing is also referred to as a 'process industry' which is defined as an industry, such as the chemical or petrochemical industry, that is concerned with the processing of bulk resources into other products.
- Process manufacturing is common in the food, beverage, chemical, pharmaceutical, nutraceutical, consumer packaged goods, cannabis, and biotechnology industries.
- In process manufacturing, the relevant factors are ingredients, not parts; formulas, not bills of materials; and bulk materials rather than individual units.
To learn more about process manufacturing: brainly.com/question/15051243
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Answer:
See below
Explanation:
This transaction will affect the bank balance by increasing it with the check amount. The bank is cash (asset ) held in the bank. An increase in assets account is a debit. The bank A/c will be debited.
The check is received from Yogesh. Yogesh must have bought goods on credit and hence is an account receivable (asset). Since Yogesh has paid, his account decrease by the check amount. A decrease in assets is credited.
The journal entry will be
Bank A/c DR. Rs 4500
Yogesh A/c Cr. Rs 4500