Answer:
e. $60,184; $60,184; $60,184
Explanation:
Corn supplier will have yields of 6 in year 1 and 6.5 in year 2, if it will purchase bushels now he will have to pay $39,083 now or $38,900 2 years later. The corn supplier will not accept the price below this and we will not pay price above this. The Medicare price should be determined and set.
Answer:
Creative Design Co.
Bank Reconciliation
August 31, 20Y6
Cash balance according to Bank Statement $30,270
Add: Deposit in transit, not recorded by bank <u> $4,690</u>
$34,960
Less: Outstanding checks <u> ($5,850)</u>
Adjusted Balance $29,110
Cash balance according to Company's records $28,800
Add: Error in recording check (840 - 480) <u> $360 </u>
$29,160
Less: Bank service costs <u> ($50) </u>
Adjusted balance $29,110
Answer: $56,000
Explanation:
When a life insurance policy is transferred the taxable amount at death is the value of proceeds that the policy gives less the Cash surrender value and the premiums that have already been paid by the formula;
Taxable Proceeds = Total Proceeds received - (Cash Surrender Value + Premiums paid)
Taxable Proceeds = 100,000 - (30,000 + 14,000)
Taxable Proceeds = $56,000
Answer:
TRUE
Explanation:
This is known as historical cost, a common term in generally accepted accounting principles (GAAP). It's the original cost recorded in the balance sheet when an asset acquisition is recorded. It takes into consideration all of the items that can be attributed to its purchase and putting the asset to use. These items include the purchase price and such factors as commissions, transportation, appraisals, warranties, installation, and testing. For example, if a company buy a computer system, the original cost can include delivery charges, sales taxes, and setup fees.
Answer:
Answer is D. better matching of revenue and expense is achieved than under FIFO.
Explanation:
The inventory cost flow assumption describes the flow of product cost: from the inventory and to cost of goods sold. When a firm uses the LIFO inventory cost flow assumption: better matching of revenue and expense is achieved than under FIFO.
