A company incurred the following costs associated with the purchase of a piece of land that it will use to re-build an office building: Purchase price of the land $ 620,000 Sale of salvaged parts already on land $ 25,000 Demolition of the old building $ 23,000 Ground-breaking ceremony (food and supplies) $ 1,100 Land preparation and leveling $ 8,300 What amount should be recorded for the purchase of the land
Answers
Answer:
$651,300
Explanation:
Cost of an item of property, plant and equipment comprises of purchase price and any cost directly attributable to bringing the asset to the location and condition for operation as intended by management.
Calculation of the cost of purchase of the land:
Purchase price $ 620,000
Demolition of the old building $ 23,000
Land preparation and leveling $ 8,300
Cost of purchase of the land $651,300
Related Questions
Which of the following accounts would not appear in the post-closing trial balance? Interest Payable, Equipment, Depreciation Expense, Dividends, Unearned Service Revenue, Accumulated Depreciation Equipment, and Service Revenue.
Answers
The accounts that would not appear in the post-closing trial balance are:
Depreciation ExpenseDividendsService Revenue.What is a post-closing trial balance?A post-closing trial balance lists all non-zero balance sheet accounts.
The post-closing trial balance verifies that the total assets (debit balances) equal the total of all liabilities and equity (credit balances).
Thus, the accounts that would not appear in the post-closing trial balance are Depreciation Expense, Dividends, and Service Revenue.
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has an absolute advantage in making pizza, and has a comparative advantage in making pizza.
Answers
Kris has a comparative advantage over Pat because it takes him four hours to prepare a pizza while Pat can create one in two.
Two key ideas in economics and global trade are absolute advantage and comparative advantage. They have a significant impact on how and why countries and companies allocate resources to the creation of specific commodities and services. Absolute advantage refers to a situation in which one party can produce a good more quickly and profitably than another nation or rival company. Contrarily, comparative advantage considers the opportunity costs involved in selecting to produce a variety of goods with constrained resources.
The question is incomplete, complete question is:
Pat and Kris share a residence. Of course, they spend the majority of their time studying, but they also make time for their best pastimes, such as baking pizza and making root beer. Pat brews a gallon of root beer in 4 hours and bakes a pizza in 2 hours. A gallon of root beer takes Kris 6 hours to brew, and a pizza takes him 4 hours. Who makes pizza with a clear advantage? Who makes pizza with a comparative advantage? Explain.
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A production budget is most important for which of the following?
A. Retail stores
B. Manufacturing Firms
C. Non-profit companies
D. Local Government Agencies
E. All the above
Answers
Answer:
Explanation:
Manufacturing Firms
i need to have a paper written that is about using time wisely. please help i need this before this class ends
Answers
The paper written that is about using time wisely is given below
Using Your time wiselyUsing time wisely is a crucial skill that can help individuals achieve their goals and lead more productive and fulfilling lives. Effective time management involves setting clear priorities, developing a plan of action, and making the most of the time available.
One of the most important aspects of using time wisely is setting clear priorities. This means identifying the most important tasks and activities and focusing on them first. For example, if a student has a big exam coming up, they should prioritize studying for that exam over other activities.
Another key aspect of using time wisely is developing a plan of action. This means breaking down a task or goal into smaller, more manageable steps and creating a schedule or timeline for completing each step.
Finally, using time wisely also involves being strategic and intentional with how we use our time. That means, avoiding distractions, setting boundaries, and being mindful of how you spend your time.
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The net income reported on the income statement is $97,309. However, adjusting entries have not been made at the end of the period for the
supplies expense of $2,135 and accrued salaries of $1,163. Net income, as corrected, is
a. $96,146
b. $97,309
c. $94,011
d. $95,174
Answers
The restaurant industry employed _____ people in the United States in 2010.
Answers
Answer:
The restaurant industry employed 12.9 people
Hope this helps
Thanks!
:)
Explanation:
Answer:
12.9 million people were employed.
Explanation:
Sandra’s Purse Boutique has the following transactions related to its top-selling Gucci purse for the month of October. Sandra's Purse Boutique uses a periodic inventory system.
Date Transactions Units Unit Cost Total Cost
October 1 Beginning inventory 6 $ 790 $ 4,740
October 4 Sale 4
October 10 Purchase 5 800 4,000
October 13 Sale 3
October 20 Purchase 4 810 3,240
October 28 Sale 7
October 30 Purchase 8 820 6,560
$ 18,540
3. Using LIFO, calculate ending inventory and cost of goods sold at October 31
Answers
The cost of goods sold (COGS) was $17,260, and the ending inventory was $3,160 using the LIFO method.
The LIFO method (last-in, first-out) of inventory valuation requires that the most recent purchases of inventory be used first in the cost of products sold and ending inventory calculations. The ending inventory and cost of products sold at the end of October will be calculated using the LIFO method, based on the data given in the table.Based on the data given, the total units sold is 14, and the total units purchased is 17. Here's how to calculate the ending inventory and cost of products sold using the LIFO method:Step 1: The last purchase of 8 units at a cost of $820 each on October 30 is deducted from the inventory count, leaving 9 units.Step 2: The previous purchase of 4 units at a cost of $810 each on October 20 is deducted from the inventory count, leaving 5 units.Step 3: The next purchase of 5 units at a cost of $800 each on October 10 is deducted from the inventory count, leaving 0 units.Step 4: Based on the LIFO method, the cost of the ending inventory is the sum of the cost of the oldest units remaining in stock, which is 4 units at a cost of $790 each on October 1, totaling $3,160.Step 5: Based on the LIFO method, the cost of goods sold (COGS) is calculated by adding the total cost of units sold, which is 14 units at a cost of $820 each on October 30, 4 units at a cost of $810 each on October 20, and 5 units at a cost of $800 each on October 10, totaling $17,260.Therefore, the cost of goods sold (COGS) was $17,260, and the ending inventory was $3,160 using the LIFO method.For more questions on cost of goods sold (COGS)
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Listed below are selected transactions of Schultz Department Store for the current year ending December 31.
1. On December 5, the store received a deposit from the Selig Players to be returned after certain furniture to be used in stage production was returned on January 15. $ 500
2. During December, cash sales were received, which include the 5% sales tax that must be remitted to the state by the fifteenth day of the following month. $ 798,000
3. On December 10, the store purchased for cash three delivery trucks. The trucks were purchased in a state that applies a 5% sales tax. $ 120,000
4. The store sold 25 gift cards for $100 per card. At year-end, 20 of the gift
cards are redeemed. Schultz expects three of the cards to expire unused.
Number of gift cards sold 25
Value of each gift card $ 100
Number of cards unredeemed at year-end 20
Number of cards expected to expire unused 3
Instructions
Prepare all the journal entries necessary to record the transactions noted above as they occurred and any adjusting entries relative to the transactions that would be required to present fair financial statements at December 31. Date each entry. For simplicity, assume that adjusting entries are recorded only once a year on December 31.
NOTE: Enter a formula, a cell reference, or a value (if you are unable to reference a cell), into the yellow shaded input cells.
Debit Credit
1. Dec.5
2. Dec. 1 - 31
3. Dec. 10
4. Dec. 31
Dec. 31
Answers
The journal entry of Department Store for the current year ending December 31 is given below:
What are journal entries?Journal entries are the entries made to document the transactions carried out by the company. The books of accounts have a record of every dollar that comes in and goes out. The transactions that are documented are in the book of accounts and are examined and audited for surplus payments or deficits, which are the most frequent errors to be discovered over recording, after they have been made. Below are the diary entries related to the context that are attached.
Date Particular Amount (Dr) Amount(Cr)
1 Dec 2005 cash 500 500 2 Dec 31 cash 798,000
Sales 760,000
Sales Taxes Payable 38,000
(Being sales recorded)
3. Dec 10 Delivery Truck 126,000
cash 126,000 4. Dec 31 cash 126000
Sales 2500
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why do you think p2p apps have become so popular?
Answers
P2P payment apps are popular in the U.S. because they make the exchange of money easy. Nearly half (46%) of smartphone owners say they regularly use peer-to-peer payment apps. These apps offer convenience and flexibility when it comes to making payments.
Josh buys an $8000 10-year bond that has a coupon rate of 4.5 %. If he keeps the bond to maturity, how much interest will he collect?
Answers
Josh will collect $3600 in interest if he keeps the $8000 10-year bond with a 4.5% coupon rate to maturity.
To calculate the interest that Josh will collect from the 10-year bond with an $8000 face value and a coupon rate of 4.5%, we need to consider the annual interest payment and the total number of interest payments over the bond's lifespan.
The annual interest payment can be calculated by multiplying the face value of the bond ($8000) by the coupon rate (4.5%). This gives us an annual interest payment of $360 (8000 * 0.045).
Since the bond has a 10-year maturity, there will be a total of 10 interest payments over its lifespan. Therefore, the total interest Josh will collect can be calculated by multiplying the annual interest payment ($360) by the number of interest payments (10).
Total interest = Annual interest payment * Number of interest payments
Total interest = $360 * 10
Total interest = $3600
Therefore, if Josh keeps the bond to maturity, he will collect a total of $3600 in interest over the 10-year period.
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Andrew is a construction driver traveling two hours from his jobsite back to his home. He’s worked on site all week, but is not ill or fatigued. He doesn’t want this commute home to count as “on-duty” time. Can he use an exemption?
Answers
It depends on the regulations and exemptions set by the governing authority responsible for overseeing the commercial transportation industry in the region where Andrew is operating. In the United States, the Federal Motor Carrier Safety Administration (FMCSA) sets regulations for the commercial transportation industry, including those related to hours of service for commercial drivers.
What is the exemption about?Under FMCSA regulations, a driver who is not operating a commercial motor vehicle (CMV) and is not performing any work-related duties is considered to be in a personal conveyance status and is not subject to the hours of service regulations.
Therefore, In this case, if Andrew is driving his personal vehicle and is not engaged in any work-related duties during his two-hour commute, he may be able to use the personal conveyance exemption and not have this time counted as "on-duty" time. However, it is important to check the specific regulations and exemptions in his region to ensure compliance.
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Jane The Virgin Trivia
Jane's son's name is...?
Who is Jane's first husband?
How many seasons of the show are there?
Answer all correctly and you get 10 points and brainliest
Answers
Answer:
Mateo.
Michael.
5.
Explanation:
Answer: Mateo Gloriano Rogelio Solano Villanueva
Michael Cordero Jr
5 Seasons
Explanation: as you can see, I LOOOOOVEEEEEE Jane the Virgin! Season 6 rn idc
While some brokers still operate exclusively in person or online, the distinction between the three types has become increasingly
Answers
The practice of brokers transacting business online have been more increasing in recent time.
Brokers refers to individual or a firm acts as intermediaries between the buyer and seller for commission in return when executed.
Typically, the brokers provides various intermediary services in different field. For example, acting as intermediaries for investment, obtaining loan, purchasing real estate, purchasing insurance policy etc
While some brokers provides their services in contact with clients, some brokers provide their services online.
In conclusion, the practice of brokers transacting business online have been more increasing in recent time.
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In which journal would a customer's partial payment on account be recorded?
Answers
Answer:
Its real account
Cash A/C.....Dr
Debtor A/C....Dr
To Creditors A/C....
recorded in the general journal. cash payments journal.
Let's says prices on average increase 6 percent each year. The State of Oregon allows rents to increase 7 percent each year (in nominal terms). Is the law allowing the rent to increase each year in real terms?
Question 10 options:
a)
Yes
b)
No
c)
Neither in nominal nor real terms
Answers
Answer:
a) Yes
Explanation:
An increase in real terms is when the real percentage increase in rent is a number greater than zero. The real rate is determined by subtracting the inflation rate from the nominal rate of interest.
Inflation refers to an increase in prices in the economy. If prices are increasing by 6 percent, the inflation rate is also 6 percent. The nominal rate of interest is the quoted rate. In this case, it is 7 percent.
The real rate of interest will be 7% - 6% = 1%.
Rent is increasing by a real rate of 1 percent per year.
The following transactions relate to the General Fund of the City of Buffalo Falls for the year ended December 31, 2017: Beginning balances were: Cash, $93,000; Taxes Receivable, $189,500; Accounts Payable, $52,250; and Fund Balance, $230,250. The budget was passed. Estimated revenues amounted to $1,230,000 and appropriations totaled $1,227,400. All expenditures are
Answers
Answer:
Estimated Revenue Control (Dr.) $1,230,000
Appropriation (Cr.) $1,227,400
Budgetary Fund (Cr.) $2,600
Tax receivable (Dr.) $189,500
Revenue (Cr.) $189,500
Cash (Dr.) $93,000
Tax receivable (Dr.) $96,500
Revenue (Cr.) $189,500
Expenditure Control (Dr.) $52,250
Accounts Payable (Cr.) $52,250
Accounts Payable (Dr.) $52,250
Cash (Cr.) $52,250
Explanation:
Buffalo Falls earned and received tax revenue of $189,500. This will be reflected on debit side when journal entry is made and revenue is credited as per transaction. The company has now recorded a transaction of expenditure control of $52,250. These transaction are recorded by debiting the expenditure control account and crediting the accounts payable.
The accompanying graphs illustrate an initial equilibrium for the economy. Suppose that oil prices increase temporarily.
Use the graphs to show the new positions of aggregate demand (AD), short-run aggregate supply (SRAS), and long-run aggregate supply (LRAS) in both the short-run and the long-run, as well as the short-run (ESR) and long-run (ELR) equilibria resulting from this change. Then answer what happens to the price level and GDP.
Answers
In response to the temporary increase in oil prices, the short-run equilibrium experiences a higher price level and lower GDP, while the long-run equilibrium sees a higher price level and unchanged GDP.
In the short-run, the AD curve shifts leftward due to the increase in oil prices. This is because higher oil prices increase production costs for firms, leading to reduced consumption and investment spending by households and businesses.
As AD shifts leftward, it intersects with the SRAS curve at a new short-run equilibrium (ESR). At this new equilibrium, the price level increases while GDP decreases compared to the initial equilibrium.
In the long-run, the SRAS curve adjusts to the higher oil prices as firms gradually reduce production and adjust their input costs. This adjustment reflects the fact that higher oil prices affect the overall cost structure of the economy.
As the SRAS curve shifts leftward, it eventually intersects with the LRAS curve at a new long-run equilibrium (ELR). At this equilibrium, the price level is higher than the initial equilibrium due to the higher oil prices. However, GDP returns to its potential level determined by the LRAS curve.
Therefore, in response to the temporary increase in oil prices, both the price level and GDP initially decrease in the short-run but eventually stabilize in the long-run, with a higher price level and unchanged GDP compared to the initial equilibrium.
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What is the term used to describe the total amount of money produced by
the sele of goods and services.
Answers
GP is the amount of money made by good and services inside of country
On December 31, the company purchases supplies for $1,000 on credit.
Complete the necessary journal entry by selecting the account names from the pull-down menus and entering dollar amounts in the
debit and credit columns.
Answers
Supplies Dr $1,000
To Account payable $1,000
(Being purchase supplies on credit is recorded)
Here the supplies are debited as it increased the assets and credited the account payable as it also increased the liabilities.
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Why is it important to pay more than the minimum payment on your credit card each month?
Answers
Answer:
so you dont have to pay as much next month
Explanation:
whats a good job for me A. nail artist B.GameDev C. Aesthetic photography D.Anime Actor idc They all sound good
Answers
Answer:
C. Aesthetic photography
Explanation:
Answer: it really depends on what you're good at !!
Explanation: seeing all the jobs you listed here, if you look more into the requirements and the education that is needed, see which one is either easier or what you're good in in that field, and go for that !!
i think that either a nail artist or an aesthetic photographer would be good for you :)
A ____ is a document from a bank guaranteeing that a seller will receive payment in full as long as certain delivery conditions have been met *
Bill Paper
Letter of credit
Agreement
Answers
Based on financial operation and standards, a Letter of Credit is a document from a bank guaranteeing that a seller will receive payment in full as long as certain delivery conditions have been met.
Letter of Credit is usually used during international trade to ensure financial assurance from a creditworthy bank to an exporter of goods.
Various types of letters of Credit.Some of the types of letters of Credit include:
CommercialExport / ImportTransferable and Non-TransferableRevocable and IrrevocableStand-byConfirmed and UnconfirmedRevolvingBack to Back, etc.Hence, in this case, it is concluded that the correct answer is "Letter of Credit."
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illustrate the effect that a decrease in a price of milk (an input of ice cream) would have on the market for ice cream.
Answers
A decrease in the price of milk would lead to a decrease in the production cost of ice cream and an increase in its supply, causing a decrease in the equilibrium price of ice cream and an increase in its quantity demanded and supplied.
A decrease in the price of milk is likely to have a direct effect on the market for ice cream. Milk is a key ingredient in the production of ice cream, and so a decrease in the price of milk would lead to a decrease in the production cost of ice cream. The impact of this decrease in production cost will result in an increase in the supply of ice cream. The supply curve will shift to the right, showing that more ice cream is available for sale at any given price.
This means that the equilibrium price of ice cream will decrease because suppliers are willing to sell more ice cream at lower prices due to lower production costs. As a result, consumers would demand more ice cream because they would be able to purchase it at a lower price. This increase in demand would cause the demand curve to shift to the right, further increasing the equilibrium quantity of ice cream traded in the market.
Therefore, a decrease in the price of milk would lead to a decrease in the production cost of ice cream and an increase in its supply, causing a decrease in the equilibrium price of ice cream and an increase in its quantity demanded and supplied.
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Jean-Ann works in the finance business. She analyzes insurance applications in order to determine the level of risk involved in insuring the applicant, then decides whether or not to insure them. Jean-Ann works as
a. an Insurance Underwriter.
b. an Insurance Sales Agent.
c. a Financial Advisor.
d. a Financial Analyst.
Answers
Answer:
a. an Insurance Underwriter
Explanation:
An insurance underwriter is a professional working with an insurance company whose role is to assess the risk in each application for insurance. After evaluation, the underwriter decides whether to accept or reject the application for insurance cover. The insurance underwriter represents the interest of the company, not the customer.
Answer:
A
Explanation:
If interest rates in the U.S. increase significantly over a short period of time, we should expect to see:
A. consumption spending to increase and investment spending to decrease.
B. consumption spending to decrease and investment spending to increase.
B. consumption spending and investment spending to decrease.
D. consumption spending and investment spending to increase.
Answers
If Interest rates in the U.S. increase significantly over a short period of time, we should expect to see consumption spending and investment spending decrease. It's option C.
Interest rate means the cost a client pays to a lender for adopting finances over a period of time expressed as a change rate of the loan quantum. Companies would suddenly and suddenly be hit with advanced borrowing costs.
This would negatively have an impact on earnings, increase their cost of capital, and dampen investment. Also, investors would see their net worth plunge if they are invested in bonds.
Lower interest rates increase business investment by making it cheaper and easier for businesses to adopt plutocrats in order to finance new systems. They have much the same effect on consumers, who might act on a major new purchase or buy a home because low backing rates make it attainable.
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What are new guidelines issued by GAAP for consolidating entities
Answers
The general rule requires consolidation of financial statements when one company’s ownership interest in a business provides it with A MAJORITY OF the voting power- meaning it controls more then 50% of the voting shares
While airbags in cars have saved lives and lowered fatality rates, they have caused MORE accidents. Why has this happened? What do we call this idea in economics? Suppose the government was hoping to reduce the number of accidents (and was not concerned about fatalities), what should they require automakers to do?
Answers
The idea that airbags in cars have caused more accidents is known as the moral hazard problem in economics. This occurs when people take on more risk because they feel protected by insurance or safety features. In the case of airbags, drivers may feel invincible and drive more recklessly because they believe the airbag will protect them in case of an accident.
If the government was hoping to reduce the number of accidents and was not concerned about fatalities, they could require automakers to install technology that limits the speed of the vehicle or increases the distance between cars. They could also require automakers to install sensors that detect when a car is too close to another car and issue a warning to the driver. These measures would encourage safer driving practices and reduce the likelihood of accidents.
What does this picture reminds you of a nightmare of give 2-4 sentences
Answers
This picture reminds you of a nightmare as it looks scary and threatening and seems like blood coming from eyes indicated through red color.
What is a nightmare?Nightmares are a condition that is closely linked to tension, stress, and trauma. Physiological well-being is regarded as a problem in this condition, and it is frequently a symptom of the fundamental and curable disorder.
As well as emerging in combination with horrific memories and other psychiatric conditions like depression, cognitive deficits, and bipolar disorder, nightmares are more common during stressful times.
In the given case, the picture is shown as a nightmare as it is scary developing fear in an individual with its effects like red color liquid coming from the eyes which can be denoted as blood.
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Task 2
The Federal Reserve has control over the nation’s monetary policy. Through adjusting the required reserve ratio, buying and selling government bonds on the open market, or adjusting the discount rate, the Fed can influence interest rates and the money supply in the country. When we talk about interest rates, it’s important to distinguish between long-term and Short-term interest rates. Short-term interest rates are directly affected when the Fed changes its federal funds and discount rates and are for loans made for short periods. long-term interest rates are set by market forces. Lower long-term interest rates encourage investment by businesses and consumers because the cost of paying back the money over a long period is low. Keep this distinction in mind while you complete the following activity.
Part A
Considering the current state of the economy and what you know about monetary policy, do you think the Federal Reserve should increase interest rates, decrease interest rates, or keep interest rates constant? Why?
Part B
Using an Internet search engine, find a website or an article that contains an editorial or opinion piece that shares your opinion and copy the URL in the space below. Keep in mind that it might take you some time to find a good article, so don’t automatically take the first one you find.
Part C
List three main points from the source you found that explain the author’s reasoning.
Part D
Based on what you have read, what bias might the author bring to his or her opinion?
Part E
Using an Internet search engine, find a website or an article that expresses the opposite to your opinion and copy the URL in the space below. Keep in mind that it might take you some time to find a good article, so don’t automatically take the first one you find.
Part F
List three main points from the source you found that explain the author’s reasoning.
Part G
Based on what you have read, what bias might the author bring to his or her opinion?
Answers
The Federal Reserve's monetary policy decision regarding interest rates depends on several factors including economic growth, inflation, and employment levels.
What factors could lead to Fed Monetary Policies?If the economy is growing rapidly, inflation is rising, and employment is strong, the Fed may increase interest rates to keep inflation in check and slow down the economy.
On the other hand, if the economy is weak, inflation is low, and unemployment is high, the Fed may decrease interest rates to encourage borrowing, spending, and investment, and boost economic growth.
As of 2021, the Federal Reserve has kept interest rates low to support the economic recovery from the COVID-19 pandemic. However, the future path of interest rates will depend on how the economy performs and evolves over time.
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Accounting and subsequently violates the covenant not to complete, what equitable remedy is available to big three accounting inc
Answers
Injunction equitable remedy is available to Big Three Accounting, Inc. Thus option D is correct.
What is Accounting?Accounting is the act of documenting a business's monetary operations. All transactions are compiled, examined, and reported to factor in making, regulatory bodies, and tax collection organizations as part of the accounting cycle.
A lawsuit for an injunction is brought to court when someone infringes any contract clause relating to not competing. An equitable relief is where a court directs a party to carry out a certain act or desist from doing so. Therefore, option D is the correct option.
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After passing his CPA exam, Mohammad is hired by Big Three Accounting, Inc. Part of his contract includes a covenant not to compete. If, after working for three years, Mohammad retires from Big Three Accounting and subsequently violates the covenant not to compete, what equitable remedy is available to Big Three Accounting, Inc.?
a. Rescission O b. Specific Performance O c. Reformation O d. Injunction