A company acquires land, a factory, and office furniture for a lump sum of $500,000. The estimated fair values of the land, factory, and furniture are $150,000, $250,000, and $100,000, respectively. How much should be recorded for the land? a. $125,000 b. $150,000 c. $160,000 d. $500,000 e. None of the above
Q: solve this question accurat
A: Part 1: How does business model evolution affect accounting adaptation?Correct Answer: (a) Changing…
Q: None
A: we use the formula:ROA = (Net Income / Average Total Assets) × 100Given data:Net Income =…
Q: Need help with this question solution general accounting
A: Step 1: Definition of Predetermined Overhead RateThe predetermined overhead rate is the rate at…
Q: use correct data
A: Introduction to the ProblemIn order to utilize proper financial decision making within a business,…
Q: Correct answer
A: Explanation of Raw Materials Inventory: Raw materials inventory represents the stock of unprocessed…
Q: I want to correct answer general accounting question
A: Step 1: Definition of Profit MarginThe profit margin is a financial metric that measures how much…
Q: What is the net income
A: Given:Net Income in 2022 = $450,000Increase in Net Income = 19.8%Step 1: Convert Percentage to…
Q: Answer when image is clear. if you answer with any unclear dara then unhel
A: Answer 1 CalculationsGiven InformationBeginning Inventory = $950,600Purchases = $825,900Ending…
Q: What are the revenues for divisions M?
A: Explanation of Income from Operations:Income from operations refers to the profit a division or…
Q: Brighton Components is operating at 80% capacity. A European automaker has offered to purchase…
A: Step 1: Definition of Relevant Cost AnalysisRelevant cost analysis helps determine whether to accept…
Q: he beginning inventory for Dunne Co. and data on purchases and sales for a three-month period are as…
A: Step 1:The FIFO method stands for first-in, first-out, under this method, inventory that comes first…
Q: Determine everest material price variance
A: Explanation of Materials Price Variance: The materials price variance is the difference between the…
Q: Murdock Corporation's July 31 bank reconciliation shows deposits in transit of $1,800. The general…
A: Explanation of Deposits in Transit: Deposits in transit represent money that a company has received…
Q: The Meridian Division's operating data for the year 2021 is as follows: . Return on investment =…
A: Step-by-Step Detailed Calculation of Margin for 2021 Understanding the Margin FormulaThe margin is a…
Q: What is the Answer
A: Approach to solving the question:For better clarity of the solution, I have provided the formula and…
Q: ?!
A: Concept of Days Sales Outstanding (DSO)Days Sales Outstanding (DSO) is a financial metric that…
Q: 4 POINTS
A: To calculate the Manufacturing Cycle Efficiency (MCE), we need to use the following formula:MCE =…
Q: Summit Manufacturing has a standard costing system. The following data are available for October: •…
A: To calculate the actual price per pound of direct materials purchased, we use the material price…
Q: What is the gross profit?
A: Explanation of Gross Profit Rate: Gross profit rate, also known as gross margin, is a financial…
Q: Subject: financial accounting
A: Explanation of Asset Base: Asset base represents the total value of assets employed by a division or…
Q: Kindly help me with accounting questions
A: Step 1: Definition of Total Variance for PlasticTotal variance for plastic includes both price…
Q: Ans
A: Concept of Break-even PointThe break-even point is the level of sales at which total revenues equal…
Q: What is the correct option? General accounting question
A: To determine Orion Manufacturing's standard manufacturing overhead rate per unit, we use the…
Q: Company K had total sales of $2,800,000 during the year. The cost of goods sold and depreciation…
A: Concept of Sales:Sales refer to the total revenue generated from the sale of goods or services by a…
Q: Acc.prob.
A: Question 1: Integrated Control Frameworks vs. Isolated ChecksIntegrated control frameworks ensure…
Q: Answer this Accounting question
A: To calculate the market value per share, use the following formula:Market value per share = (Net…
Q: Hi expert please give me answer general accounting question
A: Step 1: Identify the necessary information from the problem.2023 net income = $780,0002024 increase…
Q: Moti Bakery produces various baked goods. Utility costs are allocated to the products based on the…
A: Explanation of Cost Allocation: Cost allocation is the systematic process of assigning indirect…
Q: Compute the stated interest rate and the effective interest rate Prepare the journal…
A: Calculation of Stated Interest RateStated Interest Rate is the Annual Coupon RateBond Pays Annually…
Q: If the risk-free rate is 2.5%, the expected market risk premium is 6%, and the company's stock beta…
A: LET'S UNDERSTAND THE PROBLEM The problem requires us to calculate the company's cost of equity…
Q: When are liabilities recorded under the accrual basis of accounting? When incurred When paid At…
A: The accrual basis of accounting is a method of accounting where revenues and expenses are recorded…
Q: Choose the correct option
A: Step 1: DefinitionsExplanation of Credit Terms (2/10, Net/30):The credit terms 2/10, Net/30 mean…
Q: Travis Apparel Co. is considering the production of a new line of jackets. Based on preliminary…
A: Explanation of Target Cost: Target cost is a strategic management accounting approach that…
Q: Isabel, a calendar-year taxpayer, uses the cash method of accounting for her sole proprietorship. In…
A: sabel is a cash-method taxpayer who operates on a calendar-year basis. This means she can deduct…
Q: Manny, a calendar-year taxpayer, uses the cash method of accounting for his sole proprietorship. In…
A: Step 1:After-Tax Income if Manny Bills in December (Requirement a)Gross Income: $20,000Marginal Tax…
Q: Hamilton Textiles has the following data: • Beginning raw materials inventory = $90,000 Materials…
A: Step 1: Definition of Cost of Raw Materials UsedThe cost of raw materials used represents the total…
Q: What is the cost of goods sold per unit under absorption costing? General accounting question
A: Step 1: Define Absorption CostingAbsorption costing is a costing approach that includes all direct…
Q: Donald Diesel owns the Fredonia Barber Shop. He employs 5 barbers and pays each a base salary of…
A: 1.Calculate Total Salary Expenses:Base Salary for 4 Barbers: 4 barbers x $1,380/month = $5,520Base…
Q: Financial accounting
A: Step 1: Definition of Inventory and Depreciation BalanceInventory Balance: Inventory represents the…
Q: A bakery purchases $4,500 worth of flour for the month. However, only $4,200 worth of flour is…
A: Step 1: Definition of Cost of Unused CapacityThe cost of unused capacity refers to the portion of…
Q: At the beginning of the year, XYZ Ltd. has assets of $500,000 and equity of $350,000. During the…
A: Step 1: Definition of EquityEquity represents the ownership interest in a company's assets after all…
Q: Don't use ai given answer general accounting question
A: Step 1: Definition of Operating LeverageOperating Leverage is a financial metric that measures how…
Q: What distinguishes integrated control frameworks from isolated checks? a) Separation improves…
A: Understanding Integrated Control Frameworks vs. Isolated ChecksIn management and governance, control…
Q: The July 1 work-in-process inventory consisted of 5,200 pounds with $16,500 in materials cost and…
A: To compute the equivalent units of production (EUP) for conversion, we use the weighted-average…
Q: Accounting question
A: Step 1: Define Return on Investment (ROI) FormulaReturn on investment (ROI) measures how efficiently…
Q: Skyline Enterprises' CVP income statement includes sales of 5,500 units, a selling price of $120 per…
A: Step 1: Definition of Net IncomeNet income, also known as net profit or bottom line, is the amount…
Q: ???
A: Step 1: Definitions Explanation of RevenueRevenue refers to the total income a business earns from…
Q: ??!!
A: Explanation of Predetermined Overhead Rate: Predetermined overhead rate is a calculated allocation…
Q: Robertson Corp. expects to sell 32,500 units. Each unit requires 5 pounds of direct materials at $18…
A: Explanation of Planned Production: Planned production represents the total number of units a company…
Q: General accounting
A: Step 1: Definition of Return on Equity (ROE)Return on Equity (ROE) is a measure of a company's…
Step by step
Solved in 2 steps
- Industrial Metals purchases land, building, and equipment together for $1.2 million. The estimated fair values of the land, buildings, and equipment are $500,000, $800,000, and $200,000, respectively. What amount should be recorded in the separate account for the land?if a company is considering the purchase of a parcel of land that was acquired by the seller for $89,000 is offered for sale at 158,000 is assessed for tax purposes at 99,000 is considered by the purchaser as easily being worth 148,000 and is purchased for 145,000 the land should be recored in the purchaser books at (A. 99,000, B. 145,000, C. 146,500, D. 148,000, E. 158,000)H6. A business sells real property for $950,000, with $600,000 of this amount being allocated to the building and the remaining $350,000 allocated to the land. The building, the only asset in its Class, had a capital cost of $800,000 and a UCC of $650,000. The adjusted cost base of the land was $250,000. What are the tax consequences of this disposition? A capital gain of $50,000 and a terminal loss of $50,000 © A capital gain of $100,000 and a capital loss of $50,000 C A capital gain of $50,000 and a terminal loss of nil © A capital gain of $100,000 and a terminal loss of $50,000 Please give accurate response Show proper step by step calculation
- SEASH, Inc. acquired an office building, land, and equipment in a single basket purchase. The fair values were $2,400,000, $1,200,000, and $400,000 for the building, land, and equipment, respectively. The company recorded the building for $2,160,000. What was the total purchase cost for all three assets? Select one: a. $3,400,000 b. $3,600,000 c. $3,200,000 d. $3,800,000 e. $4,000,000A company purchased land, a building, and equipment for one price of $1,800,000. The estimated fair values of the land, building, and equipment are $225,000, $1,575,000, and $450,000, respectively. At what amount would the company record the land???
- Red River Bakery purchases land, building, and equipment for a single purchase price of $260,000. However, the estimated fair values of the land, building, and equipment are $126,000, $198,000, and $36,000, respectively, for a total estimated fair value of $360,000. Required: Determine the amounts Red River should record in the separate accounts for the land, the building, and the equipment.A company purchased land and building from a seller for $900,000. A separate appraisal reveals the fair value of the land to be $200,000 and the fair value of the building to be $800,000. For what amount would the company record land at the time of purchase? Multiple Choice $900,000. $200,000. $180,000. $220,000.Kingbird Inc. purchased land, building, and equipment from Laguna Corporation for a cash payment of $447,300. The estimated fair values of the assets are land $85,200, building $312,400, and equipment $113,600. At what amounts should each of the three assets be recorded? (Do not round intermediate calculations and round final answers to O decimal places e.g. 58,971.) Land Building LA LA Equipment $ Save for Later Recorded Amount eTextbook and Media DAE O Search LDLC 8 F8 DOLL Attempts: 0 of 3 used prt sc home Submit Answer end insert
- An entity purchased an investment property on January 1,2020 at a cost of P4,000,000. The property had a useful life of 20 years and on December 31, 2021 had a fair value of P4,800,000.On December 31, 2021 the property was sold for net proceeds of P4,500,000. The entity used the cost model to account for investment property. What is the gain to be recognized for 2021 regarding the disposal of the property? a. 900,000 b. 500,000 c. 800,000 d. 700,000can you please solve thisPT Adista owns land that was purchased in cash on January 2, 2018 at a cost of IDR 1,000,000,000. Requested: a. PT Adista decided to use the revaluation model for the land (which is a fixed asset). On December 31, 2018, the company recognized a revaluation surplus of the land amounting to Rp 100,000,000. If on December 31, 2019 it is known that the fair value of the land is IDR 1,060,000,000, make a journal entry that is recorded by PT Astina regarding the land in 2019. b. Describe how the accounting treatment differs between the fixed asset revaluation model and the fair value model of investment property.