Chapter 10, Problem 5P

Meridian Business Group obtained an office building, parking lot, and furniture in a lump-sum purchase for $520,000. An appraisal set the value of the office building at $312,000, the parking lot at $208,000, and the furniture at $104,000. At what amount should Meridian Business Group record each new asset on its books?

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Rebecca Corp. has a current ratio of 4.8 and an acid-test ratio of 4.3. The company's current assets consist of cash, marketable securities, accounts receivable, and inventories. Inventory equals $18,000. Rebecca Corp.'s current liabilities must be: a) $24,000 b) $36,000 c) $90,000 d) $120,000

General Accounting

The amount of gross profit that would be reported.

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