Chapter 4, Problem 2CA

A warehouse with an appraisal value of $145,320 is made available at an offer price of $168,750. The purchaser acquires the property for $40,500 in cash, a 90-day note payable for $26,500, and a mortgage amounting to $62,900. What is the cost basis recorded in the buyer's accounting records to recognize this purchase? a) $168,750 b) $145,320 c) $129,900 d) $121,460 MCQ

If UPPA Company had net income of $561,600 in 2022 and it experienced a 17% increase in net income over 2021, what was its 2021 net income?

Financial accounting