Splish brothers inc. purchased land at a price of $60,480. closing costs were $3,024. An old barn was removed at a cost of $6,272. What amount should be recorded a the cost of the land?

Answers

Answer 1

Answer:

Answer:

$69, 776

Explanation:

In recording the value of an asset, accountants consider the price paid for the assets plus all the associated costs. The amount to be recorded is the aggregate of all relevant expenses.

For Splish brothers, the amount to be recorder will include

Buying price for the land $60,480

Closing cost $ 3024

cost of removing the old burn $6,272

the total cost will be

=$60,480 + 3,024, + $ 6, 272

= $69, 776

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Gullett Corporation had $30,000 of raw materials on hand on November 1. During the month, the Corporation purchased an additional $79,000 of raw materials. The journal entry to record the purchase of raw materials would include a: Multiple Choice debit to Raw Materials of $109,000 credit to Raw Materials of $79,000 debit to Raw Materials of $79,000 credit to Raw Materials of $109,000

Answers

Answer:

The journal entry to record the purchase raw material would include a debit to raw material of $79000 and credit to Raw materials of $109000..

Explanation:

Since the raw material is coming into the company, we have debit raw material and the opening balance is already there in the books of the business. hence raw materials increases.

Which country has a Gross Domestic Product of about 8.5 trillion dollars?A) Japan

B) China

C) United States

D) Russia

Answers

The answer would be : B. China

Japan has a 4.92 trillion Dollars of Gross Domestic Products
United states has a 16.77 trillion dollars worth of Gross Domestic Products
and
Russia has a 2.097 trillion dollars of Gross Domestic Products

That leave China as the correct answer

Rachel recently started a new gift shop in town. When she is deciding how to price the new products in her shop, she measures the value of her products against those of the other shops in her area. Rachel is most likely using a _______ pricing strategy .

Answers

Answer:

The correct word for the blank space is: competitive.

Explanation:

Pricing strategies are methods companies use at the moment of setting the prices of their products. The most common pricing strategies are:

Cost-plus pricing. Involves recognizing the production costs and adding a percentage of those costs which represents the profit of the firm.
Competitive pricing. Implies establishing the price of a product similar to what competitors in the market have set.
Value-based pricing. It requires setting the price of goods and services based on what consumers think the price should be.
Price skimming. Involves pricing a product high at first and changing the price according to market fluctuations.
Penetration pricing. Implies setting the price of a product low to wipe out competitors and raising it after they completely disappeared.

The study of economics on a smaller scale is calleda. depression economics.
b. macroeconomics.
c. microeconomics.
d. voodoo economics.

Answers

answer: c. microeconomics.

compared to other market structures, which of the following are properties of a perfectly competitive market, and which are not?

Answers

Characteristics of a market with perfect competition is,

Many buyers and vendors: In a market that is totally competitive, multiple buyers and sellers, but none of them can affect the product's price. Products supplied in a market are all homogeneous, meaning they are all the same or very similar.

Perfect information: In an equilibrium price, all market participants have similar capabilities about the market, particularly product costs, standards, and availability.

No entrance or exit barriers: In a market with perfect competition, new firms can enter the market with ease and evolving firms can depart the market with ease and without incurring major expenses, buyers and sellers have little power to alter prices.

Characteristics not of a market with perfect competition:

Lack of product differentiation is necessary for perfect competition. Companies operating in other market configurations may distinguish their goods through distinctive branding or design elements.

Market power is absent . Organizations may have some level of market government and be able to affect prices in various market arrangements.

Long-term balance: Perfect competition results in long-term economic profits for businesses of zero. With alternative market configurations, businesses may experience long term economic gains.

Learn more about homogeneous here:

brainly.com/question/30587533

The __________ method uses different rates for each production department to allocate factory overhead costs to products. multiple production department factory overhead rate single plant wide factory overhead rate activity-based costing None of these choices are correct.

Answers

Answer:

multiple production department factory overhead rate

Explanation:

For allocating the factory overhead, the most common method is multiple production department factory overhead rate

The formula of the multiple production department factory overhead rate is shown below:

= Estimated department manufacturing overhead ÷ Estimated allocation base

By this formula, we can find out the factory overhead rate with respect to multiple production department

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