Wanting to finalize a sale before year-end, on December 29, WR Outfitters sold to Bob a warehouse and the land for $125,000. The appraised fair market value of the warehouse was $75,000, and the appraised value of the land was $100,000. (Do not round intermediate calculations. Round your answers to the nearest whole dollar amount.)

a. What is Bob's basis in the warehouse and in the land?
b. What would be Bob's basis in the warehouse and in the land if the appraised value of the warehouse is $50,000, and the appraised value of the land is $125,000?
c. Which appraisal would Bob likely prefer?

Answer:

A. Warehouse basis $53,571

Land Basis $71,429

B. Warehouse basis $35,714

Land Basis $89,286

C. Appraisal basis in part (a)

Explanation:

a. Calculation to determine What would be Bob’s basis in the warehouse and in the land

Warehouse basis=$125,000*$75,000/(100,000+75,000)

Warehouse basis=$53,571

Land Basis=$125,000*$100,000/($100,000+$75,000)

Land Basis=$71,429

Therefore What would be Bob’s basis in the warehouse is $53,571 and in the land is $71,429

b. Calculation to determine What would be Bob’s basis in the warehouse and in the land if the appraised value of the warehouse was $50,000, and the appraised value of the land was $125,000

Warehouse basis=$125,000*$50,000/($50,000+$125,000)Warehouse basis=$35,714

Land basis=$125,000*$125,000/($125,000+$50,000)Land basis=$89,286

Therefore What would be Bob’s basis in the warehouse is $89,286 and in the land is $35,714 if the appraised value of the warehouse was $50,000, and the appraised value of the land was $125,000

c. Based on the above calculation for part (a) and part (b) the APPRAISAL that Bob would likely prefer will be the APPRAISAL amount in part (a) reason been that the appraisal enables him to allocate additional basis to the warehouse which was lesser in part (b).

According the Kant, so long as good ends are accomplished, the action is good
True
False

During June, Lionel Magazine sold for cash an advertising space for $1200 total to be run in the July through December issues. On that date, the Lionel Magazine Company properly recognized Unearned Revenue. The adjusting entry to record on July 31 for the first month of advertising space includes:

There are many concerns for risk-averse lenders. Consider the following: 1. Lenders are concerned that borrowers with the greatest risk are the ones most likely to actively pursue loans. 2. Lenders are concerned that real GDP will decline leading to reduced corporate profits. 3. Lenders are concerned that products produced by certain corporations will become obsolete. a. 1 is market risk; 2 is firm-specific risk b. 2 is market risk; 3 is firm-specific risk c. 3 is market risk; 1 is firm-specific risk d. 2 is firm-specific risk; 3 is market risk

Sigma Corporation applies overhead cost to jobs on the basis of direct labor cost. Job V, which was started and completed during the current period, shows charges of $6,500 for direct materials, $9,500 for direct labor, and $6,365 for overhead on its job cost sheet. Job W, which is still in process at year-end, shows charges of $2,600 for direct materials and $4,900 for direct labor.
Required:
Calculate the overhead cost be added to Job W at year-end.

Novak Corp. took a physical inventory on December 31 and determined that goods costing $201,500 were on hand. Not included in the physical count were $26,000 of goods purchased from Crane Company, FOB, shipping point, and $20,500 of goods sold to Nash's Trading Post, LLC for $32,000, FOB destination. Both the Crane purchase and the Nash sale were in transit at year-end. What amount should Novak report as its December 31 inventory?

Optimization is defined as Group of answer choices a trade-off between equity and efficiency. an interchange of giving and receiving in social relationships. a lack of integrity, incomplete disclosure, and an unwillingness to tell the truth. how wealth or income is distributed between employees within a company. the quality of being just, equitable, and impartial.

Grover Corp. manufactures three products, and is currently facing a labor shortage. The selling price, costs, and labor requirements of the three products are as follows: Product A Product B Product C Selling price $ 44.00 $ 18.00 $ 28.50 Variable cost per unit $ 28.00 $ 15.00 $ 27.00 Direct labor hours per unit 2.00 1.50 .50 In what order should Grover Corp. prioritize production of its products to maximize profit during the labor shortage

Patricia and Joe Payne are divorced. The divorce settlement stipulated that Joe pay $550 a month for their daughter Suzanne until she turns 18 in 3 years. Interest is 6% a year. How much must Joe set aside today to meet the settlement? (Do not round intermediate calculations. Round your answer to the nearest cent.)

Stryker Industries received an offer from an exporter for 27,000 units of product at $17 per unit. The acceptance of the offer will not affect normal production or domestic sales prices. The following data are available: Domestic unit sales price $21 Unit manufacturing costs: Variable 11 Fixed 3 What is the amount of income or loss from the acceptance of the offer

Given Table 12-6 below, fill in the values for saving. Assume taxes = $800.
Table 12-6

National Income
$11,400
11,800
12,200
12,600
Consumption
$7,500
7,800
8,100
8,400

What are the savings .

At Beleza Natural, one of the steps of the process is drying and styling, which include having cut and/or colored. 35% of the clients had their hair cut, which took an average of 20 min. Hairdresser spent 10 minutes with the customer while coloring the hair and only 15% of the customers chose to have their hair colored. Drying and styling the hair took 10 min on average and all the customers requested drying and styling. What is the expected activity time for this step of the process in Beleza Natural

The price of trade Suppose that Italy and Sweden both produce beer and cheese. Italy's opportunity cost of producing a pound of cheese is 4 barrels of beer while Sweden's opportunity cost of producing a pound of cheese is 10 barrels of beer. By comparing the opportunity cost of producing cheese in the two countries, you can tell that has a comparative advantage in the production of cheese and has a comparative advantage in the production of beer. Suppose that Italy and Sweden consider trading cheese and beer with each other. Italy can gain from specialization and trade as long as it receives more than of beer for each pound of cheese it exports to Sweden. Similarly, Sweden can gain from trade as long as it receives more than of cheese for each barrel of beer it exports to Italy. Based on your answer to the last question, which of the following prices of trade (that is, price of cheese in terms of beer) would allow both Sweden and Italy to gain from trade?
a. 4 barrels of beer per pound of cheese
b. 7 barrels of beer per pound of cheese
c. 6 barrels of beer per pound of cheese
d. 1 barrel of beer per pound of cheese

On January 1, 2020, a customer purchased a new $29,400 automobile, making a downpayment of $840. The customer signed a note indicating that the annual rate of interest would be 12% and that quarterly payments would be made over 3 years. For the first year, Oriole required a $357 quarterly payment to be made on April 1, July 1, October 1, and January 1, 2021. After this one-year period, the customer was required to make regular quarterly payments that would pay off the loan as of January 1, 2023.
Prepare a note amortization schedule for the first year. (Round answers to o de Cash Paid Interest Expense Discount Amortized Carrying Amount of Note Date 0 0 32000 400 960 560 32560 400 977 577 33137 994 400 594 33731 400 1012 612 34343

PLEASE HELPPP!! Human Resources class

Kaplan Consulting applies overhead to client accounts based on direct labor hours. For the month of October, the company estimated overhead costs to be $9,000 based on estimated direct labor hours of 1,000. The company actually incurred 900 direct labor hours and $7,200 of overhead. If Kaplan uses a normal costing system, how much overhead was applied in October

The following selected transactions were taken from the records of Rustic Tables Company for the year ending December 31: June 8. Wrote off account of Kathy Quantel, $4,360. Aug. 14. Received $3,100 as partial payment on the $7,800 account of Rosalie Oakes. Wrote off the remaining balance as uncollectible. Oct. 16. Received the $4,360 from Kathy Quantel, whose account had been written off on June 8. Reinstated the account and recorded the cash receipt. Dec. 31 Wrote off the following accounts as uncollectible (record as one journal entry): Wade Dolan $1,260 Greg Gagne 780 Amber Kisko 3,010 Shannon Poole 1,740 Niki Spence 480 Dec. 31 If necessary, record the year-end adjusting entry for uncollectible accounts. Rustic Tables Company prepared the following aging schedule for its accounts receivable: Aging Class (Number of Days Past Due) Receivables Balance on December 31 Estimated Percent of Uncollectible Accounts 0-30 days $209,000 3% 31-60 days 78,000 9 61-90 days 25,000 25 91-120 days 9,000 45 More than 120 days 13,000 85 Total receivables $334,000

Rosie Dry Cleaning was started on January 1, Year 1. It experienced the following events during its first two years of operation: Events Affecting Year 1 Provided $28,510 of cleaning services on account. Collected $22,808 cash from accounts receivable. Adjusted the accounting records to reflect the estimate that uncollectible accounts expense would be 1 percent of the cleaning revenue on account. Events Affecting Year 2 Wrote off a $214 account receivable that was determined to be uncollectible. Provided $33,271 of cleaning services on account. Collected $29,445 cash from accounts receivable. Adjusted the accounting records to reflect the estimate that uncollectible accounts expense would be 1 percent of the cleaning revenue on account. Required a. Record the events for Year 1 and Year 2 in T-accounts. b. Determine the following amounts: (1) Net income for Year 1. (2) Net cash flow from operating activities for Year 1. (3) Balance of accounts receivable at the end of Year 1. (4) Net realizable value of accounts receivable at the end of Year 1.

If you want to give a vendor an incentive to complete work early which type of contract would you use?

what is the diffinition and meaning of management​

Ordinary simple interest brings increased revenue to the lender. The general practice
in the United States and in international business transactions is to use ordinary simple
interest; it is employed throughout this Outline, unless specified otherwise.
SOLVED PROBLEMS
3.1 Find (a) the ordinary and (b) the exact simple interest, on a 60-day loan of $1500
at 14%
We have P = 1500 and r = .0145.​

An amortization schedule for bonds issued at a premium: Multiple Choice Is reported in the balance sheet. All of these answer choices are correct. Is a schedule that reflects the changes in the debt over its term to maturity. Correct Summarizes the amortization of the premium, a contra-asset account with a credit balance.

Ziva is an organic lettuce farmer, but she also spends part of her day as a professional organizing consultant. As a consultant, Ziva helps people organize their houses. Due to the popularity of her home-organization services, Farmer Ziva has more clients requesting her services than she has time to help if she maintains her farming business. Farmer Ziva charges $25 an hour for her home-organization services. One spring day, Ziva spends 10 hours in her fields planting $130 worth of seeds on her farm. She expects that the seeds she planted will yield $300 worth of lettuce.

Reqired:
What is the total opportunity cost (implicit plus explicit costs) of the day that Farmer Ziva spent in the field planting lettuce?

Diamond Computer Company has been purchasing carrying cases for its portable computers at a purchase price of $59 per unit. The company, which is currently operating below full capacity, charges factory overhead to production at the rate of 40% of direct labor cost. The fully absorbed unit costs to produce comparable carrying cases are expected to be as follows:
Direct materials $35.00
Direct labor 18.00
Factory overhead (40% of direct labor) 7.20
Total cost per unit $60.20
If Diamond Computer Company manufactures the carrying cases, fixed factory overhead costs will not increase and variable factory overhead costs associated with the cases are expected to be 15% of the direct labor costs.
Prepare a differential analysis dated February 24 to determine whether the company should make (Alternative 1) or buy (Alternative 2) the carrying case. If an amount is zero, enter zero "0". If required, round your answers to two decimal places. For those boxes in which you must enter subtracted or negative numbers use a minus sign.

During the month, the Supplies (asset) account was debited $2,000 for supplies purchased. The cost of supplies used during the month was $1,250. Record the adjustment to properly reflect the amount of supplies used and supplies still on hand at the end of the month. An insurance premium of $440 was paid for the coming year. Prepaid Insurance was debited. Wages of $3,400 were paid for the current month. Interest revenue of $270 was received for the current month. Accrued $620 of commissions payable to sales staff for the current month. Accrued $130 of interest expense at the end of the month. Received $2,675 on accounts receivable accrued at the end of the prior month. Purchased $700 of merchandise inventory from a supplier on account. Paid $130 of interest expense for the month. Accrued $870 of wages at the end of the current month. Paid $590 of accounts payable.

The income statement of Whitlock Company is presented here.

Whitlock Company Income Statement For the Year Ended November 30, 2020

Sales revenue $7,700,000
Cost of goods sold
Beginning inventory $1,900,000
Purchases 4,400,000
Goods available for sale 6,300,000
Ending inventory 1,400,000
Total cost of goods sold 4,900,000
Gross profit 2,800,000
Operating expenses 1,150,000
Net income $1,650,000

Additional information:

a. Accounts receivable increased $200,000 during the year, and inventory decreased $500,000.
b. Prepaid expenses increased $150,000 during the year.
c. Accounts payable to suppliers of merchandise decreased $340,000 during the year.
d. Accrued expenses payable decreased $100,000 during the year.
e. Operating expenses include depreciation expense of $70,000.

Required:
Prepare the operating activities section of the statement of cash flows for the year ended November 30, 2020, for Whitlock Company, using the indirect method.

4. The real interest rate is 3 percent, and the nominal interest rate is 5 percent. What is the anticipated rate of inflation? 1
pt.

Auto Shoppe is considering the purchase of a new engine computer code reader for $30,000. Auto Shoppe can charge $50 for the service of reading the codes from a single car engine, while the actual cost of the reading would only be $10 per car engine. Suppose that the manager of Auto Shoppe is concerned about this purchase, and has stated that if Auto Shoppe were to buy the new engine computer code reader, "..the machine needs to pay for itself by the time we use it to read the codes of 200 car engines." The manager says this is because, "…those sorts of engine computer code readers go out of date very quickly, so if we don’t get our money back soon, we will probably just wind up replacing the machine before it ever breaks even." What would Auto Shoppe need to charge for the service of reading each car engine, to just break-even when it reads the codes from 200 car engines?

Calculate the balance of cash using a bank reconciliation (LO4-5) Spielberg Company's general ledger shows a checking account balance of $22,830 on July 31, 2021. The July cash receipts of $1,745, included in the general ledger balance, are placed in the night depository at the bank on July 31 and processed by the bank on August 1. The bank statement dated July 31 shows bank service fees of $41. The bank processes all checks written by the company by July 31 and lists them on the bank statement, except for one check totaling $1,320. The bank statement shows a balance of $22,364 on July 31.
Required:
1. Prepare a bank reconciliation to calculate the correct ending balance of cash on July 31, 2021. (Amounts to be deducted should be indicated with a minus sign.) SPIELBERG COMPANY Bank Reconciliation July 31, 2021 Bank's Cash Balance Company's Cash Balance Per General Ledger Per Bank Statement Bank Balance per Reconciliation Company Balance per Reconciliation
2. Record the necessary entry(ies) to adjust the balance for cash. (If no entry is required for a tra select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet 1 2 > Record the amounts that increase cash. Note: Enter debits before credits General Journal Debit Credit Date July 31, 2021

Indiana Co. began a construction project in 2021 with a contract price of $163 million to be received when the project is completed in 2023. In 2021, Indiana incurred $35 million of costs and estimates an additional $83 million of costs to complete the project. Indiana recognizes revenue over time and this project recognizes revenue over time according to the percentage of the project that has been completed.
Indiana:___________
A. Recognized no gross profit or loss on the project in 2021.
B. Recognized $81.00 million loss on the project in 2021.
C. Recognized $38.00 million loss on the project in 2021.
D. Recognized $13.50 million gross profit on the project in 2021.

Solve the following problem to find the maximum profit by creating a spreadsheet.

a. A company is making Boats and Motors. The boats sell for $22,000 and the motors sell for $15,000.
b. There are 3 factories available to make the products.
c. Factory 1 requires 9 hours to make a boat and is not capable of making motors. It has 84 hours available.
d. Factory 2 does not have the capability to make boats and requires 3 hours to make a motor. It has 40 hours available.
e. Factory 3 requires 16 hours to make a boat and 5 hours to make a motor. It has 120 hours available.