Domenico Enterprises purchased land for $2,000,000 in 1999 . In 2016, an independent appraiser assessed the value at $4,400,000 . What amount should appear on the financial statements in 2016 with respect to the land?
a. $2,400,000
b. $2,000,000
c. $4,400,000
d. Whatever amount the company believes is the best indicator of the true value of the land.
b
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Ratification may be inferred from the principal's failure to repudiate an unauthorized contract after becoming aware of it.
Answer the following statement true (T) or false (F)
For details about the financial histories of companies, one could consult publications of Moody's and Standard & Poor's
Indicate whether the statement is true or false
Accountants record assets at
a. acquisition cost b. the present value of the future net cash flows based on estimated receipts and operating expenses c. current economic value d. current replacement cost e. appraised value
Holding costs can be expressed as ______.
A. the total carrying cost per unit per time period B. the sum of setup costs and ordering costs C. a hidden cost D. proportional to manufacturing costs