A parcel of land is offered for sale at $600,000, is assessed for tax purposes at $500,000, is recognized by its purchasers as easily being worth $575,000, and is sold for $570,000. At what amount should the land be recorded in the purchaser's books? What accounting principle supports your answer?
What will be an ideal response?
$570,000. The Measurement (Cost) principle requires the acquisition of an asset to be recorded in the accounting records at cost.
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Which of the following is FALSE concerning communication activities at Hallmark?
a. Most of the target market is made up of women consumers. b. Expansion into international markets has revealed that message appeal is largely influenced by cultural values. c. In recent years, card offerings have become more streamlined to appeal to typical Americans. d. Internal communications with employees have been enhanced through the company's intranet and printed news documents.
Kalp Corporation has two production departments, Machining and Finishing. The company uses a job-order costing system and computes a predetermined overhead rate in each production department. The Machining Department's predetermined overhead rate is based on machine-hours and the Finishing Department's predetermined overhead rate is based on direct labor-hours. At the beginning of the current year, the company had made the following estimates: MachiningFinishingMachine-hours 19,000 12,000Direct labor-hours 2,000 8,000Total fixed manufacturing overhead cost$136,800$69,600Variable manufacturing overhead per machine-hour$1.80 Variable manufacturing overhead per direct labor-hour $3.20 During the current month the company started and finished Job K928. The following data were
recorded for this job: Job K928:MachiningFinishingMachine-hours 90 10Direct labor-hours 30 50Direct materials$775$415Direct labor cost$630$1,050If the company marks up its manufacturing costs by 20% then the selling price for Job K928 would be closest to: A. $5,130.00 B. $855.00 C. $4,275.00 D. $5,643.00
What is an implied agency?
What will be an ideal response?
A data mart is a data warehouse that contains data that can be used across the entire organization
Indicate whether the statement is true or false