Ryan Corporation made a basket purchase of three items. Item A was appraised at $35,000; item...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
Ryan Corporation made a basket purchase of three items. Item A was appraised at $35,000; item B was appraised at $55,000; and item C was appraised at $60,000. The purchase price was $125,000. The amount at which item C should be recorded (rounded to the nearest dollar) is A. $50,000. B. $83,300. C. $29,167. D. $72,000. Ryan Corporation made a basket purchase of three items. Item A was appraised at $35,000; item B was appraised at $55,000; and item C was appraised at $60,000. The purchase price was $125,000. The amount at which item C should be recorded (rounded to the nearest dollar) is A. $50,000. B. $83,300. C. $29,167. D. $72,000.
Expert Answer:
Related Book For
Smith and Roberson Business Law
ISBN: 978-0538473637
15th Edition
Authors: Richard A. Mann, Barry S. Roberts
Posted Date:
Students also viewed these accounting questions
-
Bobs Bakery made a basket purchase involving four assets Their market values were A $50,000 B $46,000 C $48,000 and D $56,000 The price Bobs paid for the four assets was $150,000 To the nearest...
-
Ryan Corporation manufactures and sells a variety of household cleaning products in interstate commerce. On national television, Ryan falsely advertises that its laundry liquid is biodegradable. Has...
-
Ryan bought a stock three years ago for $6 a share. Today, June 22, the stock is selling for $72 a share. Ryan is afraid that the price will fall and does not want to lose his profits so he places a...
-
Prepare budgetary and proprietary journal entries to record the following year- end adjustments: 1. An accrual of $ 60,000 was made for salaries earned the last week of September, to be paid in...
-
The acidity level X of a soil sample has a probability density function f(x) = A(3/2)x for 1 x 11. (a) What is the value of A? (b) Compute and sketch the cumulative distribution function of X. (c)...
-
A sound policy regarding promotion is important. List the characteristics necessary for an effective promotion policy.
-
ZeeZee's Construction Company has the opportunity to select one of four projects (A, B, C, or D) or choose the null (do-nothing) alternative. Each project requires a single initial investment and has...
-
On May 31, the inventory balances of Princess Designs, a manufacturer of high-quality children's clothing, were as follows: Materials Inventory, $21,360; Work in Process Inventory, $15,112; and...
-
Let's use this discussion to discuss any problems you are having with the material as you prepare for the final exam. We're also going to use the discussion to complete a required activity with your...
-
Conduct a Pareto analysis for the number of minutes that flights are late in the accompanying data. Interpret the results. E Click the icon to view the Atlanta Airline Data. Conduct a Pareto analysis...
-
2. Classify the following models as members of the ARIMA(p, d, q) family by specifying p, d and q. For those that are stationary, calculate E[X], Var (X), P, P, and $2. a. X = 0.7X, +e b. X = e,...
-
Assignment First, launch IntelliJ and close any previous projects that may be open (at the top menu go to File ==> Close All Projects). Create a new Java project and make sure "Create project from...
-
Juwan Smith and three friends from law school recently formed Smith & Associates as an LLP (Limited Liability Partnership). Income from the partnership will be split equally among the partners. The...
-
Atlanta Apple Growers has the opportunity to purchase a tree-shaking machine that will aid them in their harvest. This tree-shaking machine has a cost of $27,000 and will yield the following cash...
-
An accountant at a bookstore wants to calculate receivables turnover. What should they do? Explain in detail.
-
Steven wants to build a very simple tip calculator for whenever he goes eating in a restaurant. In his country, it's usual to tip 25% if the bill value is between 90 and 500. If the value is...
-
A corduroy suit costs $100 and a wool suit costs $300. If the cost of the corduroy suit increases by 5% and the cost of the wool suit decreases by 10%, what wil be the sum of their costs?
-
Dr. Chan obtained a $15,000 demand loan at prime plus 1.5% on September 13 from the Bank of Montreal to purchase a new dental X-ray machine. Fixed payments of $700 will be deducted from the dentists...
-
The police obtained a search warrant based on an affidavit that contained the following allegations: (a) Donald was seen crossing a State line on four occasions during a five-day period and going to...
-
In September, Auburn Plastics (defendant) submitted price quotations to CBS (plaintiff) for the manufacture of eight cavity molds to be used in making parts for CBSs toys. Each quotation specified...
-
Henry and Mary entered into a written contract whereby Henry agreed to sell and Mary agreed to buy a certain automobile for $8,500. Henry drove the car to Marys residence and properly parked it on...
-
A balloon launched from sea level with a volume of \(4 \mathrm{~m}^{3}\) will have a volume of about \(12 \mathrm{~m}^{3}\) on reaching an altitude of \(10 \mathrm{~km}\). What is the approximate...
-
If the balloon rises quickly, so that no heat transfer is possible, the temperature inside the balloon will drop as the gas expands. If a \(4.0 \mathrm{~m}^{3}\) balloon is launched at a pressure of...
-
The gauge pressure at the bottom of a cylinder of liquid is \(p_{\mathrm{g}}=0.40 \mathrm{~atm}\). The liquid is poured into another cylinder with twice the radius of the first cylinder. What is the...
Study smarter with the SolutionInn App