Author Question: On May 7, Carpet Barn Company offered to pay 83,000 for land that had a selling price of 105,000 . ... (Read 18 times)

tichca

  • Hero Member
  • *****
  • Posts: 554
On May 7, Carpet Barn Company offered to pay 83,000 for land that had a selling price of 105,000 . On May 15,Carpet Barn accepted a counteroffer of 95,000 . On June 5, the land was assessed at a value of 115,000 forproperty tax purposes. On December 10, Carpet Barn Company was offered 135,000 for the land by anothercompany. At what value should the land be recorded in Carpet Barn Company's records?

Question 2

For externally reported inventory costs, the Work-in-Process Control account is increased (debited) by ________.
 
  A) marketing costs
  B) allocated plant utility costs
  C) the purchase costs of direct and indirect materials
  D) customer-service costs



Liamb2179

  • Sr. Member
  • ****
  • Posts: 365
Answer to Question 1

95,000

Answer to Question 2

Answer: B



Related Topics

Need homework help now?

Ask unlimited questions for free

Ask a Question
 

Did you know?

Green tea is able to stop the scent of garlic or onion from causing bad breath.

Did you know?

Cytomegalovirus affects nearly the same amount of newborns every year as Down syndrome.

Did you know?

Although not all of the following muscle groups are commonly used, intramuscular injections may be given into the abdominals, biceps, calves, deltoids, gluteals, laterals, pectorals, quadriceps, trapezoids, and triceps.

Did you know?

Once thought to have neurofibromatosis, Joseph Merrick (also known as "the elephant man") is now, in retrospect, thought by clinical experts to have had Proteus syndrome. This endocrine disease causes continued and abnormal growth of the bones, muscles, skin, and so on and can become completely debilitating with severe deformities occurring anywhere on the body.

Did you know?

In 2012, nearly 24 milliion Americans, aged 12 and older, had abused an illicit drug, according to the National Institute on Drug Abuse (NIDA).

For a complete list of videos, visit our video library