Metlock Industries Inc. acquired land, buildings, and equipment from a bankrupt company, Torres Co., for a lump-sum price of $896,000. At the time of purchase, Torres’s assets had the following book and appraisal values. Book Values Appraisal Values Land $256,000 $192,000 Buildings 320,000 448,000 Equipment 384,000 384,000 To be conservative, the company decided to take the lower of the two values for each asset acquired. The following entry was made. Land 192,000 Buildings 320,000 Equipment 384,000 Cash 896,000 2. Bonita Enterprises purchased store equipment by making a $2,560 cash down payment and signing a 1-year, $29,440, 10% note payable. The purchase was recorded as follows. Equipment 34,944 Cash 2,560 Notes Payable 29,440 Interest Payable 2,944 3. Windsor Company purchased office equipment for $20,800, terms 2/10, n/30. Because the company intended to take the discount, it made no entry until it paid for the acquisition. The entry was: Equipment 20,800 Cash 20,384 Purchase Discounts 416 4. Sheridan Inc. recently received at zero cost land from the Village of Cardassia as an inducement to locate its business in the Village. The appraised value of the land is $34,560. The company made no entry to record the land because it had no cost basis. 5. Skysong Company built a warehouse for $768,000. It could have purchased the building for $947,200. The controller made the following entry. Buildings 947,200 Cash 768,000 Profit on Construction 179,200

Match each item to check for while reconciling a bank account with the document to which it relates. (there's not just one answer) 1. balancing account statement 2. balancing check register a. nsf fees b. deposits in transit c. interest earned d. bank errors

Selected t-account balances for bloomfield company are shown below as of january 31, which reflect its accounting adjustments. the firm uses a calendar-year accounting period, but prepares monthly accounting adjustments.suppliesjan. 31 bal. 1,800 1,800 jan. 31 bal.supplies expensejan. 31 bal. 1,920 1,148 jan. 31 bal.prepaid insurancejan. 31 bal. 1,148 1,148 jan. 31 bal.insurance expensejan. 31 bal. 164 164 jan. 31 bal.wages payablejan. 31 bal. 1,400 1,400 jan. 31 bal.wages expensejan. 31 bal. 6,400 6,400 jan. 31 bal.truckjan. 31 bal. 17,376 17,376 jan. 31 bal.accumulated depreciation -truckjan. 31 bal. 5,068 5,068 jan. 31 bal.a. if the amount in supplies expense represents the january 31 adjustment for the supplies used in january, and $1,240 worth of supplies were purchased during january, what was the january 1 beginning balance of supplies? $answerb. the amount in the insurance expense account represents the adjustment made at january 31 for january insurance expense. if the original insurance premium was for one year, what was the amount of the premium, and on what date did the insurance policy start? amount of the premium $answerthe policy began on answerjune 1july 1august 1september 1october 1november 1 of the previous year.c. if we assume that no beginning balance existed in either in either wage payable or wage expense on january 1, how much cash was paid as wages during january? $answerd. if the truck has a useful life of four years (or 48 months), what is the monthly amount of depreciation expense, and how many months has bloomfield owned the truck? answermonths

Carlton industries is considering a new project that they plan to price at $74.00 per unit. the variable costs are estimated at $39.22 per unit and total fixed costs are estimated at $12,085. the initial investment required is $8,000 and the project has an estimated life of 4 years. the firm requires a return of 8 percent. ignore the effect of taxes. what is the degree of operating leverage at the financial break-even level of output?