Answer:
Lopez Sales Company
1. Amount of Gross Margin recognized by Lopez:
Sales = $81,600
Less cost of sales = $38,400
Gross Margin = $43,200
2. Amount of the gain on the sale of land recognized by Lopez:
Land:
Selling price = $81,000
less Cost = $43,200
Gain on sale = $37,800
Explanation:
a) Gross margin is the difference between the selling price and the cost price of a product. It is the profit determined before business running expenses are deducted to obtain the net income or margin.
It measures the ability of the business to generate enough income to cover expenses that are normally incurred in business, like rent, utilities, and salaries and wages.
b) The Gain on sale of any capital asset is the difference between the selling price and the cost (book value). This gain is reported separately in the income statement and is the subject of capital gains tax.
Answer:
Correct Answer:
2. You order 3 gallons of white ceiling paint from a local store, and the store breaches by not delivering or making available to you the 3 gallons.
3. You own the pistol used by Hamilton and contract to buy the pistol used by Burr in the Hamilton-Burr duel to complete your set, but despite the contract the Burr pistol owner refuses to sell at the last minute.
1. Your bookstore agrees to order a textbook for you but breaches its contract with you by canceling the order the next day.
Explanation:
In enforcement of specific performance is applied in situations where there there is an established contract that has was not honored. This bridge of contract would then trigger performance enforcement.
Answer:
1) d. $175,000
2) b. $156,250
Explanation:
1. The computation of net income for 20X9 under the treasury stock method is shown below:-
Net income for 20X9 under the treasury stock method = Janet Operating income + Slider operating income
= $100,000 + $75,000
= $175,000
2. The computation of income assigned to the controlling interest for 20X9 is shown below:-
income assigned to the controlling interest for 20X9 = Janet Operating income + (Slider operating income × Remaining percentage)
= $100,000 + ($75,000 × 75%)
= $100,000 + $56,250
= $156,250
Therefore we have applied the above formulas.
The question provides us with the following scenario: "Neil and Zack are working on a project that requires both research and presentation. Neil is better at research, so he gives the presentation to Zack. " A comparative advantage is when an agent is better at something or can produce something at a lower cost. Here, Neil can do research better, so the answer is: A.) Neil doing the research
