LF
Lawrence Forde
Answers (6)
LF
Answered
Assuming that the company uses the perpetual inventory system, determine the gross profit for the month of May using the LIFO cost method.
A) $348
B) $452
C) $444
D) $356
A) $348
B) $452
C) $444
D) $356
On Jul 18, 2024
C
LF
Answered
The three key employee behaviours that may be desired by employers are membership,task,and citizenship.
On Jul 17, 2024
True
LF
Answered
Discuss how the process of an item becoming a fixture can interfere with the priority of creditors in secured transactions.
On Jun 18, 2024
A fixture is an item of personal property that has become affixed to the building or land and becomes part of that real property. Students have to demonstrate not only knowledge of the difference between real and personal property, but also what a fixture is. Then they should discuss debt and security. When an item of personal property is used as security for a loan, it is covered by a security interest. Registration gives the secured creditor first claim on that item of personal property. But when it becomes part of the real property, what happens to that creditor's security? If there is a mortgage on the real property or if the real property is sold to an innocent purchaser, what happens to the claim of the secured creditor? In fact, the effect varies with the jurisdiction. This is one of the matters that is solved by the Personal Property Security Act. Students should at least demonstrate an understanding of the various forms of property and of the nature of the problem that arises when a chattel used as security becomes affixed to real property.
LF
Answered
Gleason invested $90,000 in the James and Kirk Partnership for ownership equity of $90,000. Prior to the investment, land was revalued to a market value of $425,000 from a book value of $200,000. James and Kirk share net income in a 1:2 ratio.
(a) Provide the journal entry for the revaluation of land.
(b) Provide the journal entry to admit Gleason.
(a) Provide the journal entry for the revaluation of land.
(b) Provide the journal entry to admit Gleason.
On Jun 17, 2024
(a) Land 225,000\text { (a) Land } \quad\quad\quad225,000 (a) Land 225,000
James, Capital 75,000 Kirk, Capital 150,000\begin{array}{lr}\text { James, Capital } & 75,000 \\\text { Kirk, Capital } & 150,000\end{array} James, Capital Kirk, Capital 75,000150,000
James, Capital 75,000 Kirk, Capital 150,000\begin{array}{lr}\text { James, Capital } & 75,000 \\\text { Kirk, Capital } & 150,000\end{array} James, Capital Kirk, Capital 75,000150,000
LF
Answered
Shevlin Urban Diner is a charity supported by donations that provides free meals to the homeless. The diner's budget for July was based on 3,200 meals, but the diner actually served 3,600 meals. The diner's director has provided the following cost data to use in the budget: groceries, $3.35 per meal; kitchen operations, $5,800 per month plus $1.25 per meal; administrative expenses, $3,400 per month plus $0.40 per meal; and fundraising expenses, $1,400 per month.Required:Prepare a report showing the activity variances for each of the expenses and for total expenses for July. Label each variance as favorable (F) or unfavorable (U).
On May 19, 2024
LF
Answered
A ____ organization would more likely have characteristics of an organic organization:
A) bureaucratic
B) centralized
C) decentralized
D) none of these would have characteristics of an organic organization
A) bureaucratic
B) centralized
C) decentralized
D) none of these would have characteristics of an organic organization
On May 18, 2024
C