Business, 01.11.2020 21:50 pawfox

Www. 07.4
Revaluation of Long-lived Assets. The Queensbury Corporation was founded in 1947 on a decommissioned
military installation that had been purchased from the U. S. government for a price of $1. Today, that same
land carries a fair market value of $70 million. Consistent with the historical cost principle, The Queensbury
Corporation continues to value the land at its original purchase price of $1 plus the cost of any improvements
(such as roadways, lights, and drainage) Discuss the financial statement problems created by the historical
cost principle for entities like The Queensbury Corporation that have significant investments in long-lived
appreciating assets (such as land), Should these companies be allowed to revalue these assets? Why? How
would a land revaluation be reflected in the financial statements?

Answers: 1

Show answers

Another question on Business

Business, 21.06.2019 17:10

At the beginning of the accounting period, nutrition incorporated estimated that total fixed overhead cost would be $50,600 and that sales volume would be 10,000 units. at the end of the accounting period actual fixed overhead was $56,100 and actual sales volume was 11,000 units. nutrition uses a predetermined overhead rate and a cost plus pricing model to establish its sales price. based on this information the overhead spending variance is multiple choice $5,500 favorable. $440 favorable. $5,500 unfavorable. $440 unfavorable.

Answers: 3

Answer

Business, 21.06.2019 19:40

Which of the following is false regarding the links between jit and quality? a. jit increases the cost of obtaining good quality. b. as quality improves, fewer inventory buffers are needed; in turn, jit performs better. c. jit reduces the number of potential sources of error by shrinking queues and lead times. d. inventory hides bad quality; jit immediately exposes it. e. if consistent quality exists, jit allows firms to reduce all costs associated with inventory.

Answers: 3

Answer

Business, 22.06.2019 14:50

Prepare beneish corporation's income statement and statement of stockholders' equity for year-end december 31, and its balance sheet as of december 31. there were no stock issuances or repurchases during the year. (do not use negative signs with your answers unless otherwise noted.)

Answers: 2

Answer

Business, 22.06.2019 19:30

Nextdoor is an instant messaging application for smartphones. new smartphone users find it easier to connect with friends and relatives through this mobile app when compared to other similar instant messaging applications. hence, it has the largest user base in the industry. thus, nextdoor app's value has increased primarily due to itsa. learning curve effects. b. economies of scale. c. economies of scope. d. network effects.

Answers: 2

Answer

You know the right answer?

Www. 07.4
Revaluation of Long-lived Assets. The Queensbury Corporation was founded in 1947 on...

Questions