Which of the following statement is incorrect as to acquisition of Property, Plant and Equipment on a cash basis? * When several assets are acquired at a "basket price" or "lump sum price", it is necessary to apportion the single price to the assets acquired on the basis of relative carrying value. O The cost of asset acquired on a cash basis simply includes the cash paid plus directiy attributable cost O The cost of an item of property, plant and equipment is the cash price equivalent at the recognition date. Directly attributable cost to be capitalized includes freight, installation cost and other cost necessary in bringing the asset to the location and condition for the intended use.

Which of the following statement is incorrect as to acquisition of Property, Plant and Equipment on a cash basis? * When several assets are acquired at a "basket price" or "lump sum price", it is necessary to apportion the single price to the assets acquired on the basis of relative carrying value. O The cost of asset acquired on a cash basis simply includes the cash paid plus directiy attributable cost O The cost of an item of property, plant and equipment is the cash price equivalent at the recognition date. Directly attributable cost to be capitalized includes freight, installation cost and other cost necessary in bringing the asset to the location and condition for the intended use.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Question 25 Case studies are usually descriptive in nature. O True O False
Joint processing costs up to the split-off point total $75,000 per quarter. The company allocates these costs to the joint products on the basis of their relative sales value at the split-off point. Unit selling prices and total output at the split-off point are as follows: Product Selling Price 5 per pound Quarterly Output 10,000 pounds A $ B $ 7 per pound 22,000 pounds C $ 11 per gallon 5,000 gallons Each product can be processed further after the split-off point. Additional processing requires no special facilities. The additional processing costs (per quarter) and unit selling prices after further processing are given below: Additional Product Processing Costs Selling Price A $ 53,000 $ 8 per pound B $ 38,000 $ 13 per pound с $ 18,000 $ 20 per gallon Which products should be processed further?
question 43 choose the correct answer from the choices
WP Corporation produces products X, Y, and Z from a single raw material input in a joint production process. Budgeted data for the next month is as follows: A) B) Product X yes yes no no Units produced Per unit sales value at split-off Added processing costs per unit Per unit sales value if processed further The cost of the joint raw material input is $90,000. Which of the products should be processed beyond the split-off point? Product Y yes no yes yes Product X 2,700 $ 25.00 $ 2.00 $31.00 Product Z no yes no yes Product Y 3,200 $ 28.00 $ 4.00 $31.00 Product Z 4,200 $ 27.00 $4.00 $36.00
F1
hrl.3 answer must be in proper format or i will give down vote
What's the final question's answer?
mn.3 answer must be in proper fomat or i will give down vote
why did you not answer b?