Reference no: EM132616435
Identify the accounting concept, assumption, or principle that best applies to each of the following situations:
a. Inflation has been abound 2.5% for some time. Village Realtors is considering measuring its land values in inflation-adjusted amounts.
b. You get an especially good buy on a laptop, paying only $300 when it normally costs $800. What is your accounting value for this laptop?
c. Burger King, the restaurant chain, sold a store location to McDonald's. How can Burger King determine the sale price of the store-by a professional appraisal, Burger King's original cost, or the amount actually received from the sale?
d. General Motors wants to determine which division of the company-Chevrolet or Cadillac-is more profitable.
Problem (1) If the assets of a business are $400,000 and the liabilities are $110,000, how much is the equity?
Problem (2) If the equity in a business is $140,000 and the liabilities are $90,000, how much are the assets?
Problem (3) A company reported monthly revenues of $345,000 and monthly expenses of $65,000. What is the result of operations for the month?
Problem (4) If the beginning balance of retained earnings is $130,000, revenue is $65,000, expenses total $55,000, and the company declares and pays a $5,000 dividend, what is the ending balance of retained earnings?
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