FREE Trial
Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

I need the answer as soon as possible Please be fast and don't waste my turn please within 5 minutes 10. A firm's average profits

I need the answer as soon as possible image text in transcribed

Please be fast and don't waste my turn please within 5 minutes 10. A firm's average profits are 70,000. It includes an abnormal profit of $5,000. Capital invested in the business is 5,50,000 and the normal rate of return is 10% Calculate goodwill at four times the super profit

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Accounting The Basis For Business Decisions

Accounting The Basis For Business Decisions

Authors: Robert F. Meigs, Jan R. Williams, Susan F Haka, Mark S. Bettner

International 11th Edition

007115809X, 978-0071158091

More Books

Students also viewed these Accounting questions

Question

★★★★★
Several decades ago benzene was thought to be a harmless chemical with a somewhat pleasant odor and was widely used as a cleaning solvent. It has since been found that chronic exposure to benzene can...

Answered: 1 week ago

Question

★★★★★
Define prime cost and conversion cost. Why cant prime cost be added to conversion cost to get total product cost?

Answered: 1 week ago

Question

★★★★★
=+a) What is the center line for the R chart?

Answered: 1 week ago

Question

★★★★★
Beck Company set the following standard unit costs for its single product. Direct materials (26 Ibs. @ $4 per Ib.) . . . . . . . . . . . . . . . . $104.00 Direct labor (8 hrs. @ $8 per hr.) . . . . ....

Answered: 1 week ago

Question

★★★★★
Frankenstein Company sold goods with a list price of $20,000 for a trade discount of 10% was allowed and a sales discount of 4% offered if payment is received within a week. The Frankenstein Company...

Answered: 1 week ago

Question

★★★★★
Required Information Problem 16-2A Weighted average: Cost per equivalent unit costs assigned to products LO C2, C3 eBook: De eBook esobe acoountng or production activityd Victory Company uses...

Answered: 1 week ago

Question

★★★★★
Silver Company makes a product that is very popular as a Mother's Day gift. Thus, peak sales occur in May of each year, as shown in the company's sales budget for the second quarter given below:...

Answered: 1 week ago

Question

★★★★★
Briony investigated the variation in daily mean air temperature, x C, for Beijing in May and June 2015. She used the large data set to select a sample of size 15. She selected the first value by...

Answered: 1 week ago

Question

★★★★★
Complete the given JavaScript code in the window.onload event handler below, adding the following functionality to all unordered list elements: when the mouse moves over the element, your code...

Answered: 1 week ago

Question

★★★★★
Q2 Based on your graphical and numerical analysis in Q1, which method -- 1.5(IQR) or 3(SD) -- is more appropriate to remove outliers from the `departure delay` variable? Remove outliers for...

Answered: 1 week ago

Question

★★★★★
Imagine you are halfway through a project and there will be a 50% audit conducted externally on your project. 1. Imagine you are the project manager and you know that this audit is coming. What would...

Answered: 1 week ago

Question

★★★★★
Stress management interventions commonly focus on helping employees find ways to deal with the stressors in their lives. But some experts believe organizations should modify jobs or other...

Answered: 1 week ago

Question

★★★★★
The primary goal of this exercise is to create a new resume that presents what you would like your resume to look like in five years. This should include items such additional education, degrees,...

Answered: 1 week ago

Question

★★★★★
Once your short-terms goals or milestones are in place, the next step is to create action plans that identify what you will do to accomplish each milestone, as well as what resources you will need to...

Answered: 1 week ago

Previous Question Next Question