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vichka [17]
2 years ago
15

The Italian Bread Company purchased land as a factory site for $70,000. An old building on the property was demolished, and cons

truction began on a new building. Costs incurred during the first year are listed as follows:
Demolition of old building $9,000

Sale of salvaged materials (1,100)

Architect fees (for a new building) 20,000

Legal fees (for title investigation of land) 3,000

Property taxes on the land (for the first year) 4,000

Building construction cost 600,000

Interest cost related to the construction 23,000

Required:


Determine the amounts that the company should record in the Land and the Building accounts.
Business
1 answer:
Monica [59]2 years ago
7 0

Answer:

Land $80,900

Building $643,000

Explanation

Land

Demolition of old building $9,000

Sale of salvaged materials (1,100)

Legal fees (for title investigation of land) 3,000

Purchase price of land $70,000

Total $80,900

Building

Architect fees (for new building) 20,000

Building construction cost 600,000

Interest cost related to the construction 23,000

Total $643,000

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Grey Wolf, Inc has current assets of $2,090 net fixed assets of $9,830 current liabilities of $1710 and long-termdebt of $4520.
s2008m [1.1K]

Answer:

(a) $5,690

(b) $380

Explanation:

Given that,

current assets = $2,090

Net fixed assets = $9,830

Current liabilities = $1710

Long-term debt = $4520

Total assets:

= Current assets + Net fixed assets

= $2,090 + $9,830

= $11,920

Total Liabilities:

= Current Liabilities + Long-term Debt

= $1710 + $4520

= $6,230

(a) Total assets = Total liabilities + Stockholder's equity

$11,920 = $6,230 + Stockholder's equity

$11,920 - $6,230 = Stockholder's equity

$5,690 = Stockholder's equity

(b) Net working capital:

= Current assets - Current liabilities

= $2,090 - $1,710

= $380

8 0
2 years ago
Which task does a busser generally perform?
Vera_Pavlovna [14]

If your taking about resturants a busser usually buss tables meaning they clean and make sure the table is nice and clean for the next customer who arives.

6 0
2 years ago
Bess wrote four checks last month, and these were the only transactions for her checking account. According to her check registe
Wittaler [7]

Answer: $184.34 

Bess issued four  checks with amounts $175.17, $175.53, $175.35,and $184.34. With the total amount she issued, she expected her balance based on her cash register to be $869.96, but as per bank statement, her balance is $1054.13.

To get the amount of check which is not cleared yet, we have to deduct the balance in the cash check register from that of the bank statement:

$1054.13-$869.96 =184.17

$184.34 is the best answer because it is the last he wrote and the discrepancy of 0.17 may be due to some bank charges Bess had not recorded.

3 0
2 years ago
Read 2 more answers
N high power-distance countries such as China, employee perceived organizational support perceptions are not as deeply based on
Whitepunk [10]

Answer:

The correct answer is E

Explanation:

The expectation level by the employees are lower in the high power distance countries and the work is considered to be the moral obligations whether the firm cares for the employees or not.

Perceived firm support is the scenario which is grounded instead of the policy based. So, the difference is the level of expectation through the employees.

5 0
2 years ago
When the perpetual inventory method is being used, the accountant debits __________ __________ and credits Accounts Payable (or
777dan777 [17]

Answer:

merchandise inventory

Merchandise inventory

Merchandise inventory    

Merchandise inventory

Merchandise inventory    

Merchandise inventory

Explanation:

When the perpetual inventory method is being used, the accountant debits  <u>merchandise inventory </u>and credits Accounts Payable (or Cash) when goods are purchased and debits Cost of Goods Sold and credits <u>merchandise inventor</u>y when gods are sold, along with the proper sales entry.

When the perpetual inventory method is being used, the accountant debits  <u>merchandise inventory </u>and credits Accounts Payable (or Cash) when goods are purchased and debits Cost of Goods Sold and credits <u>merchandise inventor</u>y when gods are sold, along with the proper sales entry.

When the perpetual inventory method is being used, the accountant debits  <u>merchandise inventory </u>and credits Accounts Payable (or Cash) when goods are purchased and debits Cost of Goods Sold and credits <u>merchandise inventor</u>y when gods are sold, along with the proper sales entry.

The cost of each sale transaction ensures that the merchandise inventory account under a perpetual inventory system reflects the updated cost of merchandise available for sale.

4 0
2 years ago
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