ACCO 4400 7

GIVEN data for a real property: Value Description Amount P1,000,000 25% of market value Market Value Assessment level The local government unit imposes a real property tax of 2% In addition, the unit also imposes a 1% Special Education Fund (SEF) COMPUTE: Local tax in relation to the assessment of the real property. а. 5,000 b. 7,500 с. 20,000 d. 30,000

5 - Our company has purchased a land for 472.000 TL including 18% VAT. Which of the following accounts is correct to use in the relevant accounting record ?    a) 191 VAT Deductible 72.000 TL (Creditor)  B) 250 Land and Lands Hs. 400.000 TL (Creditor)  NS) 391 Calculated VAT Hs. 72.000 TL (Borrower)  D) 252 Buildings Hs. 72.000 TL (Borrower)  TO) 250 Land and Lands Hs. 400.000 TL (Borrower)

QUESTION THREE Sea shores is a property investment company that focuses on buying landing and buildings for purposes for rental and resale purposes. The company currently own the follow land and buildings. Braamfontein land Umhlanga building Richards bay building Use Richards Bay land Pretoria Building Rented to the 30 June local 2019 30 Purchase Depreciation cost Model date policy municipality Consists of 5001 May 20% on cost 20 000 Cost apartments 2020 000 apartments are rented to tenants Will be sold on appreciation of the value Rented to tenants 30 April 2020 Occupied by 1 January sea shores 2020 10 000 Fair value 000 & 400 cost 000 12 000 Cost 000 1 February 20% on cost 8 000 2019 000 Fair value Fair value on 31 Dec 2020 14 000 000 25 000 000 5 400 000 10 000 000 10 545 800 Required Prepare all the necessary journal entry for the year ended 31 December 2020.

14 - Our company has purchased a land for 472.000 TL including 18% VAT. Which of the following accounts is correct to use in the relevant accounting record ?    a) 252 Buildings Hs. 72.000 TL (Borrower)  B) 250 Land and Lands Hs. 400.000 TL (Creditor)  NS) 250 Land and Lands Hs. 400.000 TL (Borrower)  D) 391 Calculated VAT Hs. 72.000 TL (Borrower)  TO) 191 VAT Deductible 72.000 TL (Creditor)

Problem 7-6A (Algo) Record amortization and prepare the intangible assets section (LO7-5) The following information relates to the intangible assets of University Testing Services (UTS): a. On January 1, 2024, UTS completed the purchase of Heinrich Corporation for $3,306,000 in cash. The fair value of the net identifiable assets of Heinrich was $3,000,000. b. Included in the assets purchased from Heinrich was a patent valued at $92,400. The original legal life of the patent was 20 years; there are 12 years remaining, but UTS believes the patent will be useful for only eight more years. c. UTS acquired a franchise on July 1, 2024, by paying an initial franchise fee of $362,000. The contractual life of the franchise is 10 years. Required: 1. Record amortization expense for the intangible assets at December 31, 2024. 2. Prepare the intangible asset section of the December 31, 2024, balance sheet. Complete this question by entering your answers in the tabs below. Required: Required 2…

Allocating payments and receipts to fixed asset accountsThe following payments and receipts are related to land, land improvements, and buildings acquired for use in a wholesale ceramic business. The receipts are identified by an asterisk. A.  Fee paid to attorney for title search..............  $2,500 B.  Cost of real estate acquired as a plant site: Land  285,000 C.  Delonquent real estate taxes on property, assumed by purchaser...... 15,500 D.  Cost of razing and removing building acquired in B......... 5,000   E.  Proceeds from sale of salvage materials from old building........  4,000*  F.  Special assessment paid to city for extension of water main to the property......  29,000 G.  Architect's and engineer's fees for plans and supervision........ 60,000 H.  Premium on one-year insurance policy during construction.....  6,000 I.  Cost of filling and grading land............. 12,000 J.  Money borrowed to pay building contactor.......  900,000*  K.  Cost of…

The following information is for Swifty Real Estate: SwiftyReal EstateBalance SheetDecember 31, 2020 Cash   $  25500   Accounts Payable     $  60500 Prepaid Insurance   29700   Salaries and Wages Payable     15100 Accounts Receivable   50600   Mortgage Payable     84500 Inventory   68600         Total Liabilities     160100 Land Held for Investment   83500           Land   120600           Buildings $98100                   Less Accumulated            Depreciation       Owner's Capital     366400 (19600) 78500           Trademark   69500         Total Liabilities and         Owner’s Equity       Total Assets   $526500       $526500 The total dollar amount of liabilities to be classified as current liabilities is $160100. $15100. $60500. $75600.

E10-18 Making a lump-sum puurchase of assets Learning Objective 1 Lot 3 S108,750 Dearwood Properties bought three lots in a subdivision for a lump-sum price. An independent appraiser valued the lots as follows: Lot Appraised Value 1 $ 45,000 2 292,500 3 112,500 Dearwood paid $435,000 in cash. Record the purchase in the journal, identifying each lot's cost in a separate Land account. Round decimals to two places, and use the computed percentages throughout.

The following information is for Bridgeport Real Estate: Bridgeport Real Estate Balance Sheet December 31, 2020 Cash $ Accounts Payable $ 24800 59600 Prepaid Insurance 30200 Salaries and Wages Payable 15200 Accounts Receivable 49500 Mortgage Payable 85700 Inventory 70100 Total Liabilities 160500 Land Held for 85800 Investment Land 118400 Buildings 98500 Less Accumulated Owner's Capital 365300 Depreciation ( 78300 20200) Trademark 68700 Total Liabilities and Total Assets 24 Owner's Equity 24 525800 525800 The total dollar amount of assets to be classified as current assets is O $ 190300. O $174600. O$ 104500. O $ 260400.

Calculate the assessed value (in $) and the property tax due (in $) on the property. Fair MarketValue AssessmentRate AssessedValue PropertyTax Rate PropertyTax Due $312,000 80 $  $25.70 per $1,000 $

Cash Prepaid Insurance Accounts Receivable Inventory Land Held for Investment Land Buildings Less Accumulated Trademark Total Assets $99800 Ⓒ$175500 O $259700 O $105300 Ⓒ$189500 Ivanhoe Day Real Estate Balance Sheet December 31, 2021 Save for Later $ 25200 29600 Depreciation (19700) 80100 70600 50500 70200 84200 119500 $529900 Accounts Payable Salaries and Wages Payable Mortgage Payable Total Liabilities Common Stock Retained Earnings The total dollar amount of assets to be classified as current assets is Total Liabilities and Stockholders' Equity $119800 247600 $ 61000 15000 86500 162500 367400 $529900

What is the cost of land improvements?       A. P620,000 B. P654,000 C. P114,000 D. P134,000     What is the cost of the equipment?       A. P959,000 B. P849,000 C. P903,000 D. P1,359,000

Oa. $119,42 Ob. $123,434 Oc. $159,374 Od. $138,273 48 6 A building with an appraisal value of $138,273 is made available at an offer price of $159,374. The purchaser acquires the property for $35,940 in cash, a 90- day note payable for $24,302, and a mortgage amounting to $59,197. The cost of the building to be reported on the balance sheet is Y H Q Search & 1- 7 U ra 8 L 1914 K IAA ( 9 fio ▶11 O O J L 99+ Std... PAI P MLA Formatting an... ins prt sc General Format // P.... ← delete Previous backspace ENG INTL home InterpreterDetails enter Next > num lock 5:11 PM 2/19/2023 end 7 home C

Print Rem A building with an appraisal value of $154,000 is made available at an offer price of $172,000. The purchaser acquires the property for $40,000 in cash, a 90-day note payable for $45,000, and a mortgage amounting to $75,000. The cost basis recorded in the buyer's accounting records to recognize this purchase is O $172,000 ON $160,000 Oc 1154,000 Od $120,000

Calculate the assessed value (in $) and the property tax due (in $) on the property. (Round your answers to the nearest cent.) Fair MarketValue AssessmentRate AssessedValue PropertyTax Rate PropertyTax Due $342,900 72 $  5.1% $

A building with an appraisal value of $132,577 is made available at an offer price of $159,843. The purchaser acquires the property for $35,884 in cash, a 90-day note payable for $24,556, and a mortgage amounting to $56,520, The cost of the building to be reported on the balance sheet is Oa. $123,959 Ob. S132577 Oc. S116960 Od, S159.843

Current Attempt in Progress These expenditures were incurred by Cullumber Company in purchasing land: cash price $60,010, assumed accrued taxes $5,490, attorney's fees $2,260, real estate broker's commission $3,960, and clearing and grading $4,220. What is the cost of the land? The cost of the land $

14 Majestic LLC purchased a factory for lump-sum of RO800,000 paid via bank. The fair value of each of component of the purchase is given below: Asset Fair Market value Land 85000 Building 155000 Equipment 460000   Calculate the amount at which each of the above components shall be recognized on purchase date and write the journal entry for recording purchase transaction.   a.   Dr Land Ac OMR 85000 Dr Building A/C 155000 Dr Equipment A/C 460000and Cr Cash A/C OMR 700000   b.    Dr Land Ac OMR 97120 Dr Building A/C 177120 Dr Equipment A/C 525760 and Cr Cash A/C OMR 800000   c.   None of the given options   d.   Dr Cash A/C OMR 800000 and Cr land A/c 97120 Cr Building A/C 177120 Equipment A/C 460000

Reporting Land Acquisition for Cash and Mortgage Note on Statement of Cash Flows On the basis of the details of the following fixed asset account, indicate the items to be reported on the statement of cash flows: ACCOUNT Land ACCOUNT NO. Balance Date Item Debit Credit Debit Credit Jan. 1 Balance 272,900 Feb. I 10 Purchased for cash 393,000 665,900 Nov. 20 Purchased with long-term mortgage note 539,400 1,205,300 Item Section of Statement of Cash Flows Added or Deducted Amount Purchase of land for cash Investing activities section Deducted Purchase of land by issuing long-term mortgage note Financing activities section Investing activities section Operating activities section Separate schedule

Property Details Purchase Price, Allocation & Classification Total Purchase Price - assume no mortgage loan (purchased and placed in service 9/1/Year 1) Building Allocation Land Allocation Depr Classification Capital Additions / Improvements #1 Capital Addition - in service 3/1/Year 2 #2 Capital Addition - in service 6/1/Year 3 Property Sale Sale Price of Property on 10/31/Year 5 Year 5 Estimated NOI Capitalization Rate Attorney Fee for Sale Marginal Tax Rate Capital Gains Tax Rate Mortgage Balance on 10/31/Year 5 Broker Fee for Sale $ 750,000 Commercial 70% 30% 50,000 $ 25,000 10/31/Year 5 $ 137,500 11% 550,000 $ 4% 3% 22% 15% 1. What is the Before Tax Sale Proceeds from the sale of the Property in Year 5? 2. What is the Adjusted Basis for the sale of the Property in Year 5? 3. What is the Gain or (Loss) for the sale of the Property in Year 5? 4. What is the Tax Expense for the sale of the Property in Year 5? 5. What is the After Tax Cash Flow from the sale of the Property in Year 5?

E10-8 Asset Acquired by Donation A developer of a large shopping center donated a building and land to Hetting Co. without charge. The agreement provided that the company employ 350 people for 10 years. The land was appraised at $65,000 and the building at $44,000. Required: 1. Prepare the journal entry to record the acquisition of the land and building. 2. Next Level How should the 10-year agreement be reported in the financial statements? 3. Next Level If the title were not to pass until after 10 years, would your answers to Requirements 1 and 2 change?

CHAPTER 9 Long-Lived Tangible and Intangible Assets Stonalb, LO 9-2, 9-6 American Golf Corporation 0021215-201 006.12.30 sunt h smi Insuite od gu buon aubregar tomsiste (yrity bors:0 M9-2 Deciding Whether to Capitalize or Expense American Golf Corporation operates golf courses throughout the country. For each of the following items, enter the correct letter to show whether the cost should be capitalized (C) or expensed (E). evil Dotimilginer 29vil Botiquin TEN Transactions 1. Purchased a golf course in Orange County, California. 2. Paid a landscaping company to clear 100 acres of land on which to build a new course. 3. Paid a landscaping company to apply fertilizer to the fairways on its Coyote Hills Golf Course. 6 eraub 4. Hired a building maintenance company to build a 2,000-square-foot addition on a clubhouse. 5. Hired a building maintenance company to replace the locks on a clubhouse and equip- ment shed. has a total loubo 6. Paid an advertising company to create a campaign to…

Reporting Land Acquisition for Cash and Mortgage Note on Statement of Cash Flows On the basis of the details of the following fixed asset account, indicate the items to be reported on the statement of cash flows: ACCOUNT Land ACCOUNT NO. Balance Date Item Debit Credit Debit Credit Jan. Balance 229,100 Feb. 10 Purchased for cash 371,100 600,200 Nov. 20 Purchased with long-term mortgage note 486,200 1,086,400 Item Section of Statement of Cash Flows Added or Deducted Amount Purchase of land for cash Purchase of land by issuing long-term mortgage note

How much should be recorded as the purchase price of theindividual PPE items: For items 11 and 12, identify the amount to be included as Buildingassuming the asset was purchased 11. Fence and landscaping – P500,000 12. Payments to tenants to induce them to vacate the building –P600,000

The balance sheet of Alpha Ltd on 31/12/21 is the following ASSETS Plot of land Building Depreciation Vehicle Depreciation. Furniture Depreciation Participations Total fixed assets. Goods Goods in pledge Customers Downpayment to suppliers Prepaid expenses Available Funds Circulating Assets Total assets 31/12/2021 40.000 200.000 -40.000 80.000 -75.000 95.000 -72.000 85.000 313.000 60.000 20.000 30.000 20.000 20.000 107.000 257.000 570.000 31/12/2022 Liabilities Equity (stock price 3€) Statutory Reserves Premium Reserve New result Total Foreign Capitals Long term Loan Bills payable Suppliers Loan with pledged goods Customers' downpayments Expenses payables Prepaid revenues Total Predictions Total liabilities 31/12/2021 180.000 60.000 20.000 -30.000 230.000 120.000 40.000 50.000 14.000 20.000 30.000 20.000 294.000 46.000 570.000 During the use of 2022, the following transactions took place. Sale of goods with value EUR 80,000 and cost EUR 35,000, 80% of them paid by cash and the rest with…