A plant site donated by a city to a manufacturer that plans to open a new factory should be recorded on the manufacturer's books at Select one: a. one dollar [since the site cost nothing but should be included in the statement of financial position] b. its market value. c. the nominal cost of taking title to it. d. the value assigned to it by the company's directors.
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- A plant site donated by a city to Ace Manufacturing, which plans to open a new factory, should be recorded on Ace's books at: a. The nominal cost of taking title to it b. It's fair market value c. Zero value, but footnoted d. The value assigned to it by the company's directorsThe following expenditures shall be expensed when incurred, except O Payment in advance of delivery of goods or the rendering of services. O Start up costs O Advertising and promotion costs O Business relocation or reorganization costs Which of the following items would qualify as an intangible asset? * College tuition fees paid to employees who decide to enroll in an executive MBA program while working with the company. O Legal costs paid to intellectual property lawyers to register a patent. O Advertising and promotion on the launch of a huge product. Operating losses during the initial stages of the project. Which is not considered a research and development activity? O Design, construction and operation of a pilot plant. O Laboratory research aimed at discovery of new knowledge. O Conceptual formulation and design of possible product or process. O Routine on-going effort to refine, enrich or improve quality of existing product. Which statement is correct concerning the amortization…A company may acquire plant assets (among other ways) for cash, on a deffered payment plan, by exchanging other assets, or by a combination of these ways. Required: Identify six costs that should be capitalized as the cost of the land. For your answer, assume that land with an existing building is acquired for cash and that the existing building is to be removed in the immediate future so that a new building can be constructed on the site! At what amount should a company capitalize a plant asset acquired on a deffered payment plan? In general, at what amount should plant assets received in exchange for other nonmonetery assets to be recorded a new machine acquired by exchanging an older, similar machine and paying cash? Would your answe be the same if cash were received?
- During the current year, Alanna Co. had the following transactions pertaining to its new office building. A. What should Alanna Co. record on its books for the land? The total cost of land includes all costs of preparing the land for use. The demolition cost of the old building is added to the land costs, and the sale of the old building scrap is subtracted from the land cost. B. What should Alanna Co. record on its books for the building?During the current year, Alanna Co. had the following transactions pertaining to its new office building. A. What should Alanna Co. record on its books for the land? The total cost of land includes all costs of preparing the land for use. The demolition cost of the old building is added to the land costs, and the sale of the old building scrap is subtracted from the land cost. B. What should Alanna Co. record on its books for the building?During the current year, Alanna Co. had the following transactions pertaining to its new office building. Purchase price of land Legal fees for contracts to purchase land Architech fees Demolition of the old building on site Sale of scrap from old building Construction cost of new building A. What should Alanna Co. record on its books for the land? The total cost of land includes all costs of preparing the land for use. The demolition cost of the old building is added to the land costs, and the sale of the old building scrap is subtracted from the land cost. $130,000 5,000 20,000 8,000 7,000 610,000 B. What should Alanna Co. record on its books for the building?
- Which of the following items should be accounted for as a capital expenditure?a. The monthly rental cost of an office buildingb. Costs incurred to repair leaks in a building’s roofc. Maintenance fees paid with funds provided by the company’s capitald. Taxes paid in conjunction with the purchase of office equipmentDuring the current year, Alanna Co. had the following transactions pertaining to its new office building. What should Alanna Co. record on its books for the land? The total cost of land includes all costs of preparing the land for use. The demolition cost of the old building is added to the land costs, and the sale of the old building scrap is subtracted from the land cost. What should Alanna Co. record on its books for the building?1. State whether each of the below is Capital Expenditure or Revenue Expenditure. Purchase of new delivery vehicle Payment of an invoice for advertising Costs of clearing the site ready for an extension to the factory building d. Signwriting on the outside of the new delivery vehicles Redecoration of the office а. C. е. Payment of delivery driver's wages g. Fuel for delivery vehicles Fitting of shelving in delivery vehicle
- What dollar amount of the purchase price will be allocated to the building account on this accounting question?1. State whether each of the below is Capital Expenditure or Revenue Expenditure. Purchase of new delivery vehicle Payment of an invoice for advertising а. b. Costs of clearing the site ready for an extension to the factory building Signwriting on the outside of the new delivery vehicles Redecoration of the office с. d. е. f. Payment of delivery driver's wages g. Fuel for delivery vehicles h. Fitting of shelving in delivery vehicleIdentify the following costs that could be capitalized on the firm’s balance sheet (included in property, plant, and equipment). New windshield wiper blades on the company’s truck New sidewalks in front of the firm’s factory Freight expenses for new equipment installed in the factory Installation costs for the new equipment Realtor’s fees associated with land purchase Minor engine repair on the truck Engine replacement on the truck Razing or demolishing a building on newly acquired land Design costs for a new building Value-added tax Construction expenses associated with building a garage Costs required to bring the equipment to its intended location Administration and other general overhead costs Idle capacity Wasted materials, labour and other resources
