quired:Assign each payment and receipt to Land (unlimited life), Land Improvements (limited life), Building, or Other Accounts. Choose the correct account from theopdown list for each letter and enter the appropriate amount. Enter receipts as negative amounts using the minus sign.ItemAccountAmounta.b.C.d.е.f.9.h.i.j.k.1.m.n.o.p.q. eBookAllocating 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 byan asterisk.a.Fee paid to attorney for title search$3,100b. Cost of real estate acquired as a plant site: Land326,200Building (to be demolished)31,000C.Delinquent real estate taxes on property, assumed by purchaser18,400d. Cost of tearing down and removing building acquired in (b)5,100Proceeds from sale of salvage materials from old building3,100*e.f.Special assessment paid to city for extension of water main to the property12,200g.Architect's and engineer's fees for plans and supervision44,900h.Premium on one-year insurance policy during construction4,300L.Cost of filling and grading land17,900Money borrowed to pay building contractor765,000*k. Cost of repairing windstorm damage during construction5,600I.Cost of paving parking lot to be used by customers15,500m. Cost of trees and shrubbery planted9,200n.Cost of floodlights installed on parking lot1,1000.Cost of repairing vandalism damage during construction2,500p. Proceeds from insurance company for windstorm and vandalism damage6,100*q. Payment to building contractor for new building815,600Interest incurred on bullding loan during construction38,300S.Refund of premium on insurance policy (h) canceled after 11 months358*

Land is not depreciated because land has unlimited life and depreciation is charged only to the fixed assets which have a limited life. On the other hand Land improvements like planting, parking lots have a limited life and so it is depreciated.Items Land ($) Land improvements ($) Buildings ($) Other accounts ($) A. 3,100 B. 357,200 C. 18,400 D. 5,100 E. (3,100) F. 12,200 G. 44,900 H. 4,300 I. 17,900 J. (765,000) K. 5,600 L. 15,500 M. 9,200 N. 1,100 O. 2,500 P. (6,100) Q. 815,600 R. 38,300 S. (358) 410,800 25,800 902,742

Business

Accounting

Assign each payment and receipt to Land (unlimited life), Land Improvements (limited life), Building, or Other Accounts. Choose the correct account from the opdown list for each letter and enter the appropriate amount. Enter receipts as negative amounts using the minus sign. (tem Account Amount a. b. C. d. e. f. 9. h. 1. k. 1. m. n. O. p. 9. r.

Assign each payment and receipt to Land (unlimited life), Land Improvements (limited life), Building, or Other Accounts. Choose the correct account from the opdown list for each letter and enter the appropriate amount. Enter receipts as negative amounts using the minus sign. (tem Account Amount a. b. C. d. e. f. 9. h. 1. k. 1. m. n. O. p. 9. r.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

Determining Amounts to be Paid on Invoices Determine the amount to be paid in full settlement of each of the following invoices, assuming that credit for returns and allowances was received prior to payment and that all invoices were paid within the discount period: نه ن ن ن ن a. b. C. C. d. e. a. $ b. $ 00000 d. $ Merchandise e. S Invoice Amount $18,200 9,100 5,800 2,600 3,600 Freight Paid by Seller $400 - 100 FOB destination, n/30 FOB shipping point, 2/10, n/30 FOB shipping point, 2/10, n/30 FOB shipping point, 1/10, n/30 FOB destination, 1/10, n/30 Customer Returns and Allowances $900 1,100 500 400
Mukh
Question: Prepare the journal entry to replenish the fund. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Round answers to 2 decimal places, eg. 52.75. List all debit entries before credit entries.) VIEW POLIES Show Attempt History Current Attempt in Progress Sunland Airline needs to send one of its employees to Nunavut for three weeks to perform some repairs on some aircraft it owns. Some of the payments to be made for the supplies needed on the assignment will be paid from a petty cash fund. Sunland issued a cheque in the amount of $800.00 to establish the fund. After a few days at the assignment, the nployee returned the following receipts along with a report that the fund had $69.20 left in cash. Receipt Amount Description 1 $26.85 Taxi ride from airport to job site 43.50 FedEx charges for delivering plane parts 35.60 4 74.05 5 355.30…
Determine the ending balance of each of the following T-accounts. Cash Accounts Payable Beg.Bal. 160 110 Beg.Bal. 2,600 9,800 360 120 3,700 80 End.Bal. End.Bal. Supplies Accounts Receivable Beg.Bal. 10,600 4,400 Beg.Bal. 900 210 1,700 210 210 160 End.Bal. End.Bal. Wages Payable Cash Beg.Bal. 760 Beg.Bal. 12,800 5,100 760 860 6,600 160 1,900 End.Bal. End.Bal.
Please help me with show all calculation thanku
HELP ME
Rahul
How is the account Land classified and what kind of balance should it have? Group of answer choices fixed, credit current asset, debit fixed, debit current asset, credit
Please answer fast
45. It is a revenue not yet earned but is collected in advance.A. Accrued Expense.B. Accrued RevenueC. Deferred ExpenseD. Deferred Revenue 46. Accrued revenues should be reported as:A. Assets on the balance sheet.B. Expenses on the income statement.C. Liabilities on the balance sheet.D. Revenues on the income statement.C. Received a bill from Campus News for P300 for advertising in the campus newspaper.D. Billed the Tiger Football Team P200 for cleaning and laundry services. 45. It is a revenue not yet earned but is collected in advance.A. Accrued Expense.B. Accrued RevenueC. Deferred ExpenseD. Deferred Revenue 46. Accrued revenues should be reported as:A. Assets on the balance sheet.B. Expenses on the income statement.C. Liabilities on the balance sheet.D. Revenues on the income statement. 47.A deferred revenue should be recorded by a:A. Buyer when a service is received on payment of cash...B. Seller when a customer pays for a service before the service is renderedC. Seller when a…