Bramble Corp. was organized on January 1. During the first year of operations, the following plant asset expenditures and receipts were recorded in random order. 1. 2. 3. 4. 5. 6. 7. 8. 2. 10. Item 1. 2. Debit Excavation costs for new building Architect's fees on building plans Full payment to building contractor Cost of real estate purchased as a plant site Cost of parking lots and driveways Accrued real estate taxes paid at time of purchase of land Installation cost of fences around property Cost of demolishing building to make land suitable for construction of new building Real estate taxes paid for the current year on land Credit Proceeds from salvage of demolished building Land Analyze the transactions using the following table column headings. Enter the amounts in the appropriate columns. For amounts in the Other Accounts column, also indicate the account title. (If an amount reduces the account balance then enter with a negative sign preceding the number, e.g.-15,000 or parenthesis, e.g. (15,000).) Buildings $24,000 34,000 670,000 275,000 30,000 3,190 Other Accounts 6.400 34,000 6,700 $1,083,290 $12,000

Bramble Corp. was organized on January 1. During the first year of operations, the following plant asset expenditures and receipts were recorded in random order. 1. 2. 3. 4. 5. 6. 7. 8. 2. 10. Item 1. 2. Debit Excavation costs for new building Architect's fees on building plans Full payment to building contractor Cost of real estate purchased as a plant site Cost of parking lots and driveways Accrued real estate taxes paid at time of purchase of land Installation cost of fences around property Cost of demolishing building to make land suitable for construction of new building Real estate taxes paid for the current year on land Credit Proceeds from salvage of demolished building Land Analyze the transactions using the following table column headings. Enter the amounts in the appropriate columns. For amounts in the Other Accounts column, also indicate the account title. (If an amount reduces the account balance then enter with a negative sign preceding the number, e.g.-15,000 or parenthesis, e.g. (15,000).) Buildings $24,000 34,000 670,000 275,000 30,000 3,190 Other Accounts 6.400 34,000 6,700 $1,083,290 $12,000

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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