Carla Vista Co. was organized on January 1. During the first year of operations, the following plant asset expenditures and receipts were recorded in random order. Debit 1. Excavation costs for new building $13,280 2. Architect’s fees on building plans 37,130 3. Full payment to building contractor 653,200 4. Cost of real estate purchased as a plant site (land $256,000 and building $25,800) 281,800 5. Cost of parking lots and driveways 34,020 6. Accrued real estate taxes paid at time of purchase of real estate 2,520 7. Installation cost of fences around property 7,680 8. Cost of demolishing building to make land suitable for construction of new building 33,200 9. Real estate taxes paid for the current year on land 7,190 $1,070,020 Credit 10. Proceeds from salvage of demolished building $ 12,400 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 fall into the Land and Buildings column then enter "Not Applicable" in the account title column. Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).) Other Accounts Item Land Building Amounts Account Title 1 $enter a dollar amount $enter a dollar amount $enter a dollar amount choose an account title Property Tax ExpensePrepaid InsuranceLicense ExpenseNot ApplicableLand Improvements 2 enter a dollar amount enter a dollar amount enter a dollar amount choose an account title Prepaid InsuranceLand ImprovementsProperty Tax ExpenseLicense ExpenseNot Applicable 3 enter a dollar amount enter a dollar amount enter a dollar amount choose an account title Prepaid InsuranceLicense ExpenseProperty Tax ExpenseNot ApplicableLand Improvements 4 enter a dollar amount enter a dollar amount enter a dollar amount choose an account title Property Tax ExpensePrepaid InsuranceNot ApplicableLicense ExpenseLand Improvements 5 enter a dollar amount enter a dollar amount enter a dollar amount choose an account title Property Tax ExpensePrepaid InsuranceLicense ExpenseLand ImprovementsNot Applicable 6 enter a dollar amount enter a dollar amount enter a dollar amount choose an account title Land ImprovementsLicense ExpenseNot ApplicableProperty Tax ExpensePrepaid Insurance 7 enter a dollar amount enter a dollar amount enter a dollar amount choose an account title Land ImprovementsNot ApplicableProperty Tax ExpensePrepaid InsuranceLicense Expense 8 enter a dollar amount enter a dollar amount enter a dollar amount choose an account title License ExpenseNot ApplicableLand ImprovementsProperty Tax ExpensePrepaid Insurance 9 enter a dollar amount enter a dollar amount enter a dollar amount choose an account title License ExpenseNot ApplicableLand ImprovementsProperty Tax ExpensePrepaid Insurance 10 enter a dollar amount enter a dollar amount enter a dollar amount choose an account title Prepaid InsuranceLicense ExpenseLand ImprovementsNot ApplicableProperty Tax Expense $enter a total for the land column $enter a total for the building column

Carla Vista Co. was organized on January 1. During the first year of operations, the following plant asset expenditures and receipts were recorded in random order. Debit 1. Excavation costs for new building $13,280 2. Architect’s fees on building plans 37,130 3. Full payment to building contractor 653,200 4. Cost of real estate purchased as a plant site (land $256,000 and building $25,800) 281,800 5. Cost of parking lots and driveways 34,020 6. Accrued real estate taxes paid at time of purchase of real estate 2,520 7. Installation cost of fences around property 7,680 8. Cost of demolishing building to make land suitable for construction of new building 33,200 9. Real estate taxes paid for the current year on land 7,190 $1,070,020 Credit 10. Proceeds from salvage of demolished building $ 12,400 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 fall into the Land and Buildings column then enter "Not Applicable" in the account title column. Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).) Other Accounts Item Land Building Amounts Account Title 1 $enter a dollar amount $enter a dollar amount $enter a dollar amount choose an account title Property Tax ExpensePrepaid InsuranceLicense ExpenseNot ApplicableLand Improvements 2 enter a dollar amount enter a dollar amount enter a dollar amount choose an account title Prepaid InsuranceLand ImprovementsProperty Tax ExpenseLicense ExpenseNot Applicable 3 enter a dollar amount enter a dollar amount enter a dollar amount choose an account title Prepaid InsuranceLicense ExpenseProperty Tax ExpenseNot ApplicableLand Improvements 4 enter a dollar amount enter a dollar amount enter a dollar amount choose an account title Property Tax ExpensePrepaid InsuranceNot ApplicableLicense ExpenseLand Improvements 5 enter a dollar amount enter a dollar amount enter a dollar amount choose an account title Property Tax ExpensePrepaid InsuranceLicense ExpenseLand ImprovementsNot Applicable 6 enter a dollar amount enter a dollar amount enter a dollar amount choose an account title Land ImprovementsLicense ExpenseNot ApplicableProperty Tax ExpensePrepaid Insurance 7 enter a dollar amount enter a dollar amount enter a dollar amount choose an account title Land ImprovementsNot ApplicableProperty Tax ExpensePrepaid InsuranceLicense Expense 8 enter a dollar amount enter a dollar amount enter a dollar amount choose an account title License ExpenseNot ApplicableLand ImprovementsProperty Tax ExpensePrepaid Insurance 9 enter a dollar amount enter a dollar amount enter a dollar amount choose an account title License ExpenseNot ApplicableLand ImprovementsProperty Tax ExpensePrepaid Insurance 10 enter a dollar amount enter a dollar amount enter a dollar amount choose an account title Prepaid InsuranceLicense ExpenseLand ImprovementsNot ApplicableProperty Tax Expense $enter a total for the land column $enter a total for the building column

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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Question

Carla Vista Co. was organized on January 1. During the first year of operations, the following plant asset expenditures and receipts were recorded in random order.

Debit
1.	Excavation costs for new building	$13,280
2.	Architect’s fees on building plans	37,130
3.	Full payment to building contractor	653,200
4.	Cost of real estate purchased as a plant site (land $256,000 and building $25,800)	281,800
5.	Cost of parking lots and driveways	34,020
6.	Accrued real estate taxes paid at time of purchase of real estate	2,520
7.	Installation cost of fences around property	7,680
8.	Cost of demolishing building to make land suitable for construction of new building	33,200
9.	Real estate taxes paid for the current year on land	7,190
		$1,070,020

Credit
10.	Proceeds from salvage of demolished building	$ 12,400

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 fall into the Land and Buildings column then enter "Not Applicable" in the account title column. Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).)

			Other Accounts
Item	Land	Building	Amounts	Account Title
1	$enter a dollar amount	$enter a dollar amount	$enter a dollar amount	choose an account title Property Tax ExpensePrepaid InsuranceLicense ExpenseNot ApplicableLand Improvements
2	enter a dollar amount	enter a dollar amount	enter a dollar amount	choose an account title Prepaid InsuranceLand ImprovementsProperty Tax ExpenseLicense ExpenseNot Applicable
3	enter a dollar amount	enter a dollar amount	enter a dollar amount	choose an account title Prepaid InsuranceLicense ExpenseProperty Tax ExpenseNot ApplicableLand Improvements
4	enter a dollar amount	enter a dollar amount	enter a dollar amount	choose an account title Property Tax ExpensePrepaid InsuranceNot ApplicableLicense ExpenseLand Improvements
5	enter a dollar amount	enter a dollar amount	enter a dollar amount	choose an account title Property Tax ExpensePrepaid InsuranceLicense ExpenseLand ImprovementsNot Applicable
6	enter a dollar amount	enter a dollar amount	enter a dollar amount	choose an account title Land ImprovementsLicense ExpenseNot ApplicableProperty Tax ExpensePrepaid Insurance
7	enter a dollar amount	enter a dollar amount	enter a dollar amount	choose an account title Land ImprovementsNot ApplicableProperty Tax ExpensePrepaid InsuranceLicense Expense
8	enter a dollar amount	enter a dollar amount	enter a dollar amount	choose an account title License ExpenseNot ApplicableLand ImprovementsProperty Tax ExpensePrepaid Insurance
9	enter a dollar amount	enter a dollar amount	enter a dollar amount	choose an account title License ExpenseNot ApplicableLand ImprovementsProperty Tax ExpensePrepaid Insurance
10	enter a dollar amount	enter a dollar amount	enter a dollar amount	choose an account title Prepaid InsuranceLicense ExpenseLand ImprovementsNot ApplicableProperty Tax Expense
	$enter a total for the land column	$enter a total for the building column

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