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FINANCIAL ACCOUNTING
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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Kendrick Company was organized on January 1. During the first year of operations, the following expenditures and receipts were recorded in random order. Increases 1. Cost of real estate purchased as a plant site (land and building) $130,000 2. Accrued real estate taxes paid at the time of the purchase of the real estate 4,000 3. Cost of demolishing building to make land suitable for construction of a new building 10,000 4. Architect's fees on building plans 14,000 5. Excavation costs for new building 30,000 6. Cost of filing and grading the land 5,000 7. Insurance and taxes during construction of building 6,000 B. Cost of repairs caused by a small fire shortly after completion of building 7,000 9. Interest paid during the year of which $45.000 pertains to the construction period 74,000 10. Full payment to building contractor 955,000 11. Cost of parking lots and driveways 36,000 12 Real estate taxes paid for the current year on the land 4,000 Total Increases Decreases 13. Proceeds from salvage of demolished building Total Decreases $1.275.000 $3,500 $3,500 Analyze the foregoing transactions using the following tabular arrangement. Insert the amounts in the appropriate columns and select appropriate account title for transactions falling under "Other" column. Decreases in assets require a negative sign or parentheses. Increases in expenses require a negative sign or parentheses. Item 1 $ 2 Land 130000 4000 3. 10000 id 7. Po 9. 10. 11 12 13 5000 -3500 Buildings 14000 30000 6000 Other Account Title v v v v 7000 Fire La Esper v 45000 29000 $55000 Insurance Expense × i 36000 Land improvements 4000 i Property Tax Expense Totals $ 145500 1050000 76000
Transcribed Image Text:Kendrick Company was organized on January 1. During the first year of operations, the following expenditures and receipts were recorded in random order. Increases 1. Cost of real estate purchased as a plant site (land and building) $130,000 2. Accrued real estate taxes paid at the time of the purchase of the real estate 4,000 3. Cost of demolishing building to make land suitable for construction of a new building 10,000 4. Architect's fees on building plans 14,000 5. Excavation costs for new building 30,000 6. Cost of filing and grading the land 5,000 7. Insurance and taxes during construction of building 6,000 B. Cost of repairs caused by a small fire shortly after completion of building 7,000 9. Interest paid during the year of which $45.000 pertains to the construction period 74,000 10. Full payment to building contractor 955,000 11. Cost of parking lots and driveways 36,000 12 Real estate taxes paid for the current year on the land 4,000 Total Increases Decreases 13. Proceeds from salvage of demolished building Total Decreases $1.275.000 $3,500 $3,500 Analyze the foregoing transactions using the following tabular arrangement. Insert the amounts in the appropriate columns and select appropriate account title for transactions falling under "Other" column. Decreases in assets require a negative sign or parentheses. Increases in expenses require a negative sign or parentheses. Item 1 $ 2 Land 130000 4000 3. 10000 id 7. Po 9. 10. 11 12 13 5000 -3500 Buildings 14000 30000 6000 Other Account Title v v v v 7000 Fire La Esper v 45000 29000 $55000 Insurance Expense × i 36000 Land improvements 4000 i Property Tax Expense Totals $ 145500 1050000 76000
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