n fiscal 2023, Swifty Realty Corporation purchased unimproved land for $57,000. The land was improved and subdivided into building ots at an additional cost of $35,100. These building lots were all the same size but, because of differences in location, were offered for sale at different prices, as follows: Group 1 2 3 Number of Lots Group 1 Group 2 Group 3 10 16 24 5 lots Operating expenses that were allocated to this project totalled $19,300 for the year. At year end, there were also unsold lots remaining, as follows: 7 lots Price per Lot $3,410 4 lots 4,400 Year-end inventory. $ 2,350 Determine the year-end inventory and net income of Swifty Realty, Ignore income taxes. (Do not round intermediate calculations. Round final answers to O decimal places, eg. 5,275) Net income/(Loss) $ 29472 49500
n fiscal 2023, Swifty Realty Corporation purchased unimproved land for $57,000. The land was improved and subdivided into building ots at an additional cost of $35,100. These building lots were all the same size but, because of differences in location, were offered for sale at different prices, as follows: Group 1 2 3 Number of Lots Group 1 Group 2 Group 3 10 16 24 5 lots Operating expenses that were allocated to this project totalled $19,300 for the year. At year end, there were also unsold lots remaining, as follows: 7 lots Price per Lot $3,410 4 lots 4,400 Year-end inventory. $ 2,350 Determine the year-end inventory and net income of Swifty Realty, Ignore income taxes. (Do not round intermediate calculations. Round final answers to O decimal places, eg. 5,275) Net income/(Loss) $ 29472 49500
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:In fiscal 2023, Swifty Realty Corporation purchased unimproved land for $57,000. The land was improved and subdivided into building
lots at an additional cost of $35,100. These building lots were all the same size but, because of differences in location, were offered for
sale at different prices, as follows:
Group
1
2
3
Number of
Lots
Group 1
Group 2
Group 3
10
16
24
Operating expenses that were allocated to this project totalled $19,300 for the year. At year end, there were also unsold lots
remaining, as follows:
5 lots
7 lots
4 lots
Price per
Lot
$3,410
4,400
Year-end inventory
4
Determine the year-end inventory and net income of Swifty Realty. Ignore income taxes. (Do not round Intermediate calculations. Round
final answers to O decimal places, eg. 5,275)
2,350
$
Net income/(Loss) $
29472
49500
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