Operating expenses for the year allocated to this project total $71,900. Lots unsold at the year-end were as follows: Group 1 Group 2 Group 3 9 lots 3 lots 4 lots At the end of the fiscal year Sheridan Corporation instructs you to arrive at the net income realized on this operation to date. (Do not round intermediate calculations. Round final answer to O decimal places, e.g. 5,845.) Net income $
Operating expenses for the year allocated to this project total $71,900. Lots unsold at the year-end were as follows: Group 1 Group 2 Group 3 9 lots 3 lots 4 lots At the end of the fiscal year Sheridan Corporation instructs you to arrive at the net income realized on this operation to date. (Do not round intermediate calculations. Round final answer to O decimal places, e.g. 5,845.) Net income $
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Nkj.9
Transcribed Image Text:Sheridan Corporation purchased a tract of unimproved land for $564,000. This land was improved and subdivided into building lots at
an additional cost of $117,000. These building lots were all of the same size but owing to differences in location were offered for sale
at different prices as follows:
Group
1
2
3
No. of Lots
21
13
9
Price per Lot
$23,700
18,600
16,300
Transcribed Image Text:Operating expenses for the year allocated to this project total $71,900. Lots unsold at the year-end were as follows:
Group 1
Group 2
Group 3
9 lots
Net income
3 lots
4 lots
At the end of the fiscal year Sheridan Corporation instructs you to arrive at the net income realized on this operation to date. (Do not
round intermediate calculations. Round final answer to O decimal places, e.g. 5,845.)
LA
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