P9-1B Corp. was organized Jan 01. During the year one these expenditures and receipts were recorded in random order. (Note: The only receipt are the "proceeds" in #10) FYI: "proceeds" are basically Cash received which offsets (reduces) your cost 1 2 3 4. 5. 6. 7. 8. 9. 10 Accrued real estate taxes paid at time of purchase of real estate, Annual real estate taxes paid on the land months after purchase. Full payment to construction contractor. Excavation costs and for new factory bldg. Cost of property bought as a factory site (Land 75,000 & Bldg. 25,000) Cost of improving the land by installing parking lots and driveways. Architects fees on factory building plans. Installation cost of fences around property to further improve the site. Cost of demolition of the old building to make land (from # 5) ready for construction of the new factory. Proceeds from salvage of demolished building. 5,000 7,500 490,000 19,000 100,000 18,000 9,000 6,000 27,000 3,500 Analyze the above transactions using the column headings (below). Insert the amounts under one of three columns. (1st transaction is done for you)
P9-1B Corp. was organized Jan 01. During the year one these expenditures and receipts were recorded in random order. (Note: The only receipt are the "proceeds" in #10) FYI: "proceeds" are basically Cash received which offsets (reduces) your cost 1 2 3 4. 5. 6. 7. 8. 9. 10 Accrued real estate taxes paid at time of purchase of real estate, Annual real estate taxes paid on the land months after purchase. Full payment to construction contractor. Excavation costs and for new factory bldg. Cost of property bought as a factory site (Land 75,000 & Bldg. 25,000) Cost of improving the land by installing parking lots and driveways. Architects fees on factory building plans. Installation cost of fences around property to further improve the site. Cost of demolition of the old building to make land (from # 5) ready for construction of the new factory. Proceeds from salvage of demolished building. 5,000 7,500 490,000 19,000 100,000 18,000 9,000 6,000 27,000 3,500 Analyze the above transactions using the column headings (below). Insert the amounts under one of three columns. (1st transaction is done for you)
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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I am so lost on what the question is actually asking? Do I copy the numbers or what needs to go in the blanks?
Transcribed Image Text:P9-1B
Corp. was organized Jan 01. During the year one these expenditures and receipts were
recorded in random order. (Note: The only receipt are the "proceeds" in #10)
FYI: "proceeds" are basically Cash received which offsets (reduces) your cost
2
1 Accrued real estate taxes paid at time of purchase of real estate,
Annual real estate taxes paid on the land months after purchase.
Full payment to construction contractor.
3
4.
Excavation costs and for new factory bldg.
5.
6.
7.
8.
9.
10
Cost of property bought as a factory site (Land 75,000 & Bldg 25,000)
Cost of improving the land by installing parking lots and driveways.
Architects fees on factory building plans.
Installation cost of fences around property to further improve the site.
Cost of demolition of the old building to make land (from #5) ready for
construction of the new factory.
Proceeds from salvage of demolished building.
Analyze the above transactions using the column headings (below). Insert the
amounts under one of three columns. (1st transaction is done for you)
Item
1.
2.
3.
4.
5.
6.
7.
8.
9.
10.
Land
Buildings
Other
5,000
7,500
490,000
19,000
100,000
18,000
9,000
6,000
27,000
3,500
------>
Fill in a specific acct name IF you
entered an amount under "Other"
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