Previn Brothers Inc. purchased land at a price of $27,000. Closing costs were $1,400. An old building was removed at a cost of $10,200. What amount should be recorded as the cost of the land?
Q: Accounting...charger company's most...
A: Step 1: Define Debt-equity RatioA financial ratio that estimates the fraction of debt and equity in…
Q: Give me answer accounting richard inc.
A: Step 1: Define BudgetingThe budgeting activity is usually carried out for the forthcoming periods…
Q: General Accounting Question solution with provide option
A: Step 1: Formula Operating cash flow at break-even point = (Breakeven point in units x Contribution…
Q: Financial accounting: find the EBIT
A: Explanation of EBIT (Earnings Before Interest and Tax): EBIT is a measure of company's operating…
Q: General Accounting Question
A: Step 1: Define Average Collection PeriodThe average collection period is a financial metric…
Q: ??
A: Explanation of Age of Inventory:The age of inventory represents the average number of days a company…
Q: Choose the right answer
A: Explanation of Equity Method: The equity method is an accounting technique used to record…
Q: General accounting Need help.
A: Step 1:- Define Weighted Average MethodTo calculate the equivalent units of the materials and…
Q: Need Solution in proper way of this Accounting Problem
A: Explanation of Operating Cycle: The operating cycle, also known as the business cycle, represents…
Q: Please help, give me a detailed answer to this.
A: Let's solve this step by step to determine the amount of interest to be capitalized in 2025.1.…
Q: Please give me answer accounting..memes industries uses...
A: Step 1: Define Overhead AllocationIn cost accounting, the overhead, which is the indirect product…
Q: Exercise 9-10A (Algo) Residual income LO 9-3 Finch Cough Drops operates two divisions. The following…
A: Step 1: a) Residual Income can be calculated by subtracting the minimum required return on average…
Q: An advantage of the sales value at splitoff method is Select one: a. it always yields the same…
A: The sales value at splitoff method is a cost allocation method used in accounting, particularly in…
Q: A corporation issues 9%, 10-year bonds with a par value of $570,000 and semiannual interest…
A: Step 1:First calculate the issue price of the bond: Issue price = Par value * Selling price /$100…
Q: Accounting
A: Step 1: Define Sales ReturnsSales returns and allowances account represents a contra revenue account…
Q: I need answer of this question general accounting
A: ROE = Net Profit Margin x Asset Turnover x Equity MultiplierROE = 6%*110/42*2.5 = 39%Net profit…
Q: answer question number 2-B THANK YOU
A: Calculating 2026 DepreciationStep 1: Determine the Asset's Book Value at the Beginning of…
Q: Provide this question solution general finance
A: Step 1: Define Financial RatiosFinancial ratios evaluate a company's financial standing and…
Q: On January 1, 2022, Sarasota and Lois Company purchased 12% bonds having a maturity value of…
A:
Q: Please provide the answers in excel with explanation
A: A4a:The Bill of Materials (BOM) is a structured representation of all the components and…
Q: General Accounting
A: Step 1: Define Taxable IncomeTaxable income is the amount on which tax will be calculated. The…
Q: Question of Financial Accounting
A: Step 1:1) Marginal income per unit: Marginal income per unit can be calculated by subtracting the…
Q: What is the amount of net income for year 2 on these general accounting question?
A: Step 1: Define Retained EarningsRetained earnings are recognized in the company's balance sheet…
Q: Jackpot Mining Company operates a copper mine in central Montana. The company paid $1,900,000 in…
A: Step 2: Prepare the Journal EntriesRecord the Acquisition Costs of the Mine:Debit: Copper Mine…
Q: The cost of new truck!
A: Step 1: All costs that are related to the purchase of assets and the bring it to the working…
Q: Answer it
A: Explanation of Bond DiscountA bond discount arises when bonds are issued for an amount less than…
Q: Give true answer this accounting question
A: Step 1:Computation of the present value ordinary annuity at 12% for 4 years: Rate (r) = 12% or…
Q: Need accurate answer of this financial accounting Question
A: Detailed explanation: • The payback period approach to capital budgeting chiefly focuses on the…
Q: Compute the following ratios on these accounting question
A: Step 1: Define Receivables TurnoverThe receivables turnover ratio is one of the activity ratios. It…
Q: General accounting
A: Step 1: Define Bad DebtA loss to the company arises when the goods are sold on credit, and the…
Q: Need right answer
A: The correct answer is:a) Fair value if reliably measurable, otherwise costUnder IAS 40, investment…
Q: I need do fast typing clear urjent no chatgpt used i will give 5 upvotes pls full explain with…
A:
Q: Please provide the correct answer accounting.....
A: Step 1:The cost of land only includes the cost of land on which grocery store is located, i.e.,…
Q: Required information [The following information applies to the questions displayed below.] Karane…
A:
Q: Please give only correct answer otherwise I will give you unhelpful rate
A: Explanation of Inventory Turnover: Inventory turnover is a financial ratio that shows how many times…
Q: Accounting Question please answer fast and step by step calculation
A: The problem involves the determination of the future value of an annuity. Future value is the value…
Q: Provide correct answer the financial accounting question
A: Step 1: Define Asset PricingAsset pricing is a process that is used to determine the intrinsic value…
Q: Provide this question solution financial accounting
A: Step 1: Define Return on EquityReturn on equity is a financial ratio that is expressed in a…
Q: Can you answer this accounting question?
A: Step 1: Define Price-Earnings RatioThe price-earnings ratio (or multiple) approach can be used to…
Q: Provide correct answer the accounting question please do fast
A: Step 1: Define Overhead ApplicationIn the domain of accounting, indirect costs are the overhead…
Q: What was the stock's rate of return from dividend income during the year on these financial…
A: Step 1: Define Returns on a StockThe total returns on a stock can be categorized into capital gains…
Q: Provide answer the accounting question do fast and step by step calculation
A: Step 1: Define Operating Cash FlowOperating cash flow refers to the amount of cash generated by a…
Q: Can you solve this general accounting question?
A: Step 1: Define Accounts ReceivableThe accounts receivable has a contra-asset account, which is the…
Q: How much is the expected total variable cost
A: Explanation of Variable Costs: Variable costs are expenses that change in direct proportion to…
Q: Please give me answer general finance
A: Step 1: Define Savings AccountA safer option that can increase the value of money at a modest rate…
Q: On February 6, Blossom Home sold $98,500 of merchandise to A1 Interiors Company, terms 2/10, net/30.…
A: Step 1: February 6: Sale of merchandise to A1 Interiors CompanyDetails:Merchandise sold:…
Q: Direct labor Tempo Company's fixed budget (based on sales of 18,000 units) folllows. Fixed Budget…
A: Requirement 1:The variable cost per unit is computed by dividing the variable cost by the budgeted…
Q: Please provide correct solution for these accounting question
A: Step 1: Define Equivalent UnitsDue to the absence of beginning inventory work in process units, the…
Q: accounting Q-15
A: Explanation of Learning Curve: The learning curve represents the relationship between cumulative…
Q: Required: Number of meals
A: To calculate the required number of meals, we can use the break-even/profit analysis formula:…
Provide this question solution general accounting
Step by step
Solved in 2 steps
- Robertson Company exchanged a machine for some land. The machine had cost $17,000, was 70% depreciated, and could be sold for $4,500. Robertson paid $950 in addition to giving up the machine. compute the amount at which the land should be recorded.I need answer with proper wayTonto Company purchased all property for $280,000. The property included a building, equipment, and land. The building was appraised at $175,000, the land at $126,000, and the equipment at $49,000. Prepare the journal entry to record the property basket purchase.
- RenFair Clothing purchased land, paying $80,000 cash and signing a $220,000 note payable. In addition, RenFair Clothing paid delinquent property tax of $1,500, title insurance costing $800, and $4,000 to level the land and remove an unwanted building. Record the journal entry for purchase of the land. Begin by determining the cost of the land. Purchase price of land Add related costs: Total cost of landFresh Veggies, Incorporated (FVI), purchases land and a warehouse for $490,000. In addition to the purchase price, FVI makes the following expenditures related to the acquisition: broker's commission, $29,000; title insurance, $1,900; and miscellaneous closing costs, $6,000. The warehouse is immediately demolished at a cost of $29,000 in anticipation of building a new warehouse. Determine the cost of the land and record the purchase (assuming cash was paid for all expenditures). (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet Record the purchase of the land. Note: Enter debits before credits. Transaction 1 Record entry General Journal Clear entry Debit Credit View general JournalPrevin Brothers Inc. purchased land at a price of $27,000. Closing costs were $1,400. An old building was removed at a cost of $10,200. What amount should be recorded as the cost of the land?
- RenFair Clothing purchased land, paying $80,000 cash and signing a $220,000 note payable. In addition, RenFair Clothing paid delinquent property tax of $1,500, title insurance costing $800, and $4,000 to level the land and remove an unwanted building. Record the journal entry for purchase of the land. Begin by determining the cost of the land. Purchase price of land Add related costs: Total cost of land Record the journal entry for purchase of the land. (Record a single compound journal entry. Record debits first, then credits. Select the explanation on the last line of the journal entry table.) Date Accounts and Explanation Debit CreditThese expenditures were incurred by Blossom Company in purchasing land: cash price $55,000, assumed accrued property taxes $4,500, attorney's fees $2,100, real estate broker's commission $3,000, and clearing and grading $4,000. What is the cost of the land? The cost of the land 73900Harding Corporation acquired real estate that contained land, building and equipment. The property cost Harding $1,710,000. Harding paid $455,000 and issued a note payable for the remainder of the cost. An appraisal of the property reported the following values: Land, $481,000; Building, $1,430,000 and Equipment, $949,000. What journal entry would be used to record the purchase of the above assets? (Do not round intermediate calculations.)
- Fresh Veggies, Inc. (FVI), purchases land and a warehouse for $490,000. In addition to the purchase price, FVI makes the following expenditures related to the acquisition: broker’s commission, $29,000; title insurance, $1,900; and miscellaneous closing costs, $6,000. The warehouse is immediately demolished at a cost of $29,000 in anticipation of building a new warehouse. Determine the amount FVI should record as the cost of the land.Harding Corporation acquired real estate that contained land, building and equipment. The property cost Harding $1,235,000. Harding paid $280,000 and issued a note payable for the remainder of the cost. An appraisal of the property reported the following values: Land, $296,000; Building, $880,000 and Equipment, $584,000. What value will be reported for the building on the balance sheet? Multiple Choice O $355.000 $880,000 $617,500 $140,000Please help