Problem 11-24 (PHILCPA Adapted) Elixir Company bought a 10-hectare land in Novalichos to be improved, aubdivided into lots and eventually sold. The purchase price of the land was P5,800,000, Taxes and documentation expenses on the tranafer of the property amounted to P80,000. Lot elass Number of lots Selling price per lot Totalolearing e 10 Noce 100 000 300.000 800,000 100,000 80.000 B 20 40 70,000 60,000 60 What amount ahould be allocated as total cost of ClaasB no under the relative sales price method? a 1,170.000 b. 1.220.000 1,276,000 1,700,000

Problem 11-24 (PHILCPA Adapted) Elixir Company bought a 10-hectare land in Novalichos to be improved, aubdivided into lots and eventually sold. The purchase price of the land was P5,800,000, Taxes and documentation expenses on the tranafer of the property amounted to P80,000. Lot elass Number of lots Selling price per lot Totalolearing e 10 Noce 100 000 300.000 800,000 100,000 80.000 B 20 40 70,000 60,000 60 What amount ahould be allocated as total cost of ClaasB no under the relative sales price method? a 1,170.000 b. 1.220.000 1,276,000 1,700,000

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

Larsen Realty Corporation purchased a tract of unimproved land for $55,000. This land was improved and subdivided into building lots at an additional cost of $30,000. These building lots were all of the same size but owing to differences in location were offered for sale at different prices as follows. Operating expenses allocated to this project total $18,200. Group 1 2 3 No. of Lots 9 15 19 Group # of lots 9 1 2 15 3 19 Instructions: Using the charts below calculate the net income realized on this operation to date. Relative Sales Value Chart - Cost per Lot Group Lots Sold 1 2 3 Price per Lot $ 3,000 4,000 2,000 Account Price Per Lot $3,000 4,000 2,000 Sales Cost of Goods Sold Gross Profit Operating Expenses Net Income Relative Sales Value Chart - Cost of Goods Sold Allocation Selling Price Per Lot Lots Unsold at Year-End 5 7 2 $3,000 4,000 Total Revenue Relative Sales Value Chart - Net Income Calculation Amount Total Sales Relative Sales Price Cost per Lot Total Cost Cost Allocated…
Question is attached in SS below tahnks for hepl phl 3 p3 p5 3lh5h5 h5lh
Whispering Realty Corporation purchased a tract of unimproved land for $82,500. This land was improved and subdivided into building lots at an additional cost of $51,690. 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 Group 1 Group 2 Group 3 No. of Lots 9 Net income 15 17 Operating expenses for the year allocated to this project total $27,300. Lots unsold at the year-end were as follows. 5 lots 7 lots Price per Lot $4,500 6,000 2 lots 3,600 At the end of the fiscal year Whispering Realty Corporation instructs you to arrive at the net income realized on this operation to date. (Do not round intermediate calculations. Round final answer to 0 decimal places, e.g. 5,845.)
Cost ConceptT On February 3, Gallatin Repair Service extended an offer of $152,000 for land that had been priced for sale at $173,000. On February 28, Gallatin Repair Service accepted the seller's counteroffer of $165,000. On October 23, the land was assessed at a value of $248,000 for property tax purposes. On January 15 of the next year, Gallatin Repair Service was offered $264,000 for the land by a national retail chain. At what value should the land be recorded in Gallatin Repair Service's records?
Check my w Exercise 10-3 (Algo) Lump-sum purchase of plant assets LO C1 Rodriguez Company pays $405,405 for real estate with land, land improvements, and a building. Land is appraised at $243,000, land improvements are appraised at $108.000; and the building is appraised at $189,000. 1. Allocate the total cost among the three assets. 2. Prepare the journal entry to record the purchase. Comptete this question by entering your answers in the tabs below. Required 1 Required 2 Allocate the total cost among the three assets. (Round your "Apportioned Cost" answens to 2 decimal places.) Appraised Value Percent of Total Appraised Value Total Cost of Acquisition - Apportioned Cost 243.000 108 000 Land Land improvements
Manji
B11. Exercise 8-28 (Algorithmic) (LO. 8) Jebali Company reports gross income of $560,000 and other property-related expenses of $364,000 and uses a depletion rate of 21%. Calculate Jebali's depletion allowance for the current year.
Only need e..... thnakyou
Tamarisk Realty Corporation purchased a tract of unimproved land for $110,000. This land was improved and subdivided into building lots at an additional cost of $68,920. 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 9 15 17 Price per Lot $6,000 8,000 4,800 Operating expenses for the year allocated to this project total $36,400. Lots unsold at the year-end were as follows. Group 1 Group 2 Group 3 5 lots 7 lots 2 lots At the end of the fiscal year Tamarisk Realty Corporation instructs you to arrive at the net income realized on this operation to date. (Round ratios for computational purposes to 4 decimal places, e.g. 78.7234% and final answer to 0 decimal places, e.g. 5,845.) Net income
None