Question 25The following information is for Alyazia Avenue Real Estate:CashPrepaid InsuranceAccounts ReceivableInventoryLand Held for InvestmentLandBuildingLess AccumulatedDepreciationTrademarkTotal Assets$ 25,00040,00050,00080,00075,000120,000$110,000(20,000) 90,00070,000$550,000Accounts PayableSalaries and Wages PayableMortgage PayableTotal LiabilitiesOwner's CapitalTotal Liabilities andOwner's EquityThe total dollar amount of assets to be classified as current assets isO $115,000.$195,000.O $200,000.O $270,000.Alyazia Avenue Real EstateBalance SheetDecember 31, 2016$ 60,00025,00085,000170,000380,000$550,000

CURRENT ASSETS Current Assets are those Assets which is Purposely held for trading. Current Assets…

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FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Allocating payments and receipts to fixed asset accounts The following payments and receipts are related to land, land improvements, and buildings acquired for use in a wholesale ceramic business. The receipts are identified by an asterisk. a. Fee paid to attorney for title search $2,000 b. Cost of real estate acquired as a plant site: Land 280,000 Building (to be demolished) 55,000 c. Delinquent real estate taxes on property, assumed by purchaser 15,000 d. Cost of razing and removing building acquired in (b) 5,000 e. Proceeds from sale of salvage materials from old building 3,000 * f. Special assessment paid to city for extension of water main to the property 29,000 g. Architect’s and engineer’s fees for plans and supervision 60,000 h. Premium on one-year insurance policy during construction 7,000 i. Cost of filling and grading land 13,000 j. Money borrowed to pay building…
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