Sheffield Company was organized on January 1. During the first year of operations, the following plant asset expenditures and receipts were recorded in random order. 1. 2. 3. 4. 5. 6. 7. 8. 9. 10. Debit Cost of filling and grading the land Full payment to building contractor Real estate taxes paid for the current year on land Cost of real estate purchased as a plant site (land $110,500 and building $40,000) Excavation costs for new building Architect's fees on building plans Accrued real estate taxes paid at time of purchase of land Cost of parking lots and driveways Cost of demolishing building to make land suitable for construction of new building Credit Proceeds from salvage of demolished building $ 4,000 688,000 5,500 150,500 38,500 15,000 2,000 14,500 25,000 $943,000 $ 4,000 Analyze the transactions using the following table column headings. Enter the amounts in the appropriate columns. (If an amount reduces the account balance then enter with a negative sign preceding the number, e.g.-15,000 or parenthesis, e.g. (15,000).)

Sheffield Company was organized on January 1. During the first year of operations, the following plant asset expenditures and receipts were recorded in random order. 1. 2. 3. 4. 5. 6. 7. 8. 9. 10. Debit Cost of filling and grading the land Full payment to building contractor Real estate taxes paid for the current year on land Cost of real estate purchased as a plant site (land $110,500 and building $40,000) Excavation costs for new building Architect's fees on building plans Accrued real estate taxes paid at time of purchase of land Cost of parking lots and driveways Cost of demolishing building to make land suitable for construction of new building Credit Proceeds from salvage of demolished building $ 4,000 688,000 5,500 150,500 38,500 15,000 2,000 14,500 25,000 $943,000 $ 4,000 Analyze the transactions using the following table column headings. Enter the amounts in the appropriate columns. (If an amount reduces the account balance then enter with a negative sign preceding the number, e.g.-15,000 or parenthesis, e.g. (15,000).)

Name: Sheffield Company was organized on January 1. During the first year o
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Description: Sheffield Company was organized on January 1. During the first year of operations, the following plant asset expenditures and receiptswere recorded in random order.1.2.3.4.5.6.7.8.9.10.Item1.2.3.4.5.6.7.8.9.Analyze the transactions using the followi

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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