Tamarisk Corporation purchased a tract of unimproved land for $627,000. This land was improved and subdivided into building lots at an additional cost of $120,000. These building lots were all of the same size but owing to differences in location were offered for sale at different prices as follows: Group 1 2 3 No. of Lots Group 1 Group 2 Group 3 21 13 9 9 lots Operating expenses for the year allocated to this project total $69,000. Lots unsold at the year-end were as follows: 3 lots 4 lots Price per Lot $27,100 Net income $ 21,800 19,400 At the end of the fiscal year Tamarisk Corporation instructs you to arrive at the net income realized on this operation to date. (Do not round intermediate calculations. Round final answer to O decimal places, e.g. 5,845.)
Tamarisk Corporation purchased a tract of unimproved land for $627,000. This land was improved and subdivided into building lots at an additional cost of $120,000. These building lots were all of the same size but owing to differences in location were offered for sale at different prices as follows: Group 1 2 3 No. of Lots Group 1 Group 2 Group 3 21 13 9 9 lots Operating expenses for the year allocated to this project total $69,000. Lots unsold at the year-end were as follows: 3 lots 4 lots Price per Lot $27,100 Net income $ 21,800 19,400 At the end of the fiscal year Tamarisk Corporation instructs you to arrive at the net income realized on this operation to date. (Do not round intermediate calculations. Round final answer to O decimal places, e.g. 5,845.)
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:Tamarisk Corporation purchased a tract of unimproved land for $627,000. This land was improved and subdivided into building lots at
an additional cost of $120,000. These building lots were all of the same size but owing to differences in location were offered for sale
at different prices as follows:
Group
1
2
3
No. of Lots
Group 1
Group 2
Group 3
21
13
9
9 lots
Operating expenses for the year allocated to this project total $69,000. Lots unsold at the year-end were as follows:
3 lots
4 lots
Price per Lot
$27,100
Net income $
21,800
19,400
At the end of the fiscal year Tamarisk Corporation instructs you to arrive at the net income realized on this operation to date. (Do not
round intermediate calculations. Round final answer to O decimal places, e.g. 5,845.)
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