The following expenditures and receipts are related to land, land improvements, and buildings acquired for use in a business enterprise. The receipts are enclosed in parentheses. a. b. C. d. e. f. h. i. j. k. I. m. n. O. p. Money borrowed to pay building contractor (signed a note) Payment for construction from note proceeds Cost of land fill and clearing Delinquent real estate taxes on property assumed by purchaser Premium on 6-month insurance policy during construction Refund of 1-month insurance premium because construction completed early Architect's fee on building Cost of real estate purchased as a plant site (land $210,000 and building $53,700) Commission fee paid to real estate agency Installation of fences around property Cost of razing and removing building Proceeds from salvage of demolished building Interest paid during construction on money borrowed for construction Cost of parking lots and driveways Cost of trees and shrubbery planted (permanent in nature) Excavation costs for new building $(276,900) 276,900 10,340 7,530 10,980 (1,830) 27,670 263,700 9,820 4,140 12,060 (4,550) 11,970 20,700 13,790 3,300 Identify each item by letter and list the items in columnar form, using the headings shown below. All receipt amounts should be reported in parentheses. For any amounts entered in the Other Accounts column, also indicate the account title. (Enter receipt amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45). If no entry is required in other accounts, select "No Entry" for the account titles.)
The following expenditures and receipts are related to land, land improvements, and buildings acquired for use in a business enterprise. The receipts are enclosed in parentheses. a. b. C. d. e. f. h. i. j. k. I. m. n. O. p. Money borrowed to pay building contractor (signed a note) Payment for construction from note proceeds Cost of land fill and clearing Delinquent real estate taxes on property assumed by purchaser Premium on 6-month insurance policy during construction Refund of 1-month insurance premium because construction completed early Architect's fee on building Cost of real estate purchased as a plant site (land $210,000 and building $53,700) Commission fee paid to real estate agency Installation of fences around property Cost of razing and removing building Proceeds from salvage of demolished building Interest paid during construction on money borrowed for construction Cost of parking lots and driveways Cost of trees and shrubbery planted (permanent in nature) Excavation costs for new building $(276,900) 276,900 10,340 7,530 10,980 (1,830) 27,670 263,700 9,820 4,140 12,060 (4,550) 11,970 20,700 13,790 3,300 Identify each item by letter and list the items in columnar form, using the headings shown below. All receipt amounts should be reported in parentheses. For any amounts entered in the Other Accounts column, also indicate the account title. (Enter receipt amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45). If no entry is required in other accounts, select "No Entry" for the account titles.)
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
100%
i didn't let me put another picture but what information can i put for P
Transcribed Image Text:### Expenditures and Receipts for Land, Land Improvements, and Buildings
The following list details various financial activities related to land, land improvements, and building acquisitions for business use. Receipts are listed in parentheses.
1. **Money borrowed to pay building contractor (signed a note):** $(276,900)
2. **Payment for construction from note proceeds:** $276,900
3. **Cost of land fill and clearing:** $10,340
4. **Delinquent real estate taxes on property assumed by purchaser:** $7,530
5. **Premium on 6-month insurance policy during construction:** $10,980
6. **Refund of 1-month insurance premium because construction completed early:** $(1,830)
7. **Architect’s fee on building:** $27,670
8. **Cost of real estate purchased as a plant site (land $210,000 and building $53,700):** $263,700
9. **Commission fee paid to real estate agency:** $9,820
10. **Installation of fences around property:** $4,140
11. **Cost of razing and removing building:** $12,060
12. **Proceeds from salvage of demolished building:** $(4,550)
13. **Interest paid during construction on money borrowed for construction:** $11,970
14. **Cost of parking lots and driveways:** $20,700
15. **Cost of trees and shrubbery planted (permanent in nature):** $13,790
16. **Excavation costs for new building:** $3,300
### Instructions
For accounting purposes, identify each item by letter and organize them in columnar form using the titles provided below. Report all receipt amounts in parentheses. For entries listed in the "Other Accounts" column, specify the account title. Use negative signs or parentheses to indicate receipt amounts, e.g., -45 or (45). If no entry is needed in other accounts, select "No Entry" for the account titles.
Transcribed Image Text:**Table: Property Assessment Form**
This table is used for assessing property values in three categories: Land, Improvements, and Building. Each row is designated by a letter from 'a' to 'o', allowing multiple entries. Each entry requires the specified dollar value in the respective categories.
**Columns:**
1. **Item:** Labels for row entries, from 'a' to 'o'.
2. **Land:** Space to input the monetary value for the land.
3. **Improvements:** Space to input the monetary value for improvements made on the land.
4. **Building:** Space to input the monetary value for the building on the land.
This form is typically used in real estate or property management to record and evaluate different aspects of property value systematically.
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 2 steps
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education