The purchase price Re cost of filling the land was RO 15,000. Cost of demolishing an old building on the land to make land suitable for ction of new factory RO 10,00O. Proceeds from salvage of the materials from the old building totalled RO 4,000. Full payment to ction contractor RO 300,000. Real estate taxes on land paid at time of purchase RO 4,500. Architect's fees on factory design plan D. Cost of the fences, parking lots and driveways RO 30,000. What is the total cost of the factory building? RO 314,000 None of the options are correct RO 310,500 RO 308 50

The purchase price Re cost of filling the land was RO 15,000. Cost of demolishing an old building on the land to make land suitable for ction of new factory RO 10,00O. Proceeds from salvage of the materials from the old building totalled RO 4,000. Full payment to ction contractor RO 300,000. Real estate taxes on land paid at time of purchase RO 4,500. Architect's fees on factory design plan D. Cost of the fences, parking lots and driveways RO 30,000. What is the total cost of the factory building? RO 314,000 None of the options are correct RO 310,500 RO 308 50

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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What is the cost of the land, based upon the following data? Land purchase price $192,605 Broker's commission 15,004 Payment for the demolition and removal of existing building 4,204 Cash received from the sale of materials salvaged from the demolished building 1,211 $fill in the blank 1
What is the cost of the land, based upon the following data? Land purchase price $179,980 Broker's commission 15,546 Payment for the demolition and removal of existing building 3,928 Cash received from the sale of materials salvaged from the demolished building 2,519 $fill in the blank 1
AI Maha Company purchased equipment and had the following costs: Repairing of roof RO 14,750 Insurance during transit 570 Sales taxes 2,870 Cash price 25,250 New parking lot 23,000 Property taxes 4,500 Installation and testing 960 AI Maha will record the acquisition cost of the equipment as: Select one: O a. RO 34,150. O b. None of the answers are correct O c RO 67,850. O d. RO 29,620. O e. RO 44,850.
3
Determining cost of land On-Time Delivery Company acquired an adjacent lot to construct a new warehouse, paying $36,000 in cash and giving a short-term note for $273,000. Legal fees paid were $1,850, delinquent taxes assumed were $11,300, and fees paid to remove an old building from the land were $22,300. Materials salvaged from the demolition of the building were sold for $4,600. A contractor was paid $939,400 to construct a new warehouse. Determine the cost of the land to be reported on the balance sheet.
Ray Company purchased for 4 500 000 a tract of land as factory site. An existing building on the property was razed to pave the way for the construction of a new factory building. Cost of razing old building 300 000 Title insurance and legal fees to purchase land 200 000 Architect fee 950 000 New building construction cost 8 000 000 1. What is the cost of the land? 2. What is the cost of factory building?
Basket Purchase of Copier, Computer, and Scanner for $50,200 with Fair Market Values Copier, $24,200. Computer, $10,285. Scanner, $26,015. Land for New Warehouse with an Old Building Torn Down Purchase price, $77,900. Demolition of building, $5,290. Lumber sold from old building, $2,880. Grading in preparation for new building, $7,000 Construction of New Building Construction of new building, $290,000 RequiredIn case of office equipment, determine the amount of cost to be capitalized in the asset accounts. In case of basket purchase, determine the amount of cost to be capitalized in the asset accounts. In case of land, determine the amount of cost to be capitalized in the asset accounts. In case of new building, determine the amount of cost to be capitalized in the asset accounts.
Question 1
RenFair Clothing purchased land, paying $80,000 cash and signing a $220,000 note payable. In addition, RenFair Clothing paid delinquent property tax of $1,500, title insurance costing $800, and $4,000 to level the land and remove an unwanted building. Record the journal entry for purchase of the land. Begin by determining the cost of the land. Purchase price of land Add related costs: Total cost of land
O Determine Cost of Land Four Corners Delivery Company acquired an adjacent lot to construct a new warehouse, paying $29,000 and giving a short-term note for $325,000. Legal fees paid were $2,375, delinquent taxes assumed were $9,200, and fees paid to remove an old building from the land were $22,200. Materials salvaged from the demolition of the building were sold for $5,300. A contractor was paid $1,076,200 to construct a new warehouse. Determin he cost of the land to be reported on the balance sheet.
Diego Company paid $186,000 cash to acquire a group of items consisting of land appraised at $53,000 and a building appraised at $159,000. Allocate total cost to these two assets and prepare an entry to record the purchase. Complete this question by entering your answers General Total Cost Journal Allocate total cost to these two assets. Percent of Total Apportioned Cost Land Building Totals
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