USING THE FOLLOWING DATA, FOR FAUCI MEDICAL CENTER, PREPARE IN DETAIL USING THE APPROPRIATE ACCOUNT TITL PRESENTATION OF THE PROPERTY, PLANT AND EQUIPMENT SECTION OF THE BALANCE DEPRECIATION EXPENSE-EMT VAN 5. HOME NURSING FEES LAND 800 ACCUMULATED DEPRECIATION-MEDICAL 200 EQUIPMENT MARKETABLE SECURITIES 35 UNEARNED HOME NURSING FEES MEDICAL CARE REVENUE 360 93 995 BONDS PAYABLE REPAID LEGAL EXPENSE 180 18 BUILDING 990 MORTGAGE PAYABLE 510 ACCUMULATED DEPRECIATION-EMT VANS 40 MEDICAL SUPPLIES 25 TRANSPORTATION EXPENSE 18 OR.FAUCI, DRAWINGS 103 MEDICAL EQUIPMENT 720 COST OF SALES 280 ACCRUED LIABILITIES 14 45 NTEREST INCOME NVENTORY ENSION OBLIGATIONS 3 LAND HELD FOR FUTURE USE 387 CASH 170 30 122 ACCUMULATED DEPRECIATION-BUILDING 50 15 LONG TERM NOTES PAYABLE EENTAL FEES DEPRECIATION EXPENSE-BUILDING 180 10 EMT VANS

USING THE FOLLOWING DATA, FOR FAUCI MEDICAL CENTER, PREPARE IN DETAIL USING THE APPROPRIATE ACCOUNT TITL PRESENTATION OF THE PROPERTY, PLANT AND EQUIPMENT SECTION OF THE BALANCE DEPRECIATION EXPENSE-EMT VAN 5. HOME NURSING FEES LAND 800 ACCUMULATED DEPRECIATION-MEDICAL 200 EQUIPMENT MARKETABLE SECURITIES 35 UNEARNED HOME NURSING FEES MEDICAL CARE REVENUE 360 93 995 BONDS PAYABLE REPAID LEGAL EXPENSE 180 18 BUILDING 990 MORTGAGE PAYABLE 510 ACCUMULATED DEPRECIATION-EMT VANS 40 MEDICAL SUPPLIES 25 TRANSPORTATION EXPENSE 18 OR.FAUCI, DRAWINGS 103 MEDICAL EQUIPMENT 720 COST OF SALES 280 ACCRUED LIABILITIES 14 45 NTEREST INCOME NVENTORY ENSION OBLIGATIONS 3 LAND HELD FOR FUTURE USE 387 CASH 170 30 122 ACCUMULATED DEPRECIATION-BUILDING 50 15 LONG TERM NOTES PAYABLE EENTAL FEES DEPRECIATION EXPENSE-BUILDING 180 10 EMT VANS

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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Based on the following data, determine the cost of the land to be reported on the balance sheet. Land purchase price $177,668 Broker's commission 17,098 Payment for demolition and removal of existing building 5,376 Cash received from sale of materials salvaged from demolished building 1,031
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Consider the information provided below and then complete the journals below that reflects the entry for the recognition of the construction costs of the property, plant and equipment and the expense as the asset is used. For this question assume the cost of constructing the plant is R900 000 (Select the correct value/entry for each block (letter) by selecting them from the dropdown lists provided.) BBA (PTY) Limited constructed the plant at a cost of R900 000 and the plant has a useful life of 20 years. The financial year of the entity ends on 31 December 2021. The construction of the plant was completed on 30 June 2021. It was available for use on the same day and brought into use on 30 September 2021. The residual value of the plant was estimated at R100 000. Complete the journal entries by filling in the correct information from the drop down menu: Debit (R) Credit (R) date: Factory plant Property, plant and equipment…
-determine the amount of the purchase cost to allocate to the land and the amount to allocate to the building -would the company recognize a gain on the purchase? -record the purchase in a horizontal statements model -record the purchase in general journal format
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…
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) Money borrowed to pay building contractor (signed a note) $(294,000 ) (b) Payment for construction from note proceeds 294,000 (c) Cost of land fill and clearing 10,230 (d) Delinquent real estate taxes on property assumed by purchaser 7,990 (e) Premium on 6-month insurance policy during construction 11,280 (f) Refund of 1-month insurance premium because construction completed early (1,880 ) (g) Architect’s fee on building 26,210 (h) Cost of real estate purchased as a plant site (land $201,800 and building $54,800) 256,600 (i) Commission fee paid to real estate agency 8,660 (j) Installation of fences around property 3,810 (k) Cost of razing and removing building 11,840 (l) Proceeds from salvage of…
Following are descriptions of land purchases in four separate cases. Requireda. Determine the cost used for recording the land acquired in each case.b. Record the journal entry for each case on the date of the land’s acquisition. Note: Round your answers to the nearest whole dollar. Case One 1. At the midpoint of the current year, a $32,000 check is given for land, and the buyer assumes the liability for unpaid taxes in arrears of $800 at the end of last year and those assessed for the current year of $720. a. Determine the cost used for recording the land acquired.Cost of land $Answer b. Record the journal entry on the date of the Account NameDr.Cr. Answer Answer Answer To record land acquisition.
How do I create a new fixed asset account with an account type: Fixed Asset, detail type: Machinery & Equipment, name: Equipment and track deprecciation of this asset in QuickBooks? When I go to the Chart of Accounts to create a new account, I get the attached photo. There's no where to check the "track depreciation" check box.
Rodriguez Company pays $326,430 for real estate with land, land improvements, and a building. Land is appraised at $265,000; land improvements are appraised at $79,500; and the building is appraised at $185,500. 1. Allocate the total cost among the three assets. 2. Prepare the journal entry to record the purchase. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Allocate the total cost among the three assets. Note: Round your "Apportioned Cost" answers to 2 decimal places. Land Land improvements Building Totals Appraised Value $ $ 265,000 79,500 185,500 530,000 Percent of Total x Total Cost of Appraised Value Acquisition 50% 15% 35% 100%
2 Rodriguez Company pays $363,285 for real estate with land, land improvements, and a building Land is appraised at $193,500, land improvements are appraised at $86,000, and the building is appraised at $150,500. 1. Allocate the total cost among the three assets. 2. Prepare the journal entry to record the purchase. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Allocate the total cost among the three assets. Note: Round your "Apportioned Cost" answers to 2 decimal places. Land Land improvements Building Totals Appraised Value Percent of Total Appraised Value Total Cost of Acquisition Apportioned Cost 0% Required 1 S 0.00 Required 2 >
Rodriguez Company pays $342,225 for real estate with land, land improvements, and a building. Land is appraised at $220,000; land improvements are appraised at $55,000; and the building is appraised at $275,000. 1. Allocate the total cost among the three assets. 2. Prepare the journal entry to record the purchase. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Allocate the total cost among the three assets. Note: Round your "Apportioned Cost" answers to 2 decimal places. Land Land improvements Building Appraised Value Percent of Total x Total Cost of Appraised Value Acquisition = Apportioned Cost