Right answer with explanation Which of the following account titles should the following expenditure be debited: Paid $7,000 ofaccrued taxes at the time the plant site was acquired?a. Land Improvementsb. Landc. Prepaid Insuranced. License Expense

Explanation of Land: Land is a tangible fixed asset that represents the cost of acquiring property…

Answered: Which of the following account titles…

Survey of Accounting (Accounting I)

8th Edition

ISBN:9781305961883

Author:Carl Warren

Publisher:Carl Warren

Chapter7: Fixed Assets, Natural Resources, And Intangible Assets

Section: Chapter Questions

Problem 7.1MBA

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Land improvements include: Oa. surveying fees. Ob. sales tax. Oc. freight. С. Od. outdoor lighting.
The debit sale for sales tax paid on the purchase of a plant asset would be included in a. The plant asset account b. A separate deferred charge account c. Miscellaneous tax expense d. Accumulated depreciation-machinery
Ga
Calculate the assessed value (in $) and the property tax due (in $) on the property. Fair MarketValue AssessmentRate AssessedValue PropertyTax Rate PropertyTax Due $304,000 80 $ $25.40 per $1,000 $
Exercises E9.1 (LO 1), AP Writing The following expenditures relating to plant assets were made by Glenn Company during the first 2 months of 2022. Determine cost of plant acquisitions. 1. Paid $7,000 of accrued taxes at the time the plant site was acquired. 2. Paid $200 insurance to cover a possible accident loss on new factory machinery while the machinery was in transit. 3. Paid $850 sales taxes on a new delivery truck. 4. Paid $21,000 for parking lots and driveways on the new plant site. 5. Paid $250 to have the company name and slogan painted on the new delivery truck. 6. Paid $8,000 for installation of new factory machinery. 7. Paid $900 for a 2-year accident insurance policy on the new delivery truck. 8. Paid $75 motor vehicle license fee on the new truck.
where did you get $1150/12 for the depreciaition expense
7. Which of the following statements is true regarding capitalization of interest? A) The minimum amount of interest to be capitalized is determined by multiplying a weighted average interest rate by the amount of average accumulated expenditures on qualifying assets during the period B) Interest cost capitalized in connection with the purchase of land to be used as a building site should be debited to the land account and not to the building account. C) The amount of interest cost capitalized during the period should not exceed the actual interest cost incurred. D) When excess borrowed funds not immediately needed for construction are temporarily invested, any interest earned should be offset against interest cost incurred when determining the amount of interest cost to be capitalized.
Accumulated Depreciation appears on the... Select one: a. balance sheet in the long-term liabilities section b. income statement as an operating expense c. balance sheet in the property, plant, and equipment section d. balance sheet in the current assets section
The balance in the Accumulated Depreciatin account represents: A) The amount charged to expense in the current period B) A Contra-expense account C) A Cash fund to be used to replace plant assets D) The amount charged to depreciation expense since the acquisition of the plant asset
Income earned from incidental operations before an asset is put to use is: deducted from the cost of the asset added to the cost of the asset immediately recognized in P/L together with related expense ignored
When writing journal entries for recording assets, what is the end result in the account: Group of answer choices Aggregate cost of the asset Cost, net of preparation costs. Proceeds paid to employees Only the net depreciable costs
Compute a schedule of deductible expenses related to the following hobby:

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Which of the following account titles should the following expenditure be debited: Paid $7,000 of accrued taxes at the time the plant site was acquired? a. Land Improvements b. Land c. Prepaid Insurance d. License Expense