Type of costs: The cost of land and building includes the following costs: Purchase price of land Attorney fees Real estate agent commission Title Recording fees Legal fees Architect fees Building construction costs Interest costs related to the construction Sale of salvaged materials Additional expenses : Clearing Filling and leveling of land Removal of old buildings To identify: the type costs may be incurred for using only the land.

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Answer 1

Question

Chapter 9, Problem 3Q

To determine

Type of costs: The cost of land and building includes the following costs:

Purchase price of land

Attorney fees

Real estate agent commission

Title

Recording fees

Legal fees

Architect fees

Building construction costs

Interest costs related to the construction

Sale of salvaged materials

Additional expenses :

Clearing

Filling and leveling of land

Removal of old buildings

To identify: the type costs may be incurred for using only the land.

To determine

To identify: the type costs may be incurred for using both the land and the building

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The following data were selected from the records of Fluwars Company for the year ended December 31, current year: Balances at January 1, current year: Accounts receivable (various customers) $ 111,500 Allowance for doubtful accounts 11,200 The company sold merchandise for cash and on open account with credit terms 1/10, n/30, without a right of return. The following transactions occurred during the current year: Sold merchandise for cash, $252,000. Sold merchandise to Abbey Corp; invoice amount, $36,000. Sold merchandise to Brown Company; invoice amount, $47,600. Abbey paid the invoice in (b) within the discount period. Sold merchandise to Cavendish Inc.; invoice amount, $50,000. Collected $113,100 cash from customers for credit sales made during the year, all within the discount periods. Brown paid its account in full within the discount period. Sold merchandise to Decca Corporation; invoice amount, $42,400. Cavendish paid its account in full after the…

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Answer 2

Question

Chapter 9, Problem 3Q

To determine

Type of costs: The cost of land and building includes the following costs:

Purchase price of land

Attorney fees

Real estate agent commission

Title

Recording fees

Legal fees

Architect fees

Building construction costs

Interest costs related to the construction

Sale of salvaged materials

Additional expenses :

Clearing

Filling and leveling of land

Removal of old buildings

To identify: the type costs may be incurred for using only the land.

To determine

To identify: the type costs may be incurred for using both the land and the building

Expert Solution & Answer

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Answer 3

Question

Chapter 9, Problem 3Q

To determine

Type of costs: The cost of land and building includes the following costs:

Purchase price of land

Attorney fees

Real estate agent commission

Title

Recording fees

Legal fees

Architect fees

Building construction costs

Interest costs related to the construction

Sale of salvaged materials

Additional expenses :

Clearing

Filling and leveling of land

Removal of old buildings

To identify: the type costs may be incurred for using only the land.

To determine

To identify: the type costs may be incurred for using both the land and the building

Expert Solution & Answer

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Answer 4

Question

Chapter 9, Problem 3Q

To determine

Type of costs: The cost of land and building includes the following costs:

Purchase price of land

Attorney fees

Real estate agent commission

Title

Recording fees

Legal fees

Architect fees

Building construction costs

Interest costs related to the construction

Sale of salvaged materials

Additional expenses :

Clearing

Filling and leveling of land

Removal of old buildings

To identify: the type costs may be incurred for using only the land.

To determine

To identify: the type costs may be incurred for using both the land and the building

Expert Solution & Answer

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Answer 5

Chapter 9, Problem 3Q

To determine

Type of costs: The cost of land and building includes the following costs:

Purchase price of land

Attorney fees

Real estate agent commission

Title

Recording fees

Legal fees

Architect fees

Building construction costs

Interest costs related to the construction

Sale of salvaged materials

Additional expenses :

Clearing

Filling and leveling of land

Removal of old buildings

To identify: the type costs may be incurred for using only the land.

To determine

To identify: the type costs may be incurred for using both the land and the building

Answer 6

Chapter 9, Problem 3Q

To determine

Type of costs: The cost of land and building includes the following costs:

Purchase price of land

Attorney fees

Real estate agent commission

Title

Recording fees

Legal fees

Architect fees

Building construction costs

Interest costs related to the construction

Sale of salvaged materials

Additional expenses :

Clearing

Filling and leveling of land

Removal of old buildings

To identify: the type costs may be incurred for using only the land.

Answer 7

Chapter 9, Problem 3Q

To determine

Type of costs: The cost of land and building includes the following costs:

Purchase price of land

Attorney fees

Real estate agent commission

Title

Recording fees

Legal fees

Architect fees

Building construction costs

Interest costs related to the construction

Sale of salvaged materials

Additional expenses :

Clearing

Filling and leveling of land

Removal of old buildings

To identify: the type costs may be incurred for using only the land.

Answer 8

To determine

To identify: the type costs may be incurred for using both the land and the building

Answer 9

To determine

To identify: the type costs may be incurred for using both the land and the building

Answer 10

Expert Solution & Answer

Answer 11

Expert Solution & Answer

Answer 12

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Answer 13

Ch. 9 - Prob. 1Q Ch. 9 - Prob. 2Q Ch. 9 - Prob. 3Q Ch. 9 - Prob. 4Q Ch. 9 - Prob. 5Q Ch. 9 - Prob. 6Q Ch. 9 - Prob. 7Q Ch. 9 - Prob. 8Q Ch. 9 - Prob. 9Q Ch. 9 - In the fourth year of an assets 5-year useful...

Solution Summary: The author explains the type of costs that might be incurred when only land is used: Demolition cost Removal cost less any sale proceeds from the salvage materials

To identify: the type costs may be incurred for using both the land and the building

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Chapter 9 Solutions