Homework Answers
$70,000
It would be $70,000 because under the cost concept, the land should be recorded at the cost to Gallatin Repair Service.
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On June 25, Gallatin Repair Service extended an offer of $64,000 for land that had been...
On June 25, McCade Repair Service extended an offer of $150,000 for land that had been...
On June 25, McCade Repair Service extended an offer of $150,000 for land that had been priced for sale at $171,000. On July 9, McCade Repair Service accepted the seller's counteroffer of $163,000. On October 1, the land was assessed at a value of $245,000 for property tax purposes. On December 22, McCade Repair Service was offered $261,000 for the land by a national retail chain. At what value should the land be recorded in McCade Repair Service's records?
Cost Principle On June 25, AAA Repair Service extended an offer of $102,000 for land that...
Cost Principle On June 25, AAA Repair Service extended an offer of $102,000 for land that had been priced for sale at $117,000. On July 9, AAA Repair Service accepted the seller's counteroffer of $111,000. On October 1, the land was assessed at a value of $167,000 for property tax purposes. On December 22, AAA Repair Service was offered $178,000 for the land by a national retail chain. At what value should the land be recorded in AAA Repair Service's...
On February 3, Easy Repair Service extended an offer of $116,000 for land that had been...
On February 3, Easy Repair Service extended an offer of $116,000 for land that had been priced for sale at $132,000. On February 28, Easy Repair Service accepted the seller's counteroffer of $126,000. On October 23, the land was assessed at a value of $189,000 for property tax purposes. On January 15 of the next year, Easy Repair Service was offered $202,000 for the land by a national retail chain. At what value should the land be recorded in Easy...
the de Repair Service extended an offer of $134,000 for land that had been priced for...
the de Repair Service extended an offer of $134,000 for land that had been priced for sale at $153,000. On July 9, McCade Repair Service countries of $146,000. On October 1, the land was assessed at a value of $219,000 for property tax purposes. On December 22, Service was offered $234,000 for the land by a national retail chain hove the and be recorded in McCade Repair Service's records? c e amounts are initially recorded in the accounting records at...
On June 25, Ritts Roofing extended an offer of $250,000 for land that had been priced...
On June 25, Ritts Roofing extended an offer of $250,000 for land that had been priced for sale at $300,000. On July 9, Ritts accepted the seller’s counteroffer of $275,000. On October 1, the land was assessed at a value of $280,000 for property tax purposes. On December 22, Ritts was offered $305,000 for the land by a national retail chain. At what value should the land be recorded in Ritts Roofing's records?
On May 20, White Repair Service extended an offer of $108,000 for land that had been...
On May 20, White Repair Service extended an offer of $108,000 for land that had been priced for sale at $140,000. On May 30, White Repair Service accepted the seller's counteroffer of $115,000. On June 20, the land was assessed at a value of $95,000 for property tax purposes. On July 4, White Repair Service was offered $150,000 for the land by a national retail chain. At what value should the land be recorded in White Repair Service's records? O...
On June 15, Jones Repair Service extended an offer of $150,000 for land that had been...
On June 15, Jones Repair Service extended an offer of $150,000 for land that had been priced for sale at $185,000. On August 3, Jones Repair Service accepted the seller's counteroffer of $167,500. Describe how Reliable Repair Service should record the land. a. Describe which GAAP Concept should be applied .(2 points) b. Prepare the journey entry for the purchase by Jones Repair Service. (2 points) c. What additional concepts are involved in the concept applied from a. ?(1 point))
CengageNOW.2 Online tes - 0 eBook Show Me How Calculator Print Item Cost Concept On February...
CengageNOW.2 Online tes - 0 eBook Show Me How Calculator Print Item Cost Concept On February 3, Snap Repair Service extended an offer of $120,000 for land that had been prioed for sale at $137.000. On February 26, Sap Repair Service accepted the seller's counteroffer of $130,000. On October 23, the land was assessed at a value of $195,000 for property tax purposes on January 15 of the next year, Snap Repair Service was offered $200,000 for the land by...
On May 7, Carpet Barn Company offered to pay $76,590 for land that had a selling...
On May 7, Carpet Barn Company offered to pay $76,590 for land that had a selling price of $90,000. On May 15, Carpet Barn accepted a counteroffer of $84,780. On June 5, the land was assessed at a value of $100,000 for property tax purposes. On December 10, Carpet an Company was offered $127.80 for the land by another company. At what value should the land be recorded in Carpet Barn Company's records?
On May 7, Carpet Barn Company offered to pay $71,300 for land that had a selling...
On May 7, Carpet Barn Company offered to pay $71,300 for land that had a selling price of $90,000. On May 15, Carpet Barn accepted a counteroffer of $85,330. On June 5, the land was assessed at a value of $100,000 for property tax purposes. On December 10, Carpet Barn Company was offered $129,750 for the land by another company. At what value should the land be recorded in Carpet Barn Company's records?
Cost Principle On June 25, AAA Repair Service extended an offer of $102,000 for land that had been priced for sale at $117,000. On July 9, AAA Repair Service accepted the seller's counteroffer of $111,000. On October 1, the land was assessed at a value of $167,000 for property tax purposes. On December 22, AAA Repair Service was offered $178,000 for the land by a national retail chain. At what value should the land be recorded in AAA Repair Service's...
the de Repair Service extended an offer of $134,000 for land that had been priced for sale at $153,000. On July 9, McCade Repair Service countries of $146,000. On October 1, the land was assessed at a value of $219,000 for property tax purposes. On December 22, Service was offered $234,000 for the land by a national retail chain hove the and be recorded in McCade Repair Service's records? c e amounts are initially recorded in the accounting records at...
On May 20, White Repair Service extended an offer of $108,000 for land that had been priced for sale at $140,000. On May 30, White Repair Service accepted the seller's counteroffer of $115,000. On June 20, the land was assessed at a value of $95,000 for property tax purposes. On July 4, White Repair Service was offered $150,000 for the land by a national retail chain. At what value should the land be recorded in White Repair Service's records? O...
On June 15, Jones Repair Service extended an offer of $150,000 for land that had been priced for sale at $185,000. On August 3, Jones Repair Service accepted the seller's counteroffer of $167,500. Describe how Reliable Repair Service should record the land. a. Describe which GAAP Concept should be applied .(2 points) b. Prepare the journey entry for the purchase by Jones Repair Service. (2 points) c. What additional concepts are involved in the concept applied from a. ?(1 point))
CengageNOW.2 Online tes - 0 eBook Show Me How Calculator Print Item Cost Concept On February 3, Snap Repair Service extended an offer of $120,000 for land that had been prioed for sale at $137.000. On February 26, Sap Repair Service accepted the seller's counteroffer of $130,000. On October 23, the land was assessed at a value of $195,000 for property tax purposes on January 15 of the next year, Snap Repair Service was offered $200,000 for the land by...
On May 7, Carpet Barn Company offered to pay $76,590 for land that had a selling price of $90,000. On May 15, Carpet Barn accepted a counteroffer of $84,780. On June 5, the land was assessed at a value of $100,000 for property tax purposes. On December 10, Carpet an Company was offered $127.80 for the land by another company. At what value should the land be recorded in Carpet Barn Company's records?
On May 7, Carpet Barn Company offered to pay $71,300 for land that had a selling price of $90,000. On May 15, Carpet Barn accepted a counteroffer of $85,330. On June 5, the land was assessed at a value of $100,000 for property tax purposes. On December 10, Carpet Barn Company was offered $129,750 for the land by another company. At what value should the land be recorded in Carpet Barn Company's records?
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