Homework Answers
| Option A is the answer | |
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Land being a fixed cost, is recorded at its historical cost. Increase/decrease in the land due to market conditions should be ignored. Comment if you face any issues |
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In Year 2. the Denim Company bought an acre of land that cost $16.500. In Year...
In Year 2, the Denim Company bought an acre of land that cost $15,100. In Year...
In Year 2, the Denim Company bought an acre of land that cost $15,100. In Year 5, another company purchased a nearby acre of land for $28,100 and a different company purchased another nearby acre of land for $26,100. As a result, an appraiser estimated that the acre owned by Denim had increased in value to $27,100. If Denim prepares a balance sheet at the end of Year 5, the acre of land that it owns should be reported at:...
1 The company bought 10 acres of land at 1,000,000 Baht per acre. The land has a building 2 worth...
1 The company bought 10 acres of land at 1,000,000 Baht per acre. The land has a building 2 worth 500,000 Baht for which it paid separately. The building was used as a factory. Upon the 13 pur chase, the company bought 5,000,000 Baht for machine. It later found out that the land 14 has oil worth 100,000,000 Baht that could be exploited. It has a license to exploit this year. 5 The company acquired a copy right from a...
Stellar Company owns a 7,500-acre tract of timber purchased in 2006 at a cost of $1,339...
Stellar Company owns a 7,500-acre tract of timber purchased in 2006 at a cost of $1,339 per acre. At the time of purchase, the land was estimated to have a value of $339 per acre without the timber. Stellar Company has not logged this tract since it was purchased. In 2020, Stellar had the timber cruised. The cruise (appraiser) estimated that each acre contained 8,240 board feet of timber. In 2020, Stellar built 10 miles of roads at a cost...
Larkspur Company owns a 7,000-acre tract of timber purchased in 2006 at a cost of $1,417...
Larkspur Company owns a 7,000-acre tract of timber purchased in 2006 at a cost of $1,417 per acre. At the time of purchase, the land was estimated to have a value of $317 per acre without the timber. Larkspur Company has not logged this tract since it was purchased. In 2020, Larkspur had the timber cruised. The cruise (appraiser) estimated that each acre contained 8,720 board feet of timber. In 2020, Larkspur built 10 miles of roads at a cost...
Stellar Company owns a 7,500-acre tract of timber purchased in 2006 at a cost of $1,339...
Stellar Company owns a 7,500-acre tract of timber purchased in 2006 at a cost of $1,339 per acre. At the time of purchase, the land was estimated to have a value of $339 per acre without the timber. Stellar Company has not logged this tract since it was purchased. In 2020, Stellar had the timber cruised. The cruise (appraiser) estimated that each acre contained 8,240 board feet of timber. In 2020, Stellar built 10 miles of roads at a cost...
Grouper Company owns a 7,700-acre tract of timber purchased in 2006 at a cost of $1,404...
Grouper Company owns a 7,700-acre tract of timber purchased in
2006 at a cost of $1,404 per acre. At the time of purchase, the
land was estimated to have a value of $324 per acre without the
timber. Grouper Company has not logged this tract since it was
purchased. In 2020, Grouper had the timber cruised. The cruise
(appraiser) estimated that each acre contained 8,640 board feet of
timber. In 2020, Grouper built 10 miles of roads at a cost...
Exercise 11-21 Ivanhoe Company owns a 7,770-acre tract of timber purchased in 2003 at a cost...
Exercise 11-21 Ivanhoe Company owns a 7,770-acre tract of timber purchased in 2003 at a cost of $1,443 per acre. At the time of purchase, the land was estimated to have a value of $333 per acre without the timber. Ivanhoe Company has not logged this tract since it was purchased. In 2017, Ivanhoe had the timber cruised. The cruise (appraiser) estimated that each acre contained 8,880 board feet of timber. In 2017, Ivanhoe built 10 miles of roads at...
Marigold Company owns 9,000 acres of timberland purchased in 2009 at a cost of $1,456 per acre. At the time of purchase, the land without the timber was valued at $416 per acre. In 2010, Marigold built fire lanes and roads, with a life of 30 years, at a c
Marigold Company owns 9,000 acres of timberland purchased in 2009 at a cost of $1,456 per acre. At the time of purchase, the land without the timber was valued at $416 per acre. In 2010, Marigold built fire lanes and roads, with a life of 30 years, at a cost of $87,360. Every year, Marigold sprays to prevent disease at a cost of $3,120 per year and spends $7,280 to maintain the fire lanes and roads. During 2011, Marigold selectively logged and sold 728,000 board feet of timber, of the estimated 3,640,000 board feet. In 2012, Marigold planted new seedlings to...
A company purchased land for $82,000 cash. Commissions of $8,000, property taxes of $8,500, and title...
A company purchased land for $82,000 cash. Commissions of $8,000, property taxes of $8,500, and title insurance of $2,200 were also incurred. The $8,500 in property taxes includes $5,400 in back taxes paid by the company on behalf of the seller and $3,100 due for the current year after the purchase date. For what amount should the company record the land? Multiple Choice $95,400. О O $97,600. $100,700. O $82,000. A company purchased new equipment for $68,000. The company paid...
At the end of the current year, a company has the following amounts: During the Estimated current for next...
At the end of the current year, a company has the following amounts: During the Estimated current for next year year $ 7,200 $ 8,300 $12,500 $9,100 $ 2,400 $ 2,600 Sales returns Sales allowances Sales discounts For what amount would the company report sales returns in its current-year in Multiple Choice $7,200. 0 $9,500. 0 $15,500 0 $22,100. 0 uizi The percentage-of-receivables method for accounting for uncollectible accounts focuses on the: Multiple Choice Total credit sales for the year....
1 The company bought 10 acres of land at 1,000,000 Baht per acre. The land has a building 2 worth 500,000 Baht for which it paid separately. The building was used as a factory. Upon the 13 pur chase, the company bought 5,000,000 Baht for machine. It later found out that the land 14 has oil worth 100,000,000 Baht that could be exploited. It has a license to exploit this year. 5 The company acquired a copy right from a...
Larkspur Company owns a 7,000-acre tract of timber purchased in 2006 at a cost of $1,417 per acre. At the time of purchase, the land was estimated to have a value of $317 per acre without the timber. Larkspur Company has not logged this tract since it was purchased. In 2020, Larkspur had the timber cruised. The cruise (appraiser) estimated that each acre contained 8,720 board feet of timber. In 2020, Larkspur built 10 miles of roads at a cost...
Grouper Company owns a 7,700-acre tract of timber purchased in
2006 at a cost of $1,404 per acre. At the time of purchase, the
land was estimated to have a value of $324 per acre without the
timber. Grouper Company has not logged this tract since it was
purchased. In 2020, Grouper had the timber cruised. The cruise
(appraiser) estimated that each acre contained 8,640 board feet of
timber. In 2020, Grouper built 10 miles of roads at a cost...
Exercise 11-21 Ivanhoe Company owns a 7,770-acre tract of timber purchased in 2003 at a cost of $1,443 per acre. At the time of purchase, the land was estimated to have a value of $333 per acre without the timber. Ivanhoe Company has not logged this tract since it was purchased. In 2017, Ivanhoe had the timber cruised. The cruise (appraiser) estimated that each acre contained 8,880 board feet of timber. In 2017, Ivanhoe built 10 miles of roads at...
A company purchased land for $82,000 cash. Commissions of $8,000, property taxes of $8,500, and title insurance of $2,200 were also incurred. The $8,500 in property taxes includes $5,400 in back taxes paid by the company on behalf of the seller and $3,100 due for the current year after the purchase date. For what amount should the company record the land? Multiple Choice $95,400. О O $97,600. $100,700. O $82,000. A company purchased new equipment for $68,000. The company paid...
At the end of the current year, a company has the following amounts: During the Estimated current for next year year $ 7,200 $ 8,300 $12,500 $9,100 $ 2,400 $ 2,600 Sales returns Sales allowances Sales discounts For what amount would the company report sales returns in its current-year in Multiple Choice $7,200. 0 $9,500. 0 $15,500 0 $22,100. 0 uizi The percentage-of-receivables method for accounting for uncollectible accounts focuses on the: Multiple Choice Total credit sales for the year....
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