Question

FULL SCREEN PRINTER VERSION BACK NEXT Question 7 Bramble Company buys land for $51100 on 12/31/17. As of 3/31/18, the land ha
0 0
Add a comment Improve this question Transcribed image text
Answer #1
According to Historical Cost Principle, Fixed assets should be recorded at their cost of acquisition.
The changes in market value of Land should not be recognized in Financial statements.
Increase in Land Account = $0
Option C $0 is correct
Add a comment
Know the answer?
Add Answer to:
FULL SCREEN PRINTER VERSION BACK NEXT Question 7 Bramble Company buys land for $51100 on 12/31/17....
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Not the answer you're looking for? Ask your own homework help question. Our experts will answer your question WITHIN MINUTES for Free.
Similar Homework Help Questions
  • U2e US Weygandt, Financial & Managerial Account 2e Managerial Accounting (ACCT 2100 & 2110) Practice Assignment...

    U2e US Weygandt, Financial & Managerial Account 2e Managerial Accounting (ACCT 2100 & 2110) Practice Assignment Gradebook ORION Downloa signment ON BACK NEXT Question 7 Bramble Company buys land for $51100 on 12/31/17. As of 3/31/18, the land has appreciated in value to $51900. On 12/31/18, the land has an appraised value of $53000, By what amount should the Land account be increased in 2018? $1100 $1900 so $800 By accessing this Question Assistance, you will learn while you earn...

  • WileyPLUS: MyWileyPLUS Hele 1 Contact Us ! Weygandt, Financial & Managerial Accounting, Financial & Managerial Accounting...

    WileyPLUS: MyWileyPLUS Hele 1 Contact Us ! Weygandt, Financial & Managerial Accounting, Financial & Managerial Accounting (ACCT actice Assignment Gradebook ORION Downloadable eTextbook ment FULL SCREEN PRINTER VERSION BACK Question 7 Bramble Company buys land for $51100 on 12/31/17. As of 3/31/18, the land has appreciated in value to $51900. On 12/31/18, the land has an appraised value of $53000. By what amount should the Land account be increased in 2018? $1100 $1900 $0 $800 By accessing this Question Assistance,...

  • help FULL SCREEN PRINTER VERSION BACK NEXT Chapter 09, Problem 32 A day vase on a...

    help FULL SCREEN PRINTER VERSION BACK NEXT Chapter 09, Problem 32 A day vase on a potter's wheel experiences an angular acceleration of 6.81 rad/s2 due to the application of a 17.2-Nm net torque. Find the total moment of inertia of the vase and potter's wheel Number Units the tolerance is +/-2% Click If you would like to Show Work for this questioni Open Show Work SHOW HINT LINK TO TEKT By accessing this question Assistance, you will learn while...

  • CALCULATOR FULL SCREEN PRINTER VERSION BACK NEXT Question 14 Swifty Corporation has 83,000 shares of common...

    CALCULATOR FULL SCREEN PRINTER VERSION BACK NEXT Question 14 Swifty Corporation has 83,000 shares of common stock outstanding. It declares a $2 per share cash dividend on November 1 to stockholders of record on December 1. The dividend is paid on December 31 Prepare the entries on the appropriate dates to record the declaration and payment of the cash dividend. (Record journal entries lathe ander presented in the problem Credit account titles are automatically indented when amount is entered. Do...

  • ment FULL SCREEN PRINTER VERSION NEXT Brief Exercise A-22 Barney Googal owns a garage and is...

    ment FULL SCREEN PRINTER VERSION NEXT Brief Exercise A-22 Barney Googal owns a garage and is contemplating purchasing a tire retreading machine for $15,820. After estimating costs and revenues, Barney projects a net cash Inflow from the retreading machine of $3,900 annually for 6 years. Barney hopes to earn a return of 9% on such Investments Click here to view the factor table. (For calculation purposes, use 5 decimal places as displayed in the factor table provided.) What is the...

  • NEED HELP ASAP CALCULATOR FULL SCREEN PRINTER VERSION BACK NET Problem 3-3A (Video) (Part Level Submission)...

    NEED HELP ASAP CALCULATOR FULL SCREEN PRINTER VERSION BACK NET Problem 3-3A (Video) (Part Level Submission) Thakin Industries Inc, manufactures dorm furniture in separate processes. In each process, materials are entered at the beginning, and conversion costs are incurred uniformly. Production and cost data for the first process in making a product are as follows. Cutting Department T12-Tables Production Data-July Work in process units, July 1 Units started into production Work in process units, July 31 Work in process percent...

  • i need answer please with circle on the final ans and correct unitb FULL SCREEN PRINTER...

    i need answer please with circle on the final ans and correct unitb FULL SCREEN PRINTER VERSION « BACK NEXT Chapter 20, Problem 054 What is the entropy change for 2.02 mol of an ideal monatomic gas undergoing a reversible increase in temperature from 321 K to 396 K at constant volume? Number Units Show Work is REQUIRED for this question: Open Show Work By accessing this Question Assistance, you will learn while you earn points based on the Point...

  • * Practice Assignment debook ORION Downloadable Textbook ssignment FULL SCREEN PRINTER VERSION BACK NEXT Question Rosco...

    * Practice Assignment debook ORION Downloadable Textbook ssignment FULL SCREEN PRINTER VERSION BACK NEXT Question Rosco Taxi Service uses the units-of-activity method in computing depreciation on its taxicabs. Each cab is expected to be driven 142.000 miles. Taxi no. 10 cost $37,000 and is expected to have a salvage value of $740. Taxi no. 10 is driven 29.400 miles in year 1 and 20,700 miles in year 2. BE Calculate depreciation cost per mile using unit-of-activity method. (Round answer to...

  • help Rent FULL SCREEN PRINTER VERSION BACK Chapter 09, Problem 57 Chalkboard Video A bowling ball...

    help Rent FULL SCREEN PRINTER VERSION BACK Chapter 09, Problem 57 Chalkboard Video A bowling ball encounters a 0.760-m vertical rise on the way back to the ball rack, as the drawing illustrates. Ignore frictional losses and assume that the mass of the ball is distributed uniformly. The translational speed of the ball is 8.93 m/s at the bottom of the rise. Find the translational speed at the top Number Units the tolerance is +/-2% Click if you would like...

  • FULL SCREEN MESSAGE HY INSTRUCTOR PRINTER VERSION BACK NEXT CES Question 11 Two neutron stars are...

    FULL SCREEN MESSAGE HY INSTRUCTOR PRINTER VERSION BACK NEXT CES Question 11 Two neutron stars are separated by a distance of 1.0 x 1011 m. They each have a mass of 1.0 x 10kg and a radius of 1.0 x 10 m. They are initially at rest with respect to each other. As measured from that rest frame, how fast are they moving when (a) their separation has decreased to one-half its initial value and (b) they are about to...

ADVERTISEMENT
Free Homework Help App
Download From Google Play
Scan Your Homework
to Get Instant Free Answers
Need Online Homework Help?
Ask a Question
Get Answers For Free
Most questions answered within 3 hours.
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT