Homework Answers
| Purchase price (41000+267000) | $308,000 |
| Legal fees | 1815 |
| Taxes | 11200 |
| Net Removal cost (23000-4600) | 18400 |
| Cost of the land to be reported on the Balance Sheet | $339,415 |
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Determining Cost of Land Fastball Delivery Company acquired an adjacent lot to construct a new warehouse,...
Determining Cost of Land Fastball Delivery Company acquired an adjacent lot to construct a new warehouse,...
Determining Cost of Land Fastball Delivery Company acquired an adjacent lot to construct a new warehouse, paying $27,000 and giving a short-term note for $268,000. Legal fees paid were $1,910, delinquent taxes assumed were $11,100, and fees paid to remove an old building from the land were $22,600. Materials salvaged from the demolition of the building were sold for $4,400. A contractor was paid $896,800 to construct a new warehouse. Determine the cost of the land to be reported on...
Determining Cost of Land On-Time Delivery Company acquired an adjacent lot to construct a new warehouse,...
Determining Cost of Land On-Time Delivery Company acquired an adjacent lot to construct a new warehouse, paying $26,000 and giving a short-term note for $335,000. Legal fees paid were $1,830, delinquent taxes assumed were $9,800, and fees paid to remove an old building from the land were $21,900. Materials salvaged from the demolition of the building were sold for $5,400. A contractor was paid $1,097,400 to construct a new warehouse. Determine the cost of the land to be reported on...
7. EX.09-03.ALGO (Algorithmic) Determining Cost of Land Fastball Delivery Company acquired an adjacent lot to construct...
7. EX.09-03.ALGO (Algorithmic) Determining Cost of Land Fastball Delivery Company acquired an adjacent lot to construct a new warehouse, paying $36,000 and giving a short-term note for $336,000. Legal fees paid were $1,675, delinquent taxes assumed were $14,100, and fees paid to remove an old building from the land were $16,600. Materials salvaged from the demolition of the building were sold for $5,600. A contractor was paid $1,130,900 to construct a new warehouse. Determine the cost of the land to...
On-Time Delivery Company acquired an adjacent lot to construct a new warehouse, paying $35,000 in cash...
On-Time Delivery Company acquired an adjacent lot to construct a new warehouse, paying $35,000 in cash and giving a short-term note for $294,000. Legal fees paid were $1,750, delinquent taxes assumed were $12,400, and fees paid to remove an old building from the land were $18,300. Materials salvaged from the demolition of the building were sold for $4,900. A contractor was paid $1,000,200 to construct a new warehouse.
en olgen 7. EX.09-03.ALGO (Algorithmic) Determining Cost of Land Fastball Delivery Company acquired an adjacent lot...
en olgen 7. EX.09-03.ALGO (Algorithmic) Determining Cost of Land Fastball Delivery Company acquired an adjacent lot to construct a new warehouse, paying $36,000 and giving a short-term note for $336,000. Legal fees paid were $1,675, delinquent taxes assumed were $14, 100, and fees paid to remove an old building from the land were $16,600. Materials salvaged from the demolition of the building were sold for $5,600. A contractor was paid $1,130,900 to construct a new warehouse. Determine the cost of...
Cost of Land On-Time Delivery Company acquired an adjacent lot were $2,480, delinquent taxes demolition of...
Cost of Land On-Time Delivery Company acquired an adjacent lot were $2,480, delinquent taxes demolition of the building were sold for $5,300. A contractor was paid $1,073,100 to construct a new warehouse. Determine the cost of the land to be reported on the balance sheet. to construct a new warehouse, paying $32,000 and giving a short-term note for $321,000. Legal fees paid assumed were $13,300, and fees paid to remove an old building from the land were $18,600. Materials salvaged...
Show Me How Debermining Cest of Land Festhal Delivery Company acquired en ogacent lot to construct...
Show Me How Debermining Cest of Land Festhal Delivery Company acquired en ogacent lot to construct ฮ nre marehoune, peyno e new warehouse, paying $27,000 and giving a short-term note for $268,000. Legpal fees paid were $1,910, toremove an old buldng from the land were %22,000. Materiais salvaged from the demolbonofthe buidrg T told- for $4,400 A contractor was paid $896,800 to construct a new warehouse. Determine the cost of the land to be reported on the balance sheet mone...
PLEASE HELP! Determining Cost of Land On-Time Delivery Company acquired an adiacent lot to construct a...
PLEASE HELP!
Determining Cost of Land On-Time Delivery Company acquired an adiacent lot to construct a new warehouse, paying $30,000 in cash and giving a short-term nate for $289.000. Legal fees paid were $1,765, delinquent taxes assumed were $10,700, and fees paid to remove an old building from the land were $17,800. Materials salvaged from the demolition of the building were sold for $4,800. A contractor was paid $969,800 to construct a new warehouse. Determine the cost of the land...
Rembson Manufacturing purchased land and building for $2 million. In addition to the purchase price, Rembson...
Rembson Manufacturing purchased land and building for $2 million. In addition to the purchase price, Rembson made the following expenditures in connection with the purchase of the land and building: Title insurance $12,000 Legal fees for drawing the contract 3,000 Pro-rated property taxes for the period after acquisition 23,000 State transfer fees 2,200 An independent appraisal estimated the fair values of the land and building, if purchased separately, at $1.8 and $0.9 million, respectively. Shortly after acquisition, Rembson spent $67,000...
ACCT 302 - Team Problem 1: Chapter 10 Spring 2020 During 2017, Grow-a-Lot, Inc underwent a...
ACCT 302 - Team Problem 1: Chapter 10 Spring 2020 During 2017, Grow-a-Lot, Inc underwent a major expansion. In order to expand, they entered into the following transactions 1 On January 1, they purchased a plot of land, warehouse, and a piece of equipment la Widget Maker) for a purchase price of $1,200,000. In addition to that cost, they paid 2% commission for finding the combination of all assets, $28.000 in back taxes, and assumed an outstanding note payable of...
7. EX.09-03.ALGO (Algorithmic) Determining Cost of Land Fastball Delivery Company acquired an adjacent lot to construct a new warehouse, paying $36,000 and giving a short-term note for $336,000. Legal fees paid were $1,675, delinquent taxes assumed were $14,100, and fees paid to remove an old building from the land were $16,600. Materials salvaged from the demolition of the building were sold for $5,600. A contractor was paid $1,130,900 to construct a new warehouse. Determine the cost of the land to...
en olgen 7. EX.09-03.ALGO (Algorithmic) Determining Cost of Land Fastball Delivery Company acquired an adjacent lot to construct a new warehouse, paying $36,000 and giving a short-term note for $336,000. Legal fees paid were $1,675, delinquent taxes assumed were $14, 100, and fees paid to remove an old building from the land were $16,600. Materials salvaged from the demolition of the building were sold for $5,600. A contractor was paid $1,130,900 to construct a new warehouse. Determine the cost of...
Cost of Land On-Time Delivery Company acquired an adjacent lot were $2,480, delinquent taxes demolition of the building were sold for $5,300. A contractor was paid $1,073,100 to construct a new warehouse. Determine the cost of the land to be reported on the balance sheet. to construct a new warehouse, paying $32,000 and giving a short-term note for $321,000. Legal fees paid assumed were $13,300, and fees paid to remove an old building from the land were $18,600. Materials salvaged...
Show Me How Debermining Cest of Land Festhal Delivery Company acquired en ogacent lot to construct ฮ nre marehoune, peyno e new warehouse, paying $27,000 and giving a short-term note for $268,000. Legpal fees paid were $1,910, toremove an old buldng from the land were %22,000. Materiais salvaged from the demolbonofthe buidrg T told- for $4,400 A contractor was paid $896,800 to construct a new warehouse. Determine the cost of the land to be reported on the balance sheet mone...
PLEASE HELP!
Determining Cost of Land On-Time Delivery Company acquired an adiacent lot to construct a new warehouse, paying $30,000 in cash and giving a short-term nate for $289.000. Legal fees paid were $1,765, delinquent taxes assumed were $10,700, and fees paid to remove an old building from the land were $17,800. Materials salvaged from the demolition of the building were sold for $4,800. A contractor was paid $969,800 to construct a new warehouse. Determine the cost of the land...
Rembson Manufacturing purchased land and building for $2 million. In addition to the purchase price, Rembson made the following expenditures in connection with the purchase of the land and building: Title insurance $12,000 Legal fees for drawing the contract 3,000 Pro-rated property taxes for the period after acquisition 23,000 State transfer fees 2,200 An independent appraisal estimated the fair values of the land and building, if purchased separately, at $1.8 and $0.9 million, respectively. Shortly after acquisition, Rembson spent $67,000...
ACCT 302 - Team Problem 1: Chapter 10 Spring 2020 During 2017, Grow-a-Lot, Inc underwent a major expansion. In order to expand, they entered into the following transactions 1 On January 1, they purchased a plot of land, warehouse, and a piece of equipment la Widget Maker) for a purchase price of $1,200,000. In addition to that cost, they paid 2% commission for finding the combination of all assets, $28.000 in back taxes, and assumed an outstanding note payable of...
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