Homework Answers
$146,000.
Land shall be recorded at the price which is actually paid.
The amount paid is the counter offer of the seller which is accepted by Mc Cade repair.
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the de Repair Service extended an offer of $134,000 for land that had been priced for...
On June 25, Gallatin Repair Service extended an offer of $64,000 for land that had been...
On June 25, Gallatin Repair Service extended an offer of $64,000 for land that had been priced for sale at $74,000. On July 9, Gallatin Repair Service accepted the seller's counteroffer of $70,000. On October 1, the land was assessed at a value of $105,000 for property tax purposes. On December 22, Gallatin Repair Service was offered $112,000 for the land by a national retail chain. At what value should the land be recorded in Gallatin Repair Service's records?
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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?
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...
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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 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...
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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 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))
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Ch 1 1. Given the following dat Dec 31 Year 2 Dec 31 Year 1 Total liabilities S128,250 $120,000 Total stockholders oquity 95.000 80.000 compute the ratio of liabilities to stockholders' equity for each year Round to two decimal places 1.50 and 107, 11.35 and 1.50 respectively respectively 1.07 and 1.19. 1.1.19 and 1.35 respectively respectively The liabilities and stockholder's equity of a company are $132,000 and $244.000, respectively. Assets should equal SS188.00 $132.00 p $376,00 12.000 A financial statement...
On June 25, Gallatin Repair Service extended an offer of $64,000 for land that had been priced for sale at $74,000. On July 9, Gallatin Repair Service accepted the seller's counteroffer of $70,000. On October 1, the land was assessed at a value of $105,000 for property tax purposes. On December 22, Gallatin Repair Service was offered $112,000 for the land by a national retail chain. At what value should the land be recorded in Gallatin Repair Service'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...
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...
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 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))
Ch 1 1. Given the following dat Dec 31 Year 2 Dec 31 Year 1 Total liabilities S128,250 $120,000 Total stockholders oquity 95.000 80.000 compute the ratio of liabilities to stockholders' equity for each year Round to two decimal places 1.50 and 107, 11.35 and 1.50 respectively respectively 1.07 and 1.19. 1.1.19 and 1.35 respectively respectively The liabilities and stockholder's equity of a company are $132,000 and $244.000, respectively. Assets should equal SS188.00 $132.00 p $376,00 12.000 A financial statement...
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