Homework Answers
Option (B) is correct - Measurement(cost) Principle
According to the cost Principle the asset should be recognised at the cost acquired
Add Answer to:
Submit 42 The Superior Company scoured a bulding for $500.000. The building was appraised at a...
Name: 5) A company paid $1 54,000 for a property. The property included land appraised at...
Name: 5) A company paid $1 54,000 for a property. The property included land appraised at $87,500, land improvements appraised at $35,000, and a building appraised at $52,500. How should the purchase cost be allocated in the company's accounting records between land, land improvements, and the building? (No journal entry is required) Account Land Land Improvements Building Total Appraised Value $87,500 $35,000 $52,500 $175,000 Balance Sheet Balances 3080 8 46200 $154.000 97500 175,0e
For each of the following cases, indicate whether the accounting is correct or incorrect and also, the accounting princ...
For each of the following cases, indicate whether the accounting is correct or incorrect and also, the accounting principle or concept that applies. Correct or Incorrect Principle or Concept Gomez Company has decided to charge off as a loss the portion of its accounts 1. receivable that it estimates will be uncollectible. The accounts involved resulted from the current year's sales on March 15 of last year, Butler Inc. purchased land for $210,000, on which it planned to construct an...
A company purchased property for $100,000. The property included a building, equipment and land. The building...
A company purchased property for $100,000. The property included a building, equipment and land. The building was appraised at $62,000, the land at $45,000, and the equipment at $18,000 for a total appraised value of $125,000. What is the amount of cost to be allocated to the building in the accounting records? $0 $49,600 $62,000 $100,000 A company purchased office equipment for $24,500 and paid $1,470 in sales tax, $550 for installation, $3,200 for a needed adjustment to the equipment,...
Spectacular Flooring is a wood flooring wholesale company is considering building a new inventory warehouse for...
Spectacular Flooring is a wood flooring wholesale company is considering building a new inventory warehouse for 500.000. The warehou would lost to increase their pre-tax cash fows by $100.000 each year, the company would panto the warehouse for 10 years before sengit for 200.000. The company uses the depreciation. Ps tax rate is 20 and the rate of return is 1 What is the Net Present Value NPV) of the proposed Investment? 172103 Spectacular Flooring (SF) is a wood flooring...
10,000. The appraised ment at $40,000. Show accounting records? Problem 11 William Gamett is purchasing the...
10,000. The appraised ment at $40,000. Show accounting records? Problem 11 William Gamett is purchasing the assets of the Delta Company for $310,000. The value of the assets is land at $60,000, building at $200,000, and equipment at $401 how this transaction would appear in the Assets section of a classified balances March 31. How Problem 12 On March 2 rent of $5,000 is paid, which covers the period of March 1 to March 31 much of this amount will...
taylor moore buys and sells real estate. On december 31,2019, her inventory of property included a...
taylor moore buys and sells real estate. On december 31,2019, her inventory of property included a tract of undeveloped land for which she had paid $900,000. The fair market value of the land was $1,000,000 at that date. How much income should moore report for 2019 in connection with this land? For each of the following, indicate whether the accounting is correct or incorrect and also, the accounting principle or concept that applies. 1.Gomez company has decided to charge off...
1. Bowie Company made a lump sum purchase of land, building, and equipment. The following were the appraised values of e...
1. Bowie Company made a lump sum purchase of land, building, and equipment. The following were the appraised values of each element: PP&E Element Amount Land $10,000 Building 25,000 Equipment 45,000 Bowie paid $70,000 cash for the lump sum purchase. What value should be allocated to the building? (Enter only whole dollar values.) 2. Cambridge Company purchased a truck on January 1, 2018. Cambridge paid $22,000 for the truck. The truck is expected to have a $2,500 residual value and...
2. Which of the following statements is true of a sole proprietorship? A) A sole proprietorship...
2. Which of the following statements is true of a sole proprietorship? A) A sole proprietorship joins two or more individuals as co-owners. B) The sole proprietor is personally liable for the liabilities of the business. C) A sole proprietorship is taxed separately from the owner. D) A sole proprietorship has to pay business income taxes 3. Ten years ago a company purchased a building for $160,000. At that time, the company felt that the building was worth $185.000. The...
A. The storage building was self-constructed this year by Accounting Creations. The Company had t...
a. The storage building was self-constructed this year by Accounting Creations. The Company had their initial expenditure of $500,000 on January 1. They paid an additional $375,000 on May 1st, $250,000 on August 1st, and then the final payment of $150,000 on December 1st when the building was completed and occupancy occurred. The company has decided to use S/L method for depreciation. The storage building is estimated to have a life of 40 years and a salvage value of $78,000....
Help! Intro Accounting! Soalan/Question 1 Jawab soalan-soalan yang berikut Answer the following questions: a) Terangkan dengan...
Help! Intro Accounting!
Soalan/Question 1 Jawab soalan-soalan yang berikut Answer the following questions: a) Terangkan dengan ringkas perakaunan sebagai bahasa perniagaan dan peranan maklumat perakaunan dalam membuat keputusan ekonomi Briefly explain accounting as the language of business and the role of accounting information in making economic decision b) Terangkan secara ringkas bagaimana transaksi pemiagaan tertentu memberi kesan kepada komponen dengan memberi satu contoh persamaan perakaunan: Aset Liabiliti+Ekuiti Pemilik? Briefly explain how certain business transactions affect the elements of the accounting...
Name: 5) A company paid $1 54,000 for a property. The property included land appraised at $87,500, land improvements appraised at $35,000, and a building appraised at $52,500. How should the purchase cost be allocated in the company's accounting records between land, land improvements, and the building? (No journal entry is required) Account Land Land Improvements Building Total Appraised Value $87,500 $35,000 $52,500 $175,000 Balance Sheet Balances 3080 8 46200 $154.000 97500 175,0e
For each of the following cases, indicate whether the accounting is correct or incorrect and also, the accounting principle or concept that applies. Correct or Incorrect Principle or Concept Gomez Company has decided to charge off as a loss the portion of its accounts 1. receivable that it estimates will be uncollectible. The accounts involved resulted from the current year's sales on March 15 of last year, Butler Inc. purchased land for $210,000, on which it planned to construct an...
Spectacular Flooring is a wood flooring wholesale company is considering building a new inventory warehouse for 500.000. The warehou would lost to increase their pre-tax cash fows by $100.000 each year, the company would panto the warehouse for 10 years before sengit for 200.000. The company uses the depreciation. Ps tax rate is 20 and the rate of return is 1 What is the Net Present Value NPV) of the proposed Investment? 172103 Spectacular Flooring (SF) is a wood flooring...
10,000. The appraised ment at $40,000. Show accounting records? Problem 11 William Gamett is purchasing the assets of the Delta Company for $310,000. The value of the assets is land at $60,000, building at $200,000, and equipment at $401 how this transaction would appear in the Assets section of a classified balances March 31. How Problem 12 On March 2 rent of $5,000 is paid, which covers the period of March 1 to March 31 much of this amount will...
2. Which of the following statements is true of a sole proprietorship? A) A sole proprietorship joins two or more individuals as co-owners. B) The sole proprietor is personally liable for the liabilities of the business. C) A sole proprietorship is taxed separately from the owner. D) A sole proprietorship has to pay business income taxes 3. Ten years ago a company purchased a building for $160,000. At that time, the company felt that the building was worth $185.000. The...
Help! Intro Accounting!
Soalan/Question 1 Jawab soalan-soalan yang berikut Answer the following questions: a) Terangkan dengan ringkas perakaunan sebagai bahasa perniagaan dan peranan maklumat perakaunan dalam membuat keputusan ekonomi Briefly explain accounting as the language of business and the role of accounting information in making economic decision b) Terangkan secara ringkas bagaimana transaksi pemiagaan tertentu memberi kesan kepada komponen dengan memberi satu contoh persamaan perakaunan: Aset Liabiliti+Ekuiti Pemilik? Briefly explain how certain business transactions affect the elements of the accounting...
Most questions answered within 3 hours.
-
the figure below to the left shows a beaker completely filled
with water. then a block...
asked 7 minutes ago -
Research new software products that assist in project
communication management. Write a paper summarizing your findings,...
asked 9 minutes ago -
A certain rifle bullet has a mass of 5.25 g. Calculate the de
Broglie wavelength of...
asked 11 minutes ago -
what is the duistribution channels of HUL in india and how they
distribute?
how is this...
asked 14 minutes ago -
Batteries play an important role in our everyday lives. From
making many devices mobile, to allowing...
asked 27 minutes ago -
It is possible to iterate through an array quickly and easily
using a loop?
asked 34 minutes ago -
Determine the pHpH of an HFHF solution of each of the following
concentrations. The KAKA value...
asked 30 minutes ago -
Two point charges of 7.0mL are initially 11.5m apart. What is
the change in potential energy...
asked 31 minutes ago -
Please write as a short answer
You have heartburn and a two hour working session on...
asked 35 minutes ago -
Please solve with excel and mention the excel function.
Thanks
Kevin deposits $10,000 in a savings...
asked 37 minutes ago -
Which Special Journal would the following transaction be
journalized in?
Sold merchandise on account to Customer...
asked 49 minutes ago -
Assuming 100% dissociation, calculate the freezing point (?fTf)
and boiling point (?bTb) of 1.45 ? K3PO4(aq)1.45...
asked 51 minutes ago