Homework Answers
1. Land is shown at the historical cost. Here, the cost of the land is $1 million, so the land will be shown at the $1 million in the financial statements.
2. When the inventory is purchased on credit, then the account that would reflect the amount owed to the vendor is Accounts Payable.
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1 pts The ACME Company has a tract of land that originally cost $1 million when...
Ten years after a company purchases a plot of land, it is reported on the balance...
Ten years after a company purchases a plot of land, it is reported on the balance sheet at its cost from the year it was purchased instead of its current selling price. This accounting practice is justified by the financial period assumption. going concern assumption fiscal period assumption. original cost base. Question 8 2 pts Today's fair market value would be the same as: the cash price of the asset when it was originally purchased. the current price paid for...
Question 30 4.5 pts A company has some bottling equipment which cost $8.5 million, has a...
Question 30 4.5 pts A company has some bottling equipment which cost $8.5 million, has a net boolk value of $4.1 million, estimated future cash flows of $3.7 million, and a fair value of $3.1 million Which of the following correctly describes the recording of the asset impairment loss? O The loss account is debited for $4.8 million and the asset account is credited for $4.8 million. O The loss account is debited for $1.0 million and the asset account...
22. Robertine purchased a three-acre tract of land for a building site for $400,000. On the...
22. Robertine purchased a three-acre tract of land for a building site for $400,000. On the land was a building with an appraised value of $129,000. The company demolished the old building at a cost of $12.600, but was able to sell scrap from the building for $1.500. The cost of title Insurance was 5870 and attomey fees for reviewing the contract were 5120 Property taxes paid were 2.200, of which $300 covered the period subsequent to the purchase date....
Journalize the following transactions that occurred in November 2018 for Sam's Adventure Land, assuming the perpetual...
Journalize the following transactions that occurred in November
2018 for Sam's Adventure Land, assuming the perpetual inventory
system is being used. No explanations are needed. Identify each
accounts payable and accounts receivable with the vendor or
customer name.Sam's Adventure Land estimates sales returns at
the
Journalize the following transactions that occurred in November 2018 for Sam's Adventure Land, assuming the perpetual inventory system is being used. No explanations are needed. Identify each accounts payable and accounts receivable with the vendor...
Problem 11-5 (Part Level Submission) Concord Mining Company has purchased a tract of mineral land for...
Problem 11-5 (Part Level Submission) Concord Mining Company has purchased a tract of mineral land for $972,000. It is estimated that this tract will yield 129,600 tons of ore with sufficient mineral content to make mining and processing profitable. It is further estimated that 6,480 tons of ore will be mined the first and last year and 12,960 tons every year in between. (Assume 11 years of mining operations.) The land will have a salvage value of $32,400. The company...
Swifty Mining Company has purchased a tract of mineral land for $1,278,000. It is estimated that...
Swifty Mining Company has purchased a tract of mineral land for
$1,278,000. It is estimated that this tract will yield 170,400 tons
of ore with sufficient mineral content to make mining and
processing profitable. It is further estimated that 8,520 tons of
ore will be mined the first and last year and 17,040 tons every
year in between. (Assume 11 years of mining operations.) The land
will have a salvage value of $42,600.
The company builds necessary structures and sheds...
Circle the best answer to each of the following questions. 1. When a company has performed...
Circle the best answer to each of the following questions. 1. When a company has performed services for a client but has not yet received payment, it: a. makes no entry until the cash is received. b. debits Accounts Receivable and credits Revenue. c. debits Accounts Payable and credits Revenue. d. debits Cash and credits Accounts Receivable. 2. Brewer Company's controller accidentally erased the 8/1/20 balance for the Cash account. However, she can see that the 8/31/20 Cash balance is...
Question 1 At January 1, 2017, Blossom Company reported the fallowing property, plant, and equipment accounts:...
Question 1 At January 1, 2017, Blossom Company reported the fallowing property, plant, and equipment accounts: Accumulated depreciation-buildings $60.950,000 Accumulated depreciation-equipment 52,850,000 Buildings 97,300,000 Equipment 150,200,000 Land 24,000,000 The company uses straight-li ne depreciation for buildings and equipment, s estimated to havea year-end is December 31, and it makes adjusting entries annually. The buildings are estimated to have a 40-year useful life and no salvage value; the equipment 10-vear useful life and no salvace value During 2017, the following selected...
Buffalo Mining Company has purchased a tract of mineral land for $1,296,000. It is estimated that this tract will yield...
Buffalo Mining Company has
purchased a tract of mineral land for $1,296,000. It is estimated
that this tract will yield 172,800 tons of ore with sufficient
mineral content to make mining and processing profitable. It is
further estimated that 8,640 tons of ore will be mined the first
and last year and 17,280 tons every year in between. (Assume 11
years of mining operations.) The land will have a salvage value of
$43,200. The company builds necessary structures and sheds...
1. All of the following accounts must be closed at the end of the accounting period...
1. All of the following accounts must be closed at the end of the accounting period except: A) Utilities Expense B) Unearned (deferred) revenue C) Dividends D) Service Revenue 2). Entity F has current assets of $1,600,000 and current liabilities of $750,000. If the company pays a $200,000 account payable what will its new current ratio be? (rounded) A) 1.89:1 B) 2.91:1 C) 2.55:1 D) 1.87:1 3) Entity E purchased land for a warehouse several years ago for $3 million. Although...
Ten years after a company purchases a plot of land, it is reported on the balance sheet at its cost from the year it was purchased instead of its current selling price. This accounting practice is justified by the financial period assumption. going concern assumption fiscal period assumption. original cost base. Question 8 2 pts Today's fair market value would be the same as: the cash price of the asset when it was originally purchased. the current price paid for...
Question 30 4.5 pts A company has some bottling equipment which cost $8.5 million, has a net boolk value of $4.1 million, estimated future cash flows of $3.7 million, and a fair value of $3.1 million Which of the following correctly describes the recording of the asset impairment loss? O The loss account is debited for $4.8 million and the asset account is credited for $4.8 million. O The loss account is debited for $1.0 million and the asset account...
22. Robertine purchased a three-acre tract of land for a building site for $400,000. On the land was a building with an appraised value of $129,000. The company demolished the old building at a cost of $12.600, but was able to sell scrap from the building for $1.500. The cost of title Insurance was 5870 and attomey fees for reviewing the contract were 5120 Property taxes paid were 2.200, of which $300 covered the period subsequent to the purchase date....
Journalize the following transactions that occurred in November
2018 for Sam's Adventure Land, assuming the perpetual inventory
system is being used. No explanations are needed. Identify each
accounts payable and accounts receivable with the vendor or
customer name.Sam's Adventure Land estimates sales returns at
the
Journalize the following transactions that occurred in November 2018 for Sam's Adventure Land, assuming the perpetual inventory system is being used. No explanations are needed. Identify each accounts payable and accounts receivable with the vendor...
Swifty Mining Company has purchased a tract of mineral land for
$1,278,000. It is estimated that this tract will yield 170,400 tons
of ore with sufficient mineral content to make mining and
processing profitable. It is further estimated that 8,520 tons of
ore will be mined the first and last year and 17,040 tons every
year in between. (Assume 11 years of mining operations.) The land
will have a salvage value of $42,600.
The company builds necessary structures and sheds...
Circle the best answer to each of the following questions. 1. When a company has performed services for a client but has not yet received payment, it: a. makes no entry until the cash is received. b. debits Accounts Receivable and credits Revenue. c. debits Accounts Payable and credits Revenue. d. debits Cash and credits Accounts Receivable. 2. Brewer Company's controller accidentally erased the 8/1/20 balance for the Cash account. However, she can see that the 8/31/20 Cash balance is...
Question 1 At January 1, 2017, Blossom Company reported the fallowing property, plant, and equipment accounts: Accumulated depreciation-buildings $60.950,000 Accumulated depreciation-equipment 52,850,000 Buildings 97,300,000 Equipment 150,200,000 Land 24,000,000 The company uses straight-li ne depreciation for buildings and equipment, s estimated to havea year-end is December 31, and it makes adjusting entries annually. The buildings are estimated to have a 40-year useful life and no salvage value; the equipment 10-vear useful life and no salvace value During 2017, the following selected...
Buffalo Mining Company has
purchased a tract of mineral land for $1,296,000. It is estimated
that this tract will yield 172,800 tons of ore with sufficient
mineral content to make mining and processing profitable. It is
further estimated that 8,640 tons of ore will be mined the first
and last year and 17,280 tons every year in between. (Assume 11
years of mining operations.) The land will have a salvage value of
$43,200. The company builds necessary structures and sheds...
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