Exercise 10-1
The expenditures and receipts below are related to land, land improvements, and buildings acquired for use in a business enterprise. The receipts are enclosed in parentheses.
(a) | Money borrowed to pay building contractor (signed a note) | $(290,100 | ) | ||
---|---|---|---|---|---|
(b) | Payment for construction from note proceeds | 290,100 | |||
(c) | Cost of land fill and clearing | 10,580 | |||
(d) | Delinquent real estate taxes on property assumed by purchaser | 7,410 | |||
(e) | Premium on 6-month insurance policy during construction | 12,240 | |||
(f) | Refund of 1-month insurance premium because construction completed early | (2,040 | ) | ||
(g) | Architect’s fee on building | 25,670 | |||
(h) | Cost of real estate purchased as a plant site (land $207,400 and building $55,600) | 263,000 | |||
(i) | Commission fee paid to real estate agency | 8,750 | |||
(j) | Installation of fences around property | 3,880 | |||
(k) | Cost of razing and removing building | 11,570 | |||
(l) | Proceeds from salvage of demolished building | (5,250 | ) | ||
(m) | Interest paid during construction on money borrowed for construction | 13,020 | |||
(n) | Cost of parking lots and driveways | 18,020 | |||
(o) | Cost of trees and shrubbery planted (permanent in nature) | 14,750 | |||
(p) | Excavation costs for new building | 2,820 |
Identify each item by letter and list the items in columnar form,
using the headings shown below. All receipt amounts should be
reported in parentheses. (Enter receipt amounts using
either a negative sign preceding the number e.g. -45 or parentheses
e.g. (45).)
Item |
Land |
Land improvements |
Buildings |
Other |
Other accounts |
a |
(290100) |
Notes Payable |
|||
b |
290100 |
||||
c |
10580 |
||||
d |
7410 |
||||
e |
12240 |
||||
f |
(2040) |
||||
g |
25670 |
||||
h |
263000 |
||||
i |
8750 |
||||
j |
3880 |
||||
k |
11570 |
||||
l |
(5250) |
||||
m |
13020 |
||||
n |
18020 |
||||
0 |
14750 |
||||
p |
2820 |
Exercise 10-1 The expenditures and receipts below are related to land, land improvements, and buildings acquired...
Exercise 10-1 The expenditures and receipts below are related to land, land improvements, and buildings acquired for use in a business enterprise. The receipts are enclosed in parentheses. (a) Money borrowed to pay building contractor (signed a note) $(289,100 ) (b) Payment for construction from note proceeds 289,100 (c) Cost of land fill and clearing 11,860 (d) Delinquent real estate taxes on property assumed by purchaser 7,990 (e) Premium on 6-month insurance policy during construction 9,480 (f) Refund of 1-month...
The expenditures and receipts below are related to land, land improvements, and buildings acquired for use in a business enterprise. The receipts are enclosed in parentheses. (a) Money borrowed to pay building contractor (signed a note) $(276,900 ) (b) Payment for construction from note proceeds 276,900 (c) Cost of land fill and clearing 10,340 (d) Delinquent real estate taxes on property assumed by purchaser 7,530 (e) Premium on 6-month insurance policy during construction 10,980 (f) Refund of 1-month insurance premium...
The following expenditures and receipts are related to land, land improvements, and buildings acquired for use in a business enterprise. The receipts are enclosed in parentheses. (a) (b) (c) (d) (e) () () (h) Money borrowed to pay building contractor (signed a note) Payment for construction from note proceeds Cost of land fill and clearing Delinquent real estate taxes on property assumed by purchaser Premium on 6-month insurance policy during construction Refund of 1-month insurance premium because construction completed early...
The following expenditures and receipts are related to land, land improvements, and buildings acquired for use in a business enterprise. The receipts are enclosed in parentheses. (a) Money borrowed to pay building contractor (signed a note) $(292,600) (b) Payment for construction from note proceeds 292,600 Cost of land fill and clearing 11,790 Delinquent real estate taxes on property assumed by purchaser 7,630 Premium on 6-month insurance policy during construction 11,040 Refund of 1-month insurance premium because construction completed early (1,840)...
The following expenditures and receipts are related to land, land improvements, and buildings acquired for use in a business enterprise. The receipts are enclosed in parentheses. (a) Money borrowed to pay building contractor (signed a note) $(288,800) 2 T Payment for construction from note proceeds 288,800 10,420 (c) Cost of land fill and clearing Delinquent real estate taxes on property assumed by purchaser 8,950 a (e) Premium on 6-month insurance policy during construction 7,200 Refund of 1-month insurance premium because...
The following expenditures and receipts are related to land, land improvements, and buildings acquired for use in a business enterprise. The receipts are enclosed in parentheses. (a) Money borrowed to pay building contractor (signed a note) $(286,200 ) (b) Payment for construction from note proceeds 286,200 (c) Cost of land fill and clearing 11,120 (d) Delinquent real estate taxes on property assumed by purchaser 9,070 (e) Premium on 6-month insurance policy during construction 10,020 (f) Refund of 1-month insurance premium...
The expenditures and receipts below are related to land, land improvements, and buildings acquired for use in a business enterprise. The receipts are enclosed in parentheses. (a) Money borrowed to pay building contractor (signed a note) $(285,400 ) (b) Payment for construction from note proceeds 285,400 (c) Cost of land fill and clearing 11,790 (d) Delinquent real estate taxes on property assumed by purchaser 7,300 (e) Premium on 6-month insurance policy during construction 8,580 (f) Refund of 1-month insurance premium...
Exercise 10-1 Your answer is partially correct. Try again The expenditures and receipts below are related to land, land improvements, and buildings acquired for use in a business enterprise. The receipts are enclosed in parentheses (a) Money borrowed to pay building contractor (signed a note) (b)Payment for construction from note proceeds (c) Cost of land fill and clearing (d) Delinquent real estate taxes on property assumed by purchaser (e) Premium on 6-month insurance policy during construction (f) Refund of 1-month...
s101(LO 1) (Acquisition Costs of Realty) The following expenditures and receipts are related o land, land improvements, and buildings acquired for use in a business enterprise. The receipts are enclosed in parentheses. . Money borrowed to pay building contractor (signed a note) h Payment for construction from note proceeds $(275,000) 275,000 c. Cost of land fill and clearing d. Delinquent real estate taxes on property assumed by purchaser e. Premium on 6-month insurance policy during construction fRefund of 1-month insurance...
F10.1 (LO 1) (Acquisition Costs of Realty) The following expenditures and receipts are related to land, land improvements, and buildings acquired for use in a business enterprise. The receipts are enclosed in parentheses. a. Money borrowed to pay building contractor (signed a note) $(275,000) b. Payment for construction from note proceeds 275,000 c. Cost of land fill and clearing 8,000 d. Delinquent real estate taxes on property assumed by purchaser 7,000 e. Premium on 6-month insurance policy during construction 6,000...