Homework Answers
Solution
| Journal entry | |||
| Date | Accounts | Debit | Credit |
| April 01 | Land | $ 262,500 | |
| Communication Equipment | $ 87,500 | ||
| Cash | $ 350,000 | ||
| (To record purchase of equipment and land) | |||
Working
| Land | Equipment | Total | ||
| Appraisal Value | $ 275,625 | $ 91,875 | $ 367,500 | |
| Lumpsum amount paid | $ 350,000 | |||
| Allocation of lumpsum amount in ratio of Market value | $ 262,500 | $ 87,500 | $ 350,000 | |
| (350000/367500 x 275625) | (350000/367500 x 91875) |
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Apr. 1: Acquired land and communication equipment in a lump-sum purchase. Total cost was $350,000 paid...
Apr. 1: Acquired land and communication equipment in a lump-sum purchase. Total cost was $350,000 paid...
Apr. 1: Acquired land and communication equipment in a lump-sum purchase. Total cost was $350,000 paid in cash. An independent appraisal valued the land at $275,625 and the communication equipment at $91,875. (Record a single compound journal entry.) Date Accounts and Explanation Debit Credit 275625 Apr. 1 || land communication equipment cash 83125 350,000 To record purchase of land and communication equipment with cash. On January 1, 2010, a company purchased equipment for $38,840. The estimated useful life of the...
Solar Energy Consulting paid $130,000 for a group purchase of land, building, and equipment. At the...
Solar Energy Consulting paid $130,000 for a group purchase of land, building, and equipment. At the time of the acquisition, the land had a market value of $70,000, the building $56,000, and the equipment $14,000. Journalize the lump-sum purchase of the three assets for a total cost of $130,000, the amount for which the business signed a note payable. (Record a single compound journal entry. Record debits first, then credits. Select the explanation on the last line of the journal...
Granny Carney Associates surveys American eating habits. The company's accounts include Land, Buildings, Office Equipment, and...
Granny Carney Associates surveys American eating habits. The company's accounts include Land, Buildings, Office Equipment, and Communication Equipment, with a separate Accumulated Depreciation account for each depreciable asset. During 2018, Granny Carney Associates completed the following transactions: (Click the icon to view the transactions.) Record the transactions in the journal of Granny Carney Associates. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) Jan. 1: Purchased office equipment, $119,000. Paid $84,000 cash...
Concord Pet Care Clinic paid $150,000 for a group purchase of land, building, and equipment. At...
Concord Pet Care Clinic paid $150,000 for a group purchase of land, building, and equipment. At the time of the acquisition, the land had a market value of $80,000, the building $64,000, and the equipment $16,000. Journalize the lump-sum purchase of the three assets for a total cost of $150,000, the amount for which the business signed a note payable. (Record a single compound journal entry. Record debits first, then credits. Select the explanation on the last line of the...
Eastwood Properties bought three lots in a subdivision for a lump-sum price. An independent appraiser valued...
Eastwood Properties bought three lots in a subdivision for a
lump-sum price. An independent appraiser valued the lots as
follows:
Eastwood paid$435,000 in cash. Record the purchase in the
journal, identifying each lot's cost in a separate Land account.
Round decimals to two places, and use the computed percentages
throughout. (Record a single compound journal entry. Record
debits first, then credits. Select the explanation on the last
line of the journal entry table.)
Lot $ Appraised Value 49,000 98,000 343,000...
Gloria Roper Associates surveys American eating habits. The company's accounts include Land, Buildings, Office Equipment, and...
Gloria Roper Associates surveys American eating habits. The company's accounts include Land, Buildings, Office Equipment, and Communication Equipment, with a separate Accumulated Depreciation account for each depreciable asset During 2018, Gloria Roper Associates completed the following transactions: (Click the loon to view the transactions.) Record the transactions in the joumal of Gloria Roper Associates. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) Jan. 1: Purchased office equipment, $119,000. Paid $78,000 cash...
All info needed is in the table included. Thank you Oakwood Properties bought three lots in a subdivision for a lump...
All info needed is in the table included. Thank you
Oakwood Properties bought three lots in a subdivision for a lump sum price. An independent appraiser valued the lots as follows: (Click the icon to view the values.) Oakwood paid $210,000 in cash. Record the purchase in the journal, identifying each lot's cost in a separate Land account. Round decimals to two places, and use the computed percentages throughout (Record a single compound journal entry. Record debits first, then credits....
Please show how to calculate this problem Advanced Automotive paid $220,000 for a group purchase of...
Please show how to calculate this problem
Advanced Automotive paid $220,000 for a group purchase of land, building, and equipment. At the time of the acquisition, the land had a market value of $115,000, the building $92,000, and the equipment $23,000. Journalize the lump-sum purchase of the three assets for a total cost of $220,000, the amount for which the business signed a note payable. (Record a single compound journal entry. Record debits first, then credits. Select the explanation on...
Data Table Appraised Value Lot 1 144,000 120,000 3 216,000 Print Done %24 Eastwood Properties bought...
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Samuel Properties bought three lots in a subdivision for a lump-sum price. An independent appraiser valued...
Samuel Properties bought three lots in a subdivision for a lump-sum price. An independent appraiser valued the lots as follows: Lot 1 - 225,000 appraised value lot 2 - 100,000 appraised value lot 3 - 175,000 appraised value Samuel properties paid $ 380,000 in cash. Record the purchase in the journal, identifying each lot's cost in a separate Land account. Round decimals to two places, and use the computed percentages throughout. (Record a single compound journal entry. Record debits first,...
Apr. 1: Acquired land and communication equipment in a lump-sum purchase. Total cost was $350,000 paid in cash. An independent appraisal valued the land at $275,625 and the communication equipment at $91,875. (Record a single compound journal entry.) Date Accounts and Explanation Debit Credit 275625 Apr. 1 || land communication equipment cash 83125 350,000 To record purchase of land and communication equipment with cash. On January 1, 2010, a company purchased equipment for $38,840. The estimated useful life of the...
Solar Energy Consulting paid $130,000 for a group purchase of land, building, and equipment. At the time of the acquisition, the land had a market value of $70,000, the building $56,000, and the equipment $14,000. Journalize the lump-sum purchase of the three assets for a total cost of $130,000, the amount for which the business signed a note payable. (Record a single compound journal entry. Record debits first, then credits. Select the explanation on the last line of the journal...
Granny Carney Associates surveys American eating habits. The company's accounts include Land, Buildings, Office Equipment, and Communication Equipment, with a separate Accumulated Depreciation account for each depreciable asset. During 2018, Granny Carney Associates completed the following transactions: (Click the icon to view the transactions.) Record the transactions in the journal of Granny Carney Associates. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) Jan. 1: Purchased office equipment, $119,000. Paid $84,000 cash...
Concord Pet Care Clinic paid $150,000 for a group purchase of land, building, and equipment. At the time of the acquisition, the land had a market value of $80,000, the building $64,000, and the equipment $16,000. Journalize the lump-sum purchase of the three assets for a total cost of $150,000, the amount for which the business signed a note payable. (Record a single compound journal entry. Record debits first, then credits. Select the explanation on the last line of the...
Eastwood Properties bought three lots in a subdivision for a
lump-sum price. An independent appraiser valued the lots as
follows:
Eastwood paid$435,000 in cash. Record the purchase in the
journal, identifying each lot's cost in a separate Land account.
Round decimals to two places, and use the computed percentages
throughout. (Record a single compound journal entry. Record
debits first, then credits. Select the explanation on the last
line of the journal entry table.)
Lot $ Appraised Value 49,000 98,000 343,000...
Gloria Roper Associates surveys American eating habits. The company's accounts include Land, Buildings, Office Equipment, and Communication Equipment, with a separate Accumulated Depreciation account for each depreciable asset During 2018, Gloria Roper Associates completed the following transactions: (Click the loon to view the transactions.) Record the transactions in the joumal of Gloria Roper Associates. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) Jan. 1: Purchased office equipment, $119,000. Paid $78,000 cash...
All info needed is in the table included. Thank you
Oakwood Properties bought three lots in a subdivision for a lump sum price. An independent appraiser valued the lots as follows: (Click the icon to view the values.) Oakwood paid $210,000 in cash. Record the purchase in the journal, identifying each lot's cost in a separate Land account. Round decimals to two places, and use the computed percentages throughout (Record a single compound journal entry. Record debits first, then credits....
Please show how to calculate this problem
Advanced Automotive paid $220,000 for a group purchase of land, building, and equipment. At the time of the acquisition, the land had a market value of $115,000, the building $92,000, and the equipment $23,000. Journalize the lump-sum purchase of the three assets for a total cost of $220,000, the amount for which the business signed a note payable. (Record a single compound journal entry. Record debits first, then credits. Select the explanation on...
Data Table Appraised Value Lot 1 144,000 120,000 3 216,000 Print Done %24 Eastwood Properties bought three lots in a subdivision for a lump-sum price. An independent appraiser valued the lots as follows: E (Click the icon to view the values.) Eastwood paid $400,000 in cash. Record the purchase in the journal, identifying each lot's cost in a separate Land account. Round decimals to two places, and use the computed percentages throughout. (Record a single compound journal entry. Record debits...
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