Answer:
The $16,060 should be recorded as the land improvements cost
Explanation:
For computing the land improvements cost, we considered the following cost which is shown below:
1. Fencing cost
2. Install lighting and signage cost
So, the land improvement cost would be equal to
= Fencing cost + Install lighting and signage cost
= 2,000 + $14,060
= $16,060
The acquisition of land, survey legal fees, land clearing is not part of land improvements. So, it is not considered.
Hence, the $16,060 should be recorded as the land improvements cost
Answer:
Internal users of accounting information- Management
Employees
External users of accounting information- Investors
Creditors
Customers
Tax authorities
Explanation:
Internal users of accounting information are individuals within an organisation who make use of accounting information.
External users of accounting information are individuals outside an organisation that make use of accounting information. They are the people not employed by the organisation that make use of accounting information.
I hope my answer helps you
Answer:
Mark Johnson's investment would worth $ 13,223.95 at 8%,$ 12,338.93
at 5% and $ 11,784.66 at 3%
Explanation:
In calculating the worth of the investments at different rates of interest I adopted the future value approach as contained in the attached.
Answer:
The attached shows the journal entries in respect of Novark Corp. transactions for the month of October.
Every transaction has two impacts-debit and credit
Explanation:
Journal is a book of prime entry where transactions that cannot be posted to other books of original entry are treated.
Journal entry also observes the duality concept of accounting where each transaction in two accounts,for every debit,there is corresponding credit and vice versa.
Journal can also be used to correct errors made while posting to books of account.
