1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
skad [1K]
3 years ago
9

Cala Manufacturing purchases a large lot on which an old building is located as part of its plans to build a new plant. The nego

tiated purchase price is $224,000 for the lot plus $119,000 for the old building. The company pays $37,000 to tear down the old building and $54,696 to fill and level the lot. It also pays a total of $1,829,209 in construction costs—this amount consists of $1,720,600 for the new building and $108,609 for lighting and paving a parking area next to the building. Prepare a single journal entry to record these costs incurred by Cala, all of which are paid in cash.
Business
1 answer:
Assoli18 [71]3 years ago
7 0

Answer:

Land $434,696

Land improvements $108,609

Building $1,720,600

   To Cash $2,263,905

(Being the amount paid in cash is recorded)

Explanation:

The journal entry is shown below:

Land $434,696

Land improvements $108,609

Building $1,720,600

   To Cash $2,263,905

(Being the amount paid in cash is recorded)

The land, land improvements and the building increases the assets so it is debited while the cash is credited as the cash is paid

The computation of the land is shown below:

= Purchase price of the land + purchase price for the old building + paid amount for tear down the old building + cost to fill and level the lot

= $224,000 + $119,000 + $37,000 + $54,696

= $434,696

You might be interested in
If a company produces many different products, it will develop a standard cost for each type of product. true false
saveliy_v [14]

True. A company will develop a standard cost for each product type if it produces many different products.

The process cost system should be used when manufacturing is efficient and continuous. This system's equivalent units method successfully represents the challenging problem of determining how much work the Work in Process entails.

Process costing explains how to use the concept of equivalent units to assign manufacturing costs to the units produced. Businesses may create and market various goods, or at the very least, multiple versions of the same product. Most of the time, manufactured goods are connected in terms of consumption or production. The firm's output and pricing decisions must consider the relationships between the items when they are related.

Learn more about Standard Cost here:

brainly.com/question/14754704

#SPJ4

4 0
2 years ago
In 2019, RayeAnn acquires a car for $14,000. She uses the car in her advertising business and for personal purposes. Her records
kirill [66]

Answer:

Deductible depreciation = $2,660

Explanation:

Given:

Amount of car = $14,000

Personal use = 30%

Business use = 70%

Total depreciation = $3,800

Deductible depreciation = ?

Computation of Deductible depreciation:

Deductible depreciation = Total depreciation × Business use percentage

Deductible depreciation = $3,800 × 70%

Deductible depreciation = $2,660

5 0
3 years ago
Even though the moving averages help highlight the long-run trend of a time series, the moving-average model is not designed for
kobusy [5.1K]

Answer:

Moving averages <em>cannot be used to make future forecasts successfully because certain events like demand, supply ,quality and external factors such as competitions</em> cannot be determined with the use of Moving averages, and these factors have a huge impact on prices

Explanation:

Moving averages are generated / obtained using data from events that occurred previously hence they highlight the long-run trend of a time series, but <em>they cannot be used to make future forecasts successfully because certain events like demand, supply ,quality and external factors such as competitions</em> cannot be determined with the use of Moving averages. and these factors have a huge impact on prices

4 0
2 years ago
The United States began collecting federal income tax in which year?
Anna35 [415]
The US started collecting federal income tax in 1913
5 0
3 years ago
Read 2 more answers
Two drivers—tom and jerry—each drive up to a gas station. before looking at the price, each places an order. tom says, "i'd like
Tatiana [17]
Price elasticity of demand is defined by Change in Quantity demanded / Change in Price. 

Tom ordered 10 gallons of gas without asking about the price. This means that no matter the price, Tom orders the same quantity of gas (quantity demanded does not change with price). His demand is perfectly inelastic, or 0. 

Jerry orders $10 worth of gas. This means that no matter how much it gives him, Jerry will pay $10. The price elasticity of demand depends on how much the price changes by.
For example, if price doubles from $5/gal to $10/gal, demand falls by 50% (2 gallons to 1 gallon), making his price elasticity -0.5
If the price increase 10% from $10/gal to $10.10/gal, demand falls 1% from 1 gal to .99 gallons, making his price elasticity -0.1
6 0
2 years ago
Other questions:
  • All of the following are services that are available at banks except _____.
    9·1 answer
  • Today we see a very low unemployment rate with a controlled and acceptable inflation rate. Which of the following statements cou
    12·2 answers
  • World City: dominant city in terms of its role in the global political economy. Not the world's biggest city in terms of populat
    15·1 answer
  • What is a turnkey operation? Group of answer choices A) the buying of another company B) a contract for a large construction pro
    5·1 answer
  • As the number of urban areas grew in the state in the late nineteenth and early twentieth centuries, the management of local aff
    5·1 answer
  • Creative Sound Systems sold investments, land, and its own common stock for $32.0 million, $15.2 million, and $40.4 million, res
    9·1 answer
  • Which of the following would most likely use a job order costing system? a.oil refinery b.company that manufactures chlorine for
    8·1 answer
  • If in the process of calculating gdp, the market value of all intermediate goods is added to the market value of all final goods
    13·1 answer
  • on january 1, 2021, adams-meneke corporation granted 15 million incentive stock options to division managers, each permitting ho
    10·1 answer
  • bart and claire are under contract for claire to buy bart's house, but her financing fell through. they decide to cancel the con
    7·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!