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
yan [13]
1 year ago
15

Determining Cost of Land

Mathematics
1 answer:
irakobra [83]1 year ago
8 0

The complete question is:

On-Time Delivery Company acquired an adjacent lot to construct a new warehouse, paying $90,000 in cash and giving a short-term note for $50,000. Legal fees paid were $1,750, delinquent taxes assumed were $25,000, and fees paid to remove an old building from the land were $9,000. Materials salvaged from the demolition of the building were sold for $1,000. A contractor was paid $415,000 to construct a new warehouse. Determine the cost of the land to be reported on the balance sheet.

The cost of land to be reported exists at $174,750.

<h3>How to determine the cost of the land to be reported on the balance sheet?</h3>

The cost of land noted in the balance sheet does not only contain the price spent to gain the land but also includes any costs/revenue obtained in the procedures, and activities required to obtain the land to the setting in which it may be prepared for use.

Therefore, except for the price paid which exists at $140,000 ( $90,000 cash and $50,000 short-term note), we have to count up all the applicable expenses including Legal fees, delinquent taxes, Disposal of old building expenditures and remove the material salvaged profit from the destruction of the old building. The construction cost of the new warehouse exists extraneous here as, without this cost, the land exists already in a ready-to-use stage ( i.e: for building a new property on the land)

So, the amount of Cost of land to be reported exists

140K + 1,75K + 25K + 9K - 1K = $174,750.

To learn more about balance sheet refer to:

brainly.com/question/1113933

#SPJ9

You might be interested in
Which represents a quadratic function?
Lisa [10]

Answer:

f(x)=start fraction 4 over x squared End fraction minus start fraction 2 over x end fraction +1

7 0
2 years ago
Read 2 more answers
A rectangular area of land is being sold off in smaller pieces. The total area of the land is 2^15 square miles. The pieces bein
Nesterboy [21]
Total area of the rectangular land = 2^15 sq. miles
                                                     = 32768 sq. miles

total area of the pieces being sold = 8^3 sq. miles
                                                       = 512 sq. miles

now total no. of pieces = total area of the land / the area of samaller land that's                                                                                     being sold
                                     = 32768 / 512
                                     = 64

so the actual number of pieces is 64
4 0
3 years ago
Read 2 more answers
- Which of the following expressions has a coefficient of 10 and a constant of 5?
maw [93]

Answer:

Either 10+5 or 10-5

Step-by-step explanation:

Coefficient- the number that is multiplied by the variable

Constant- a number that stays the same and is not changed no matter what x or y equals.

6 0
2 years ago
What are my zeros (x^2 - 8x + 1)?
Pavel [41]

Answer:

x= 7.87298334621                          x=.12701665379

Step-by-step explanation:

This is in standard form so we have to factor this into

x^2-8x + 16 + 1 = 16

(x-4)^2 = 15

(x-4) = \sqrt{15\\}

x-4= ± 3.87298334621

x-4 = 3.87298334621                      x-4= -3.87298334621

x= 7.87298334621                          x=.12701665379

7 0
2 years ago
What would we see if we were able to travel within the multiverse?
Lisa [10]
I am sure this is a personal question, what do you think you would see if you would be able to travel within the multiverse, no one can answer that for you its your opinion :)
5 0
3 years ago
Other questions:
  • How many 1000s are in 1,000,000
    8·2 answers
  • The population of a city has decreased by 35% since it was last measured. If the current population is 16900 what was the previo
    6·1 answer
  • Which is an equation of the line with a slope of 1/4 and a y-intercept of -2
    12·2 answers
  • HELP PLEASE ASAP PLEASE HELP PLEASE ASAP HELP ME PLEASE HELP HELP PLEASE PLEASE HELP HELP
    15·2 answers
  • Answer:
    12·1 answer
  • What is the solution of the system? Use elimination.
    10·1 answer
  • The table shows the estimated number of bees, y, in a hive x days after a pesticide is released near the hive. Which function be
    8·2 answers
  • 1. Circle the figure you would use to make the Escher‐like tessellation given,
    5·2 answers
  • Sq root 30
    9·2 answers
  • Simplify (x^4-4x^3+9x^2-5x) (x^3-3x^2+7) -30x^2+25x^4
    9·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!