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vichka [17]
3 years ago
13

Lavallee Self Storage purchased​ land, paying $ 160 comma 000 cash as a down payment and signing a $ 145 comma 000 note payable

for the balance. Lavallee also had to pay delinquent property tax of $ 4 comma 000​, title insurance costing $ 1 comma 500​, and $ 3 comma 000 to level the land and remove an unwanted building. The company paid $ 60 comma 000 to add soil for the foundation and then constructed an office building at a cost of $ 1 comma 100 comma 000. It also paid $ 55 comma 000 for a fence around the​ property, $ 12 comma 000 for the company sign near the property​ entrance, and $ 2 comma 000 for lighting of the groundsWhat is the capitalized cost of each of Murphy’s land, land improvements, and building?
Business
1 answer:
Andrews [41]3 years ago
3 0

Answer:

Land 373,500

Building 1,100,000

<u />

land improvements   67,000

Fence         55,000

Sign            12,000

Explanation:

Land cost:

cash                               160,000

note payable                   145,000

delinquent property tax     4,000

insurance costing                1,500

level the land                      3,000

soil                                <u>    60,000</u>

Total land:                      373,500

The land will be recorded for all the cost necessary to get it ready for use.

The soil, once added can't be differentiate from the original land. It is added to the land is not an improvement.

The office building will be for 1,100,000

land improvements will be the fence and signs:

fence 55,000

sign  <u>  12,000  </u>

total   67,000

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4 years ago
Choose the term that best matches the description given.
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4 0
3 years ago
Embezzlers who manipulate accounting records to conceal their fraud (or theft of assets) most often ____.Group of answer choices
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Answer:

."Balance" the accounting equation by increasing expenses.

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If an organization wants to manipulate its accounting records so that it could conceal their fraud so the best way is to balance the accounting equation by increasing the expenses so no one can judge it and they can fulfill their objective

Here,

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5 0
3 years ago
Larson Company on July 15 sells merchandise on account to Stuart Co. for $1,000, terms 2/10, n/30. On July 20 Stuart Co. returns
pickupchik [31]

Answer:

b. $588

Explanation:

Terms 2/10, n/30 means that 2% discount for the payment within 10 days and the full amount to be paid within 30 days.

When Larson Company sold merchandise, the following entry was made to recording revenue (sales) and the receivable:

Debit Receivable Account $1,000

Credit Revenue $1,000

On July 20 Stuart Co. returns merchandise, the entry is made to record the decreasing of Receivable Account:

Debit Revenue $400

Credit Receivable Account $400

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7 0
3 years ago
Lease Plan Effectively Manages Diversity
mylen [45]

Answer:

Lease Plan

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Increases in seats on boards of directors—in Fortune 550 firms up to 16.6 percent in 2013 from only 9.6 percent in 1995.

2. Thomas's generic action options for managing diversity that is most illustrated in the case is:

include/exclude

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6 0
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