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
Georgia [21]
3 years ago
6

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 $280,000 for the lot plus $110,000 for the old building. the company pays $33,500 to tear down the old building and $47,000 to fill and level the lot. it also pays a total of $1,540,000 in construction costs—this amount consists of $1,452,200 for the new building and $87,800 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
2 answers:
Andre45 [30]3 years ago
8 0
Given:
280,000 for the land
110,000 for the old bldg
33,500 to tear down old bldg
47,000 to fill and level the land
1,452,000 new bldg
87,800 for lighting and paving a parking area for the new bldg.

Entries:                                    Debit                         Credit
Land                                      470,500
           Cash                                                              470,500
(280,000 + 110,000 + 33,500 + 47,000 = 470,500) 

Building                                   1,452,000
          Cash                                                         1,452,000

Land Improvement                        87,800
           Cash                                                             87,800

Expenses incurred in preparing the land for its purpose is classified under the land account. Land does not depreciate because its useful life is unidentified.

Land improvement account is used for expenses incurred to add functionality to the land and these output has useful life and is depreciated. 




Liono4ka [1.6K]3 years ago
3 0
<span>DEBIT- Land (280,000+110,000+33,500+47,000)
DEBIT- Land Improvements (87,800)
DEBIT- Building (1,452,200) 
CREDIT- Cash (Land+ Improvements+ Building)</span>
You might be interested in
In the united states the process of mate selection is essentially random <br> a. True <br> b. False
stellarik [79]
B is the answer haha
4 0
4 years ago
On January 1, Mumford purchased 10% of Heller's common stock. On September 1, it purchased another 30% of Heller's common stock.
professor190 [17]

10% of Heller's income for January 1 to August 31, plus 40% of Heller's income for the remainder of the year.

Explanation:

In spite of a retrospective strategy, Mumford puts the 10 per cent owned by the creditor firm together with the 30% purchased on Sep 1 which accounts for 40 per cent of the sales of Heller.

Retrospective, the committee focuses on the team members ' collaboration and looks for ways to enhance the process, based on the lessons learned in the recent work .

It is time to reflect on past events and experiences – outside the daily routine.

Retrospective thinking occurs whenever one remembers something from the past, but one can also think retrospectively about hypothetical future events, by imagining that the event has already transpired and then working backward in the mind from the future toward the present.

5 0
4 years ago
A classified income statement has four major sections—operating revenues, cost of goods sold, operating expenses, and non-operat
Advocard [28]

Answer: False

Explanation:

The statement in the question that a classified income statement has four major sections which are the operating revenues, cost of goods sold, operating expenses, and non-operating revenues and accounts receivables is not true.

It should be noted that a classified income statement is made up of the revenue, the expenses and the non operating revenues and expenses.

3 0
3 years ago
Jack Smith and four other people own Persimmon Hill Farm, an agric-entertainment farm which provides corn mazes, bonfires, hay r
Stolb23 [73]

Answer:Corperation

Explanation: A corporation is an organization usually a group of people or a company authorized by the state to act as a single entity and recognized as such in law for certain purposes. Early incorporated entities were established by charter. Most jurisdictions now allow the creation of new corporations through registration.

7 0
3 years ago
Read 2 more answers
Which of the following statements regarding diversity in the workplace is true? a. Nearly 73 percent of Fortune 500 companies no
kvasek [131]

Answer:

C

Explanation:

Diversity in the workplace is about bringing together people of different background , physical appearance ,religion , education , age etc.

Even though of of the answer options narrowly talk about gender diversity , the employment policy of US in having over 50% of foreign born workers in the economy is wider as this would have covered citizens of different country with various cultures and tribes , different genders , color , religion and appearance and a whole lot more.

3 0
3 years ago
Other questions:
  • A company in panama pays for a u.s. architect to design a factory building. by itself this transaction
    12·1 answer
  • Which of the following statements about business rules is true? A business rule is a long, precise, and unambiguous description
    6·1 answer
  • Which member of the restaurant and food/beverage service career is most likely to plan menus and direct workers?
    10·2 answers
  • A company had beginning inventory of 8 units at a cost of $11 each on March 1. On March 2, it purchased 11 units at $10 each. On
    14·1 answer
  • Regarding risk levels, financial managers should
    13·1 answer
  • Irwin Company has budgeted direct labor hours for the coming three months as follows: July, 6,500 hours; August, 8,100 hours; an
    12·1 answer
  • The Category Profile that involves evaluating the major forces and trends that are impacting an industry: including pricing, com
    12·1 answer
  • How good are we in business?
    10·2 answers
  • What is the most common goal of a trade agreement?
    10·1 answer
  • the focal point in budgeting for a service organization is likely to be: a) capital assets acquisition. b) raw material utilizat
    11·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!