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Grace [21]
3 years ago
10

A company purchased land for $90,000 cash. real estate brokers' commission was $5,000 and $7,000 was spent for demolishing an ol

d building on the land before construction of a new building could start. under the historical cost principle, the cost of land would be recorded at
Business
1 answer:
Fed [463]3 years ago
3 0

Based in the historical cost principle, the total cost of the land would be the summation of all cost, either direct or indirect.

Therefore it would be:

Cost of Land = $90,000 cash + $5,000 commission + $7,000 demolishing

Cost of Land = $102,000

 

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Suppose you deposit $2,500 at the end of year 1, nothing at the end of year 2, $750 at the end of year 3, and $1,300 at the end
Ratling [72]

Answer:

$5837 approx

Explanation:

Amount = Principal(1\ +\ r)^{n}

Amount deposited at the end of year 1 would yield = $2500 (1\ +\ .09)^{4} = $2500 × 1.41158 = $3528.95

Amount deposited at the end of year year 3 would yield = $750 (1\ +\ .09)^{2} = $891.075

Amount deposited at the end of year 4 would yield = $1300 (1\ +\ .09)^{1} = $1417

Total deposit at the end of year 5 = $3528.95 + $891.075 + $1417 = $5837 approx.  

3 0
3 years ago
A company has net credit sales of​ $1,200,000, beginning net accounts receivable of​ $290,000, and ending net accounts receivabl
7nadin3 [17]

Answer:

Days of receivable will be 75 days

Explanation:

We have given net credit sales = $1200000

Net account receivable at the beginning = $290000

And receivable at the ending = $201000

Average receivable =\frac{290000+201000}{2}=$245500

Now receivables turnover ratio =\frac{credit\ sales}{average\ receivable}=\frac{1200000}{245500}=4.888

Days of receivables = \frac{365}{4.888}=74.67=75days

8 0
3 years ago
Presented below are three receivables transactions. Indicate whether these receivables are reported as accounts receivable, note
tatuchka [14]

Answer:

1. Accounts receivable

2. Notes receivable

3. Other receivable

Explanation:

Sold merchandise on account for $64,000 to a customer - Accounts receivable. Since the merchandise is sold on credit to a customer, the same is recorded in the current assets of the balance sheet as accounts receivable.

Received a promissory note of $57,000 for services performed - Notes receivable. Since the promissory note is received for service performed which we term as a note receivable. This also come under the current assets of the balance sheet

Advanced $10,000 to an employee - Other receivables - As an advance is given to an employee neither is an account receivable nor it notes receivable. So, it is term as an other receivable

6 0
3 years ago
Do you know the Travis Bruns sales rep for Crown Lift Services case study
Veronika [31]

Answer:

what's the question I can help you if u give me the question

3 0
2 years ago
The actual cost of direct labor per hour is​ $16.00 and the standard cost of direct labor per hour is​ $9.50. The direct labor h
Alla [95]

Answer:

$19,713 unfavorable

Explanation:

Direct labor efficiency variance tells us that how the direct labor is used to product the standard numbers of share. It is calculate by multiplying the difference of actual labor hours and standard labor hours with standard rate.

Formula for the efficiency variance

Direct labor efficiency​ variance = (Actual Hours - Standard Hours ) x Standard Rate

Direct labor efficiency​ variance = (3,500 - (0.25x5,700 ) x $9.5

Direct labor efficiency​ variance = (3500 - 1425 ) x $9.5

Direct labor efficiency​ variance = $19,713 unfavorable

As the actual Labor hours spent is higher than the estimated so, the efficiency variance id unfavorable.

3 0
3 years ago
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