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
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

 

<span> </span>

You might be interested in
As a consumer it is important for you to study management because
bagirrra123 [75]

Answer:

we expect to experience both efficiency and effectiveness when interacting with organizations

6 0
3 years ago
A survey by the National Restaurant Association found that 70% of consumers say that they are more likely to visit restaurants t
LekaFEV [45]
To determine the number of consumers which might prefer eating locally produced food, we simply multiply the metropolitan population by the decimal equivalent of the percentage given. That is,
                            = (1,773,120)(0.70) 
                            = 1,241,184
Thus, 1,241,184 will most likely prefer the locally produced food. 
3 0
3 years ago
Ticketsales, Inc., receives $7,720,000 cash in advance ticket sales for a four-date tour of Bon Jovi. Record the advance ticket
kvasek [131]

Answer:

When revenue has been received but the service has not been rendered, the revenue will not be recognized and will instead be treated as a liability called unearned revenue.

Date                   Account Title                                          Debit               Credit

Oct. 31                Cash                                                   $7,720,000

                           Unearned Ticket revenue                                      $7,720,000

Date                    Account Title                                         Debit               Credit

Nov. 5                  Unearned Ticket Revenue             $1,930,000

                          Ticket Revenue                                                   $1,930,000

<u>Working </u>

Ticket revenue = 1/4 * 7,720,000

= $1,930,000

5 0
3 years ago
Following is selected financial information from General Mills Inc. for its fiscal year ended May 27, 2018 ($ millions). Cost of
vaieri [72.5K]

Answer:

General Mills, Inc.

Income Statement for the year ended May 27, 2018

Revenue                                        $22,036.6

Cost of goods sold (COGS)              14,438.1

Gross profit                                      $7,598.5

Total expenses, other than COGS    4,490.1

Income before tax                            $3,108.4

Income tax expense                               80.2

Net income                                      $3,028.2

Explanation:

a) Relevant Data:

Revenue $22,036.6

Cost of goods sold (COGS) $14,438.1

Total expenses, other than COGS $4,490.1

Income tax expense $80.2

8 0
3 years ago
How does tax help to stablise the prices of the product​
sammy [17]

Tax helps in stablising the price of product ; because tax is added to the price of product as value added that's why increase in tax system also increases in price of product; also businessmen needs to pay tax from their profit.

5 0
3 years ago
Other questions:
  • The equation representing the consumption schedule for the economy is:
    14·1 answer
  • Club Co. appropriately uses the equity method to account for its investment in ChipCorp. As of the end of 2013, Chip's common st
    15·1 answer
  • Access Organics, Inc., hired Andy Hernandez to sell organic produce. Later, Hernandez signed an agreement not to compete with Ac
    10·2 answers
  • The general manager of the local hockey team hires you to help maximize the team's total revenue. She explains that most costs a
    6·1 answer
  • 3. What is the key difference between Net Pay and Gross Pay?
    10·1 answer
  • Holding other factors constant, if bad weather destroys the annual crop for carrots, it causes the supply curve for carrots to
    5·1 answer
  • After Mario completes his monthly report, his boss reviews it to see if the standards were met. If there are errors, Mario is to
    5·1 answer
  • Sub to to thunderoflight PLSSSSSSSSSSSSSSSSSSSSSS I NEED IT TO GROW MY CHANNEL I WILL GIVE BRAINLIST PLSSSSSSSSSSSSs
    13·1 answer
  • Which of the following caused readership of The Boston Globe to plummet?
    6·1 answer
  • Inez is compensated based on a plan that pays a base salary, with commission in addition. Inez receives $40,000/year salary (and
    10·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!