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aivan3 [116]
3 years ago
13

.Grannis Corporation purchased land in order to construct a new factory . Expenditures incurred by the company were as follows:

purchase price, $45,000;broker's fees, $8,000; accrued real estate taxes, $2,000; demolition of an old building on the property, $2,700; grading, $1,500; excavation costs for the building, $2,000; paving the parking lot, $15,000; lighting in the parking lot, $5,000. What is the amount that should be recorded in the Land account?
Business
1 answer:
katovenus [111]3 years ago
6 0

Answer:

The amount recorded in the Land account is $61,200    

Explanation:

The cost of acquisition/purchase of a landed asset includes all the normal, reasonable and necessary costs incurred in obtaining the land and getting it ready for use. These cost includes the price of the land, the legal fees, title fees, taxes, excavation costs etc. On the other hand, cost of improvements on the land are recorded on improvement on asset accounts, where depreciation is put in consideration when computing cost. This is separate from acquisition cost because, there is no depreciation on a land. The cost is calculated as follows:

purchase price = $ 45,000

broker's fees    = $   8,000

accrued taxes  = $    2,000

demolition        = $    2,700

grading             = $    1,500

excavation       =  $    2,000

Total                 =  $ 61,200

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A business practice associated with globalization involves businesses moving manufacturing and service centers to countries wher
Ksivusya [100]

Answer:

Outsourcing.

Explanation:

Outsourcing is a process to get the work done from a foreign supplier at a cheaper rate without or minimum compromising on the quality of work. Outsourcing is done by companies of those countries, where labour rate is high or scarcity of labour in the national market. It also diverse the culture of companies. Work which are outsourced to other countries are mainly non fundamental and its role is to provide support to the core company.

7 0
3 years ago
Read the following email, which Jim sent to his team. Then choose the answer below that best explains what is wrong with the ema
mars1129 [50]

Answer and Explanation:

The subject of the email is too long and contains all the information. The subject should have been: Proposal draft due on Friday. Rest of the information should have been included in the body of the email.

8 0
2 years ago
Inattentive Driving. While cutting class and driving off campus to check on her new dress for the upcoming formal, Molly, a busy
nataly862011 [7]

Answer:

C: Civil law and private law only

Explanation:

This won't be part of Public law as it generally works on the relationship between civilians and the government. However, in such a case, the matter can be sought privately, between molly and the owner of the car she damaged.

Obviously,. due to state laws in place that prohibit using a cell phone while driving this might also become a civil law situation.

4 0
3 years ago
Suppose the economy is in long-run equilibrium. In a short span of time, there is a sharp rise in the stock market, an increase
Snowcat [4.5K]

Answer:

All of the above are possible.

Explanation:

Discussions here center on equilibrium of an economy in a long run, and here after the government activities, their is a decline in dollar value; therefore in the short run, the price level and real GDP will both rise in as much as the price level and real GDP will also both fall. It is also gathered that neither the price leave nor real GDP will change.

The transition from the short run to the long run may be done by considering some short run equilibrium that is also a long run equilibrium as to supply and demand, then comparing that state against a new short run and long run equilibrium state from a change that disturbs equilibrium, say in the sales tax rate, tracing out the short run adjustment first, then the long run adjustment.

8 0
3 years ago
What are the reasons for having internal controls that facilitate ethical behavior?
givi [52]

Answer:

Mostly Preventive Controls  and feedback Controls

Explanation:

For this case is important to conduct preventive and feedback controls.

The definition of preventive control is "Controls that are used to keep a loss or an error from occurring". And is improtant to do these controls continuosly in order to ensure that the ethical behavior is accomplished by all the people analyzed.

The definition of feed back controls is "a process that owners and manager uses to evaluate if their teams meet the stated goals at the end of a production process"

And for this case these two controls are so important when we want to facilitate check ethical behavior since the conduct is something that needs to be measured in all the time in order to ensure the condition for any employee.

5 0
3 years ago
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