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
Leona [35]
3 years ago
7

Blossom Company was organized on January 1. During the first year of operations, the following plant asset expenditures and rece

ipts were recorded in random order.
Debit
1. Excavation costs for new building $13,100
2. Architect’s fees on building plans 32,100
3. Full payment to building contractor 640,100
4. Cost of real estate purchased as a plant site (land $255,100 and building $25,100) 280,200
5. Cost of parking lots and driveways 28,100
6. Accrued real estate taxes paid at time of purchase of real estate 2,180
7. Installation cost of fences around property 5,810
8. Cost of demolishing building to make land suitable for construction of new building 24,100
9. Real estate taxes paid for the current year on land 5,810 $1,031,500
Credit
10. Proceeds from salvage of demolished building $ 11,000
Analyze the transactions using the following table column headings. Enter the number of each transaction in the Item column, and enter the amounts in the appropriate columns. For amounts in the Other Accounts column, also indicate the account title.
Business
1 answer:
Westkost [7]3 years ago
4 0

Answer:

Building:

cost of bulding                          25,100

write-off demolished building <u>(25,100)</u>

Balance:                                              0

Building under construction:

exacavation cost 13,100

architect's fees    32,100

contractor           <u>640,100</u>

Balance:              685,300

Land:

acquisition cost                        255,100

property taxes paid at purchase<u> 2,180</u>

Balance:                                   257,280

Land improvements:

parking lot and driveways 28,100

fences                                  <u>  5,810</u>

balance                                33,910

period cost:

demolition expense           24,100

salvage from demolition    (11,000)

property taxes expense        5810

loss at disposal (building) <u> 25,100</u>

balance:                              44,010

Explanation:

For building and land we should follow the accounting procedure of include all the incurred or assumed cost to contruct and leave it ready to use.

As there is no indication that construction was completed we should assume the building is under construction.

As we demolish the old building we should write-off and recognize  the loss and the demolition expense.

The property taxes after the purcahse are cost of the period.

Before the taxes were a necessary cost to acquire the land.

The salvage from the demolition decrease the expense are not considered revenue.

You might be interested in
_____ involves tracking team member performance, motivating team members, providing timely feedback, resolving issues and confli
Bingel [31]
The answer is d it’s everything a manager does
7 0
2 years ago
susan took out a life insurance policy on herself, paying all of the premium payments. she named her daughter, jessica, as the b
Dima020 [189]

She named her daughter, Jessica, as the beneficiary under the policy. Jessica has not given anything in consideration for the policy. Jessica is a donee beneficiary who has the right to enforce the policy once Susan dies.

A beneficiary is a character or entity which you legally designate to acquire the blessings out of your financial merchandise. For live coverage, this is the loss of life benefit your policy will pay in case you die. For retirement or investment bills, that is the balance of your belongings in the money owed.

Some may select a surviving partner as a named beneficiary while others might also call a child or a discern. One great purpose people buy life coverage is for peace of mind in relation to their own family, knowing that life insurance safety is in place in the event of your demise.

Learn more about beneficiary here  brainly.com/question/1268166

#SPJ4

7 0
1 year ago
The bonds issued by United Corp. bear a coupon of 6 percent, payable semiannually. The bond matures in 20 years and has a $1,000
pishuonlain [190]

Answer: 6.40%

Explanation:

Use Excel to calculate this by the formula;

= RATE(Nper,Pmt,-Pv,Fv)

Nper is number of periods = 20 * 2 = 40 semi annual periods

Pmt is the payment = $6%/2 * 1,000 = $30

Pv is the present value = $955

Fv is future value or face value = $1,000

= RATE (40,60,-955,1000)

= 3.20% * 2 (because this is a semi annual rate)

= 6.40%

8 0
3 years ago
The difference between the actual amount paid and the standard price paid to purchase an item is called a
Ksivusya [100]

Answer:

Purchase Price Variance (PPV)

Explanation:

6 0
3 years ago
Vintage Fun reproduces old-fashioned style roller skates and skateboards. The annual production and sales of roller skates is 1,
Vesna [10]

Answer:

D. $33.47

Explanation:

The computation of overhead cost per skateboard using an activity-based costing system is shown below:-

                                    Total          Expected           Activity

Activity pool cost      Overheads    Activity               Rate

Setup cost                     $6,550           665                9.85

Engineering cost          $16,000        1,120                14.29

maintenance cost        $91,450        4,353               21.01

Activity pool cost          Rate             Driver         Overhead cost  

Setup cost                       9.85              320              3,152  

Engineering cost             14.29             630             9,002.7

maintenance cost            21.01              2,178           45,759.78  

Total Overheads cost                                               57,914.48

Number of units                                                               1,730

Overhead cost per unit                                                $33.48

Therefore for computing the overhead cost per unit we simply divide the total overhead cost by number of units.

8 0
3 years ago
Other questions:
  • In february, paula, the manager of a landscaping company, is looking at the upcoming need for more workers to handle the increas
    6·1 answer
  • Humes Corporation makes a range of products. The company's predetermined overhead rate is $20 per direct labor-hour, which was c
    15·1 answer
  • The sticker price on a new car includes:
    6·1 answer
  • Jose Inc. reports the following balances and amounts. The following information is presented in random order (amounts are in dol
    7·1 answer
  • Firms in a perfectly competitive market are said to be "price takers"—that is, once the market determines an equilibrium price f
    5·1 answer
  • The true rate of interest that you pay on a loan is called the
    13·1 answer
  • Some of the mangos from your neighbor's mango tree drop into your yard. You don't like mangos and the fallen mangos make it hard
    6·1 answer
  • Innovative Consulting has the following accounts in its ledger: Cash; Accounts Receivable; Supplies; Office Equipment; Accounts
    13·1 answer
  • Depreciation by Three Methods; Partial Years
    8·1 answer
  • Which of the marks of good leadership do you feel is the most important? (Take your time)
    5·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!