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
Gala2k [10]
3 years ago
14

Acquisition of Land and Building On February 1, 2016, Edwards Corporation purchased a parcel of land as a factory site for $100,

000. It demolished an old building on the property and began construction on a new building that was completed on October 2, 2016. Costs incurred during this period are: Demolition of old building$ 10,000 Architect's fees20,000 Legal fees for title investigation and purchase contract4,000 Construction costs625,000 Edwards sold salvaged materials resulting from the demolition for $2,000. Required: 1. At what amount should Edwards record the cost of the land and the new building, respectively
Business
1 answer:
Kitty [74]3 years ago
5 0

Answer:

Cost of Land is $104,000, cost of building is $653,000. The total cost is $757,000

Explanation:

The cost of the building will include the purchase price of the land and building and every other cost incurred in the process of making the land and building available for use.

However, every amount realized from the process will also be deducted from the cost of the land and building. To separate the cost of land from the cost of the building, we must identify the cost attributable to each of them

As such, the recorded cost on land

= $100,000 + $4,000

= $104,000

and cost of building

= $10,000 + $20,000 + $625,000 - $2,000

= $653,000

You might be interested in
Sophie, the cfo of slolum ski supplies, received a watch from one of her company's largest vendors, colorado ski shoppe. she rec
Gre4nikov [31]

The answer is<u> "Whether the gift was reasonable in the circumstances."</u>


The AICPA Code of Professional Conduct is a collection of arranged articulations issued by the American Institute of Certified Public Accountants that blueprint a CPA's moral and expert responsibilities. The code builds up benchmarks for evaluator autonomy, respectability and objectivity, duties to customers and partners and acts discreditable to the bookkeeping calling. The AICPA is in charge of drafting, overhauling and reissuing the code every year, on June 1.  

8 0
2 years ago
You are analyzing an office building to determine if it make sense to build it. the building and site improvements cost $145 and
Sophie [7]

Answer:

market net operating profit per square foot = $8.80

Explanation:

total investment = $145 per square foot

the investor requires a 6% rate of return = $145 x 6% = $8.70 per square foot

total revenue per square foot =                                                      $11

proportional market vacancy and credit loss = $11 x 5% =        ($0.55)

<u>other expenses = $11 x 15% =                                                       ($1.65)  </u>

market net operating profit per square foot =                             $8.80

The project should be carried out since the net operating profit is larger than the investor's required rate of return.

7 0
3 years ago
Pete the Pizza Man produced $87,000 worth of pizzas in the past year. He paid $39,000 to employees, paid $11,000 for vegetables
Ne4ueva [31]

Answer:

$133,000

Explanation:

We can find Pete's total contribution to GDP by adding up the following numbers:

$87,000 worth of pizzas - because finished goods are part of GDP

$39,000 paid to employees - because wages are part of GDP

$5,000 paid in taxes - taxes are part of GDP because they are government revenue

$2,000 of inventories at the end of year - end-of-year inventories are included in GDP

Therefore: $87,000 + $39,000 + $5,000 + $2,000 = $133,000

the $11,000 worth of ingredients are not included in GDP because GDP only accounts for finished goods and services.

5 0
3 years ago
When you should send an email
Greeley [361]

B. When the subject matter is objective and informative

8 0
2 years ago
Read 2 more answers
I am not good at math, please help all grades are due monday
Vlad [161]
I cannot see the questions can you please get closer
4 0
3 years ago
Other questions:
  • Dita takes out a student loan from Everloan Bank. When she fails to make the scheduled payments for six months, Everloan advises
    14·1 answer
  • Background Info: Tom finds a second personal loan option. This loan would also require him to repay the principal in one lump su
    13·2 answers
  • There are many activities in marketing that are interrelated and similar in purpose. These activities are referred to as marketi
    10·1 answer
  • Which of the following is an example of crowding out? a. An increase in government spending increases interest rates, causing in
    15·1 answer
  • Enscoe Enterprises, Inc. (EEI) has 220,000 shares authorized, 180,000 shares issued, and 20,000 shares of treasury stock. At thi
    9·1 answer
  • Steve receives a $1.50 raise from $8.25 and also insurance benefits. If he works 43 hours in week one and 30 hours in week two,
    13·1 answer
  • In 2017, Hurricane Irma had a significant, negative impact on the orange harvest in the state of Florida. The U. S. Department o
    6·1 answer
  • How can I convince a friend to invest in a good manner
    13·2 answers
  • Suppose the government cuts taxes to keep the economy's cyclically adjusted budget in balance when the economy is expanding. The
    7·1 answer
  • In the ocean, the greatest amount of heat from incoming solar radiation would transfer to ___
    8·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!