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Vesnalui [34]
3 years ago
6

Waterway Co. purchased land as a factory site for $536,000. The process of tearing down two old buildings on the site and constr

ucting the factory required 6 months. The company paid $56,280 to raze the old buildings and sold salvaged lumber and brick for $8,442. Legal fees of $2,479 were paid for title investigation and drawing the purchase contract. Waterway paid $2,948 to an engineering firm for a land survey, and $91,120 for drawing the factory plans. The land survey had to be made before definitive plans could be drawn. Title insurance on the property cost $2,010, and a liability insurance premium paid during construction was $1,206. The contractors charge for construction was $3,671,600. The company paid the contractor in two installments: $1,608,000 at the end of 3 months and $2,063,600 upon completion. Interest costs of $227,800 were incurred to finance the construction. Determine the cost of the land and the cost of the building as they should be recorded on the books of Waterway Co. Assume that the land survey was for the building.
Business
1 answer:
geniusboy [140]3 years ago
5 0

Answer

The answer and procedures of the exercise are attached in the following archives.

Step-by-step explanation:

You will find the procedures, formulas or necessary explanations in the archive attached below. If you have any question ask and I will aclare your doubts kindly.  

Download xlsx
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Sarah owns half of Smith Realty, Inc., and her brother Bill owns the other half. Sarah routinely uses the company car, which is
anzhelika [568]

Answer:

(c) pierce the corporate veil due to Sarah's commingling of interests

Explanation:

Commingling of interests usually occurs when an investment manager or realtor combines client money with their own or their firm's, in violation of a contract. This can occur in legal cases, corporate client accounts and real estate transactions. For example in this case Sarah has violated her rights as a realtor by routinely using their company funds for her own personal uses.

7 0
3 years ago
Read 2 more answers
Which of the following scenarios would result in a decrease in the wage rate of solar panel installers and a decrease in the qua
Digiron [165]

Answer:

Wages of solar panel installers increase in another town and attract workers away from Billy's town.

Explanation:

You will find the procedures, formulas or necessary explanations in the archive attached below. If you have any question ask and I will aclare your doubts kindly.

7 0
3 years ago
Main memory divided into a number of static partitions at system generation time is _______ .
crimeas [40]

The main memory divided into a number of static partitions at system generation time is fixed partitioning.

<h3>What is the main memory?</h3>

Memory is a computing term for a system or device that stores data for immediate use in a computer, computer hardware, or other digital electronic devices. The terms main memory and primary storage are frequently used interchangeably. The store is a dated word for memory.

The principal internal storage area in a computer, sometimes known as RAM, is the main memory (random access memory). Specs like 4GB, 8GB, 12GB, and 16GB usually invariably relate to the RAM's storage capacity. On the other hand, a computer's disk or solid-state storage capabilities are commonly 128GB or 256GB or greater.

Fixed partitioning refers to the division of the system's main memory into a number of static partitions.

To learn more about main memory refer to:

brainly.com/question/24688176

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4 0
2 years ago
On 1/29, General Electric bought supplies in the amount of $1,500. What account is debited and what account is credited in the r
alexdok [17]

Answer: Debit Supplies

Credit Cash

Credit Accounts payable.

Explanation:

The journal entry is an act of making records of the transactions in an organization which shows the debit and credit balances of the company.

Based on the information given, since General Electric bought supplies in the amount of $1,500, the journal entry will be:

Debit Supply $1500

Credit Cash / Accounts Payable $1500

4 0
2 years ago
Zhang Industries sells a product for $700 per unit. Unit sales for May were 700 and each month's unit sales are expected to grow
ratelena [41]

Answer: $14594

Explanation:

The budgeted selling expense for the manager for the month ended June 30 will be calculated thus:

The unit sales for June will be:

= [700 × (1 + 3%)]

= 700 × (1 + 0.03)

= 700 × 1.03

= 721 units

Commission will be:

= 2% × (721 × 700)

= $10,094

Therefore, the selling expenses to be reported will be:

= $10,094 + $4500

= $14594

4 0
2 years ago
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