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
Allisa [31]
3 years ago
8

Shahia Company bought a building for $73,000 cash and the land on which it was located for $107,000 cash. The company paid trans

fer costs of $16,000 ($6,000 for the building and $10,000 for the land). Renovation costs on the building before it could be used were $35,000.
Prepare the journal entry to record the purchase of the property, including all relevant expenditures. Assume that all transactions were for cash and that all purchases occurred at the start of the year.
Business
1 answer:
Yuliya22 [10]3 years ago
4 0

Answer:

Explanation:

Dr Building, Asset (73,000+6000+35,000) 114,000

Dr Land, Asset (107,000+10,000) 117,000

   Cr Cash (73,000+107,000+16,000+35,000) 231,000

You might be interested in
A lot of points give away
abruzzese [7]

Answer:

Assertion: When radius of a circular wire carrying current is doubled, its magnetic moment becomes four times.

Reason: Magnetic moment depends on area of the loop.

(a)A

(c) C (d) D

(b) B

4 0
2 years ago
A company bought a computer for$1,500. Three years later, the computer was sold for $300.
madam [21]

The accounts that will be used to record the disposal of the assets are Gain/loss on sale of asset and Sales Income

<h3>What is a disposal account?</h3>

A disposal account calculates the gain or loss account that appears in the income statement.

The disposal account records the difference between the disposal proceeds and the net carrying amount of the fixed asset being disposed of.

Hence, the account that will be used to record the disposal of the assets is Gain/loss on sale of asset and Sales Income

Read more about assets disposal

<em>brainly.com/question/1357713</em>

6 0
2 years ago
Blossom Chemicals Company acquires a delivery truck at a cost of $32,800 on January 1, 2022. The truck is expected to have a sal
kakasveta [241]

Answer:

$16400

$8200

Explanation:

Depreciation expense using the double declining method = Depreciation factor x cost of the asset

Depreciation factor = 2 x (1/useful life)  

Depreciation factor = 2/4 = 0.5

Depreciation expense in year 1 = 0.5 x $32,800 = $16,400

Book value at the beginning of year 2 =  $32,800 - $16,400 = $16400

Depreciation expense in year 2 = 0.5 x $16,400= $8200

4 0
2 years ago
Cost-volume-profit analysis requires management to classify all costs as either fixed or variable with respect to production or
Anuta_ua [19.1K]

Answer: True

Explanation:

Cost-volume-profit analysis is refered to as the predictive tool that can be used for the determination of the profit consequences of the price changes, future cost changes, price and the volume of the activity changes.

It requires the management to classify all the costs as either fixed cost or variable cost with respect to production or sales volume within the relevant range of operations.

3 0
3 years ago
The consumer sector is the largest part of the macroeconomy. Please select the best answer from the choices provided T F
cricket20 [7]
The answer is true bc businesses depend on consumers buying their product
5 0
3 years ago
Other questions:
  • What is corporate image or corporate identity
    13·1 answer
  • Monica graduated from high school this year and has a steady job. She feels ready to move into her own space and has $1,200 in s
    11·2 answers
  • True or false: the lower the interest rate the lower the present balue of a set of mult
    15·1 answer
  • Which of the following policies should a country implement in an economic downturn to avoid a Paradox of Thrift?
    6·1 answer
  • Broom Corporation transfers assets with an adjusted basis of​ $300,000 and an FMV of​ $400,000 to Docker Corporation in exchange
    11·2 answers
  • Amber Corporation donated inventory of clothing (basis of $136,000, fair market value of $170,000) to a qualified charitable org
    15·1 answer
  • A local coffee shop is known for poor customer service and an unclean, dirty environment. These factors would be classified as _
    10·1 answer
  • The Wall Street Journal provides a set of guidelines each year for purchasing a laptop computer. The guidelines include recommen
    15·1 answer
  • Required information Skip to question [The following information applies to the questions displayed below.] Eva received $60,000
    7·1 answer
  • ANSWER FAST PLEASE!!
    8·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!