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
dezoksy [38]
3 years ago
9

Shamrock, Inc. purchases land for $490000 cash. The clinic assumes $5300 in property taxes due on the land. The title and attorn

ey fees totaled $2600. The clinic had the land graded for $6400. What amount does Shamrock, Inc. record as the cost for the land?a. $426,600. b. $420,000. c. $434,100. d. $427,500.
Business
1 answer:
Leviafan [203]3 years ago
3 0

Answer:

$504,300

Explanation:

The total cost of the land that Shamrock Inc. purchased has to include:

  • the actual price paid for the land: $490,000
  • legal fees and real estate commissions: $2,600
  • taxes due and permits, zoning fees, etc: $5,300
  • site preparation (includes land grading): $6,400

The total cost of the land is: $504,300

You might be interested in
One reason to buy a home instead of rent a home is
EleoNora [17]
A home you can live in it longer than when you rent a home.
5 0
3 years ago
Read 2 more answers
Zeta Co. reported sales revenue of $4,600,000 in its Income Statement for the year ended December 31, 20X1. Additional informati
Black_prince [1.1K]

Answer:

Zeta would have reported 20X1 sales of $4,280,000.

Explanation:

Note: the additional information in the question is correctly represented before answering the question as follows:

                                                                 12/31/X0              12/31/X1

Accounts receivable                              $1,000,000         $1,300,000

Allowance for uncollectible accounts      (60,000)             (110,000)

The explanation of the answer is now given as follows:

Since sales is equal to cash collections under the cash basis of accounting,  cash collected on accounts receivable can therefore be calculated as follows:

Ending balance = Beginning balance + Sales − Collections − Write-offs ......... (1)

Where;

Ending balance = $1,300,000

Beginning balance = $1,000,000

Sales = $4,600,000

Collections = ?

Write-offs = $20,000

Substituting the values into equation (1) and solve for collections, we have:

$1,300,000 = $1,000,000 + $4,600,000 − Collections − $20,000

Collections = $1,000,000 + $4,600,000 − $20,000 - $1,300,000

Collections = $4,280,000

Therefore, Zeta would have reported 20X1 sales of $4,280,000.

7 0
2 years ago
A partner withdraws from a partnership by selling her interest to another person who currently is not associated with the firm.
spin [16.1K]

Answer: Option A

Explanation: The given case relates to the problem of dissolution of partnership and not the dissolution of firm.

In case of dissolution of partnership only the existing agreement among the partners ceases to exist due to leaving or joining of new partners and a new agreement takes place among the existing partners.

In such a case, the account balance of the partner remains same. It changes in case of dissolution of firm.

Hence the correct option is A.

3 0
3 years ago
Read 2 more answers
Two basketball teams have a game Friday night. Within the first minute, they sell 8 adult tickets and 12 student tickets for a t
Sliva [168]

Answer:

the price adult ticket is $8 and the price of children tickets is $5.

Explanation:

This question can be solved using a simultaneous equation.

Let :

x = price of adult tickets

y = price of children tickets

If 8 adult tickets and 12 student tickets are sold for a total of $124, the first equation would be

8x + 12y = $124

If 16 adult tickets and 23 student tickets are sold for a total of $243, the second equation would be

16x +23y = $243

The two equations are

8x + 12y = 124

16x +23y = 243

To solve, multiply equation 1 by 2 . This gives equation 3

16x + 24y = 248

Now substract equation 3 from 2. This gives y = 5

To find y, substitute 5 with y in equation 1

8 x + 12(5) = 124

8x + 60 = 124

Solve for x

x = 8

Therefore, the price adult ticket is $8 and the price of children tickets is $5.

I hope my answer helps you

3 0
3 years ago
When the government passes a new law that explicitly changes overall tax or spending levels, it is enacting: a discretionary fis
Triss [41]

<span>Discretionary fiscal policy is implemented when the government passes a new law wherein it explicitly changes the overall tax and the spending levels. This can be applied when a certain economy is in recession where the government can lower taxes and increase the spending.</span>

3 0
3 years ago
Read 2 more answers
Other questions:
  • Peavey enterprises purchased a depreciable asset for $28,500 on april 1, year 1. the asset will be depreciated using the straigh
    8·1 answer
  • BEST ANSWER WILL GET BRAINLIST PLZ HELP MEE
    13·1 answer
  • Problem page at a sale this week, a desk is being sold for $228.80 . this is a 74% discount from the original price. what is the
    6·1 answer
  • Which of the following most accurately describes agriculture in the South after the Civil War?
    14·2 answers
  • Suppose you buy a home and borrow $176,000 using a 30 year mortgage with an annual interest rate of 3.20% (compounded monthly).
    9·1 answer
  • A corporation is authorized to sell 1,000,000 shares of common stock. Today there are 500,000 shares outstanding, and the board
    9·1 answer
  • if the federal reserve decreases the reserve rate from 10% to 8%, how does this affect the amount of money that would result bec
    12·1 answer
  • Swifty Corporation is unsure of whether to sell its product assembled or unassembled. The unit cost of the unassembled product i
    9·1 answer
  • During the revision phase for an argumentative essay, a writer should
    6·1 answer
  • In determining contract formation, what is the overriding focus of the uniform commercial code (ucc)?
    11·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!