Cost of Land:Purchase price for land: 264,000Purchase price for old building : 159,000Demolition cost for old building: 32,000Cost to fill and level lot: 47,304Total cost of Land: 502,304
Cost of new building and Land improvementCost of new building: 1,232,100Cost of land improvements: 77,774Total construction cost: 1,309,874
Land (Debit 502,304)Land improvement (Debit 77,774)Building (Debit 1,232,100)Cash (Credit 1,812,178)
The answer is true. Temporary accounts are transient accounts that open with no balance at the beginning of each accounting period and close at the conclusion in order to preserve a record of accounting activity during that period.
They consist of the spending accounts, income statements, and income summary accounts. Permanent accounts include cash accounts such as accounts receivable and accounts payable. The terms asset, liability, equity, inventory, balance investments, etc. are other examples of permanent accounts. An account that shuts at the conclusion of each accounting period and has no balance when a new period starts is referred to as a transitory account.
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In such a case Shawn's company cannot and should not give out a dividend.
Since the company has just raised money, is growing and profitable and it is becoming hard to keep up with demand, this is the best time for the company to reinvest its profits to:
1. Hire more people/Buy more product
2. Improve processes
3. Use the profits to invest in R&D
4. Use the profits to invest in marketing and promotion
5. Invest in providing better customer service
So no dividend should be given since it can hamper the growth of a young company. The money should be used to grow the company for now and in the future all shareholders can enjoy good dividends.
The turnover Pulse hypothesis states that generalist eaters confronted excessive charges of extinction during the ice a long time.
The pulsed climate variability framework indicates there are durations of extreme weather variability every 400 or 800 kyr pushed via the eccentricity maxima while lakes rapidly develop and fill tons of the Rift Valley and then unexpectedly disappear.
Phylogenetic turnover quantifies the evolutionary distance among species assemblages and is principal to expertise the main drivers shaping biodiversity. its miles affected each by means of the geographic and environmental distance between websites.
The theory is that the savannah became increasing because of increasingly more arid situations, which then drove the hominin version.
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Answer: See explanation
Explanation:
1. Dr Deferred revenue 2,000
Cr. Rent revenue 2,000
2 Dr. Insurance expense 6,600
Cr. Prepaid insurance 6,600
3 Dr Salaries expense 3,000
Cr Salaries payable 3,000
4 Dr Interest expense 250
Cr Interest payable 250
5 Dr Supplies expense 3,900
Cr Supplies. 3900
N. B:
Rent revenue for December was calculated as:
= $4,000 x 1/2
= $2,000
Insurance expense for the current year was calculated as:
= $13,200 x 6/12
= $6,600
Interest expense:
= $15,000 x 10% x 2/12
= $15000 × 0.1 × 2/12
= $250
Supplies expense:
= $1,000 + $3,400 - $500
= $3,900
