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
rjkz [21]
3 years ago
15

Ratliff Development Corporation purchases a tract of land in 2018 at a cost of $120,000 and subdivides the land into 30 building

lots. The cost of subdividing is $6,000. In 2018, Ratliff installs roads and utilities at a cost of $36,000 and pays property taxes totaling $2,000 in 2018 and 2019. Interest paid on the loan used to purchase the land is $10,000 in 2018 and $6,000 in 2019. In 2019, Ratliff sells 10 lots for a total of $350,000. What is the corporation’s gain or loss on the sale of the lots?
Business
1 answer:
puteri [66]3 years ago
5 0

Answer:

$ 290,000

Explanation:

$ 120,000 Land cost

<u>Expenses</u>  

$   6,000 Subdividing

$ 36,000 Roads and Utilities

$ <u>  2,000</u> Taxes

$ 44,000 Total

<u>Interest</u>  

$ 10,000 2018

$ <u>6,000</u> 2019

$ 16.000 Total

<u>Cost of Each Lot</u>  

$ 120,000 Land cost

$  44,000 Total Expenses

$  <u> 16,000</u> Interest  *

$ 180,000 Total Cost

$     6,000      Each   ( $ 180,000 / 30 units ) *

<u>Quantity  sold:  30 </u>

$ 6,000 Cost per unit

<u>Sales</u>  

10 x $ 35,000    =   $ 350,000  

 

<u>Income Statement</u>  

Sales $ 350,000

Cost $<u>   (60,000) </u>  ( = $ 6,000 x 10 units ) *

Gain $ 290,000     *

<em>* Includes financing costs</em>

You might be interested in
The ________ is used in part used to inform prospective buyers about the benefits of the product. a. promotional mix b. promotio
Papessa [141]

Answer:

The correct answer is D that is Marketing Mix

Explanation:

Marketing Mix is the term which is stated as the set of tools, actions or the tactics, which a business, firm or company uses in order to promote the product in the market.

It is used in order to inform or provide the knowledge to the buyers or the prospective clients regarding the product uses, features as well as benefits.

7 0
3 years ago
Billie Bradford worked for the Kentucky Department of Community Based Services (DCBS). One of Bradford’s co-workers, Lisa Stande
ololo11 [35]

Answer:

1. sexual

2. gender

3. quid pro quo

4. a) was not; b) did not

5. pattern

6. a) severe b) alter c) abusive

7. yes

8. yes

Explanation:

Stander´s conduct was sexually offensive because the coworker repeatedly complained about the situation. Also you can see a pattern because Stander´s behavior cannot be counted as a single event, but occured on various occasions.

3 0
3 years ago
If the mean time between in-flight aircraft engine shutdowns is 12,500 operating hours, the 90th percentile of waiting times to
Elis [28]
To determine the 90th percentile of waiting times to the next shutdown, we use the formula 
(10)* E[X] = 2.30258509*E[X] 2.30258*12500 =  28782.31 HOURSTherefore, the 90th percentile of waiting times to the next shutdown will be approximately 28782 hours
8 0
3 years ago
True or False:
rusak2 [61]

Answer:

Check the explanation

Explanation:

Efficient market theory states that the security price reflects all the available information of the market. It means there is no reason to believe that prices are incorrect.  

Thus, the given statement is false.  

The past data is not useful for decision making. Information of past trends may not help the investor to earn abnormal returns.  

The statement is consistent with weak form efficiency as current price reflects the past price movements.  

Thus, the statement belongs to weak form efficiency.  

The stock price will increase and settle at a new equilibrium level.  

4 0
3 years ago
3x5=?<br><br> IRMAĞININ AKIŞINA ÖLÜRÜM TÜRKİYEM
Margarita [4]
The answer is 15. Hope this helps!
6 0
3 years ago
Other questions:
  • These are selected 2022 transactions for Flounder Corporation: Jan. 1 Purchased a copyright for $96,000. The copyright has a use
    13·1 answer
  • Suppose the following two events occur at the same time: the Chicago Cubs win the World Series, and the workers who make Cubs me
    12·1 answer
  • Problem 10-3 eastman publishing company is considering publishing an electronic textbook about spreadsheet applications for busi
    6·1 answer
  • Five independent projects are available for a small manufacturing company. Which projects should be selected if initial investme
    9·1 answer
  • Last year Martha could grow 20 bushels of basil or 25 bushels of cilantro on each acre of land that she farmed. This spring, she
    9·1 answer
  • On January 1 of the current year, Barton Corporation issued 12% bonds with a face value of $83,000. The bonds are sold for $78,8
    11·1 answer
  • What has happened to income inequality in the United States in recent years?
    9·2 answers
  • Define ''limited in stock''
    6·1 answer
  • You are in the process of preparing the final draft of an important proposal. Accuracy will be extremely important to the succes
    14·1 answer
  • A very useful guide for making investment decisions is: The shorter the payback period, the more profitable the project. Group s
    15·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!