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
gulaghasi [49]
3 years ago
13

These expenditures were incurred by Carla Vista Co. in purchasing land: cash price $61,440, accrued taxes $4,720, attorney’s fee

s $2,660, real estate broker’s commission $3,360, and clearing and grading $4,060. What is the cost of the land? The cost of the land $
Business
1 answer:
ludmilkaskok [199]3 years ago
3 0

Answer:

Cost of land = $76,240

Explanation:

Cost of land = cash price + accrued taxes + attorney's fees + broker's commission + clearing and grading

Cost of land = $61,440 + $4,720 + $2,660 + $3,360 + $4,060

Cost of land = $76,240

  • Original cost is the total price associated with the purchase of an asset.
  • The original cost of an asset takes into consideration all of the items that can be attributed to its purchase and to putting the asset to use.
  • These costs include the purchase price and such factors as commissions, transportation, appraisals, warranties and installation and testing.
  • Original cost can be used to value an asset type, including equipment, real estate and security instruments.
You might be interested in
Matt and Meg Comer are married and file a joint tax return. They do not have any children. Matt works as a history professor at
oksano4ka [1.4K]

Answer:

Explanation:

Given that:

Matt and Meg Comer are married, file a joint tax return and do not have any children.

The total salary of Matt and Meg = $64,700 + $34,000 = $98,700

The net short capital gain = Short-term capital gains - Short-term capital losses

The net short capital gain =  $9,200 - $2,200 = $7,000

The net Long term capital gains = Long-term capital gains - Long-term capital losses

The net Long term capital gains = $15,390 - $6,390 = $9000

The Adjusted gross income AGI = Total Salary + net short capital gain + net Long term capital gains

The Adjusted gross income AGI = $98,700 + $7,000 +  $9000

The Adjusted gross income AGI = $114700

The Taxable income = Adjusted gross income AGI - Standard deduction

The Taxable income = $114700 - $24,400

The Taxable income = $90,300

The net taxable income = Taxable income - less preferentially taxed income

The net taxable income =  $90,300 - $9000

The net taxable income =  $81,300

For 2019:

Tax Liability = $9086 + ($81,300 - $78,950) × 22%    

Tax Liability = $9086 + ($2,350)  × 0.22

Tax Liability = $9086 + $517

Tax Liability = $9,603

The long-term capital gain for 2019 = $9,000 ×  15%    (since it is between  15% - 37% ordinary income tax range, it may be taxed as 15%)

The long-term capital gain for 2019 = $9,000 ×  0.15

The long-term capital gain for 2019 = $1350

Therefore;  the Comers’ tax liability for 2019 if they report the following capital gains and losses for the year is:

Tax Liability  + The long-term capital gain for 2019

= $9,603 + $1350

= $10953

b.

The total salary of Matt and Meg = $64,700 + $34,000 = $98,700

The net short capital gain = Short-term capital gains - Short-term capital losses

The net short capital gain =  $1,500 - $0 = $1,500

The net Long term capital gains = Long-term capital gains - Long-term capital losses

The net Long term capital gains = $10,500 - $10,200 = $300

The Adjusted gross income AGI = Total Salary + net short capital gain + net Long term capital gains

The Adjusted gross income AGI = $98,700 + $1,500 +  $300

The Adjusted gross income AGI = $100,500

The Taxable income = Adjusted gross income AGI - Standard deduction

The Taxable income = $100500 - $24,400

The Taxable income = $76,100

The net taxable income = Taxable income - less preferentially taxed income

The net taxable income =  $76,100 - $300

The net taxable income =  $75,800

For 2019:

Tax Liability = $1940 + ($75,800 - $19,400) × 12%

Tax Liability = $1940 + ($56400)  × 0.12

Tax Liability = $1940 + $6768

Tax Liability = $8,708

The long-term capital gain for 2019 = $3,190 ×  0%        (since it is in 10% - 15% ordinary income tax range)

The long-term capital gain for 2019 = $0

Therefore;  the Comers’ tax liability for 2019 if they report the following capital gains and losses for the year is:

Tax Liability  + The long-term capital gain for 2019

= $8,708 + $0

= $8708

5 0
3 years ago
Away Travel filed suit against West Coast Travel seeking damages for copyright violations. West Coast Travel's legal counsel bel
Zepler [3.9K]

Answer:

As a disclosure only. No liability is reported

Explanation:

According to the International Accounting Standard IAS 37 Provisions, Contingent Liabilities and Contingent Assets, contingent liability can only be recorded if the likelihood of recording of the loss is reasonably probable and in this case the chances of occurence of the liability is reasonably possible which must not be recorded. The only effect would be disclosing the litigation matter and not including the liability amount that will arise if it goes wrong.

7 0
3 years ago
A company undergoing _____ completely redesigns its work processes, hoping for dramatic improvements in the efficiency and effec
netineya [11]

Answer: Business process re-engineering

Explanation:

Business Reengineering is the fundamental rethinking and radical redesign of business processes to achieve dramatic improvements in critical, contemporary measures of performance, such as cost, quality, service, and speed” – Michael Hammer and James Champy

Business process reengineering is an approach used to improve organizational performance by increasing the efficiency and effectiveness of processes that exist across the organization. In addition to the redesigning of business processes, it also involves the redesigning of associated systems and organizational structures.

5 0
3 years ago
For each of the following items before adjustment, indicate the type of adjusting entry (prepaid expense, unearned revenue, accr
igor_vitrenko [27]

Answer:

See explanation

Explanation:

(a) Assets are understated - If we do not adjust accrued revenue, the assets are understated. For example - if we do not add any outstanding rent revenue, the assets will become understated.

(b) Liabilities are overstated - If we do not adjust unearned revenue, the liabilities are overstated. For example - if we do not deduct any expired unearned revenue, the liabilities will become overstated.

(c) Liabilities are understated - If we do not adjust accrued expense, the liabilities are understated. For example - if we do not add any outstanding rent expense, the liabilities will become understated.

(d) Expenses are understated - If we do not adjust accrued expense and prepaid expense, the expenses are understated. For example - if we do not add any outstanding rent expense and expired prepaid expenses, the expenses will become understated.

(e) Assets are overstated - If we do not adjust prepaid expense, the assets are overstated. For example - if we do not deduct any expired prepaid insurance, the assets will become overstated.

(f) Revenue is understated - If we do not adjust accrued revenue and unearned revenue, the revenue is understated. For example - if we do not add any outstanding rent revenue and expired unearned revenue, the revenue will become understated.

3 0
3 years ago
Why is it important to understand which insurance network you are in
spin [16.1K]

Answer:

Because different insurance networks provide seperate benefits. For example a health insurance provider would give you injury-related insurances etc.

8 0
2 years ago
Other questions:
  • Round to the nearest unit.Happy Pet, Inc., is a large pet store located in Long Beach Mall. Although the store specializes in do
    12·1 answer
  • Vivian, as a vice-president of marketing, is far removed from the research and development department. However, she keeps a clos
    12·1 answer
  • Effects of containerisation,..... 10 points
    9·1 answer
  • During the High Middle Ages, the bureaucracies of England and France became increasingly staffed with Select one: a. canon lawye
    5·1 answer
  • With the proliferation of data mining analysis due to scanner data with tens of thousands of records, online surveys that garner
    10·1 answer
  • Suppose that the state of Massachusetts enacts a law that forbids Mexico and businesses located in that country from doing busin
    13·1 answer
  • One hundred of the voters in a town are willing to pay $100 each to support a public green space, which will cost $10,000 to bui
    9·1 answer
  • Escareno Corporation has provided its contribution format income statement for June. The company produces and sells a single pro
    8·1 answer
  • What enables a oligopoly to form within a market
    14·1 answer
  • How do you promote an event with no money?.
    13·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!