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Kamila [148]
3 years ago
10

A company incurred the following costs associated with the purchase of a piece of land that it will use to re-build an office bu

ilding: Purchase price of the land $ 540,000 Sale of salvaged parts already on land $ 22,000 Demolition of the old building $ 39,000 Ground-breaking ceremony (food and supplies) $ 1,500 Land preparation and leveling $ 7,500 What amount should be recorded for the purchase of the land?
Business
1 answer:
elena55 [62]3 years ago
5 0

Answer:

Cost of land= 564,500

Explanation:

Cost of land = Purchase price - Salvage + Demolition cost + Land preparation

= 540,000 - 22,000 + 39,000 + 7,500

= 564,500

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Money is neutral in:___________
babunello [35]

Answer:

C

Explanation:

Money neutrality is a theory which submits that money supply only affect nominal variable and not real variables.

Nominal variables include price, wages and exchange rate

real variables include employment and real GDP

Money is only neutral in the long run and not in the short run because of money illusion. Money illusion causes economic agents to respond to money supply changes.

Money is neutral only in the long run

8 0
2 years ago
Samantha is the store manager of a sporting goods store. A customer came in to return a fishing reel because the reel did not wo
Arturiano [62]
The type of account Samantha should recod the transaction is the contra account.
8 0
3 years ago
Strategic planning is the managerial process of creating and maintaining a fit between the organization's objectives and resourc
Thepotemich [5.8K]

Answer:

TRUE

Explanation:

Strategic planning is an essential tool for any company, regardless of its size or area of activity, through it the company identifies what its objectives and goals are for a period of time and develops action plans to achieve them. Through strategic planning, the company also seeks to identify its mission, vision, values, policies and procedures that will assist it in reaching its goals.

To be effective, it must be aligned with the organizational identity, be properly implemented and monitored.

7 0
2 years ago
Annapolis Company was recently sold for $470,000. Annapolis had assets & liabilities appraised at the time of the sale in th
MissTica

Answer:

$215,000

Explanation:

Goodwill is the excess of purchase consideration over the net asset of a company. It is an intangible asset

Good will = Purchase consideration - net asset

Net assets is the difference between the company's assets and its liabilities.

Net asset = $135,000 + $275,000 + $500,000 - $655,000

= $255,000

Goodwill = $470,000 - $255,000

= $215,000

Goodwill for this transaction is $215,000.

6 0
3 years ago
The admission of a new partner to an existing partnership:
Lapatulllka [165]

Answer:

The correct answer is letter "B": Causes a legal dissolution of the existing partnership.

Explanation:

A Partnership is an organization that operates a business with two or more owners. They share the profits in proportion to their partnership interest in percentage terms. There are two types of partnerships: general partnerships (<em>unlimited liability</em>) and limited partnerships (<em>passive members who are responsible depending on how much money they contribute to the company</em>).

Every time one of the partnership members passes away, retires, or another partner will be added, the existing partnership legally dissolves creating a new entity.

6 0
3 years ago
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