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
Fittoniya [83]
3 years ago
6

On-Time Delivery Company acquired an adjacent lot to construct a new warehouse, paying $27,000 and giving a short-term note for

$247,000. Legal fees paid were $2,435, delinquent taxes assumed were $15,100, and fees paid to remove an old building from the land were $19,400. Materials salvaged from the demolition of the building were sold for $4,100. A contractor was paid $833,000 to construct a new warehouse.
Required:
1. Determine the cost of the land to be reported on the balance sheet.
Business
1 answer:
crimeas [40]3 years ago
5 0

Answer:

$306,835

Explanation:

Data provided

Legal fees paid = $2,435

Delinquent taxes = $15,100

Fees paid to remove old building = $19,400

Material salvage sold = $4,100

The computation of the cost of the land to be reported on the balance sheet is below:-

Amount paid to acquire adjacent lot = $27,000 + $247,000

= $274,000

Total cost of land = Amount paid to acquire adjacent lot + Legal fees paid + Fees paid to remove old building - Material salvage sold

= $274,000 + $2,435 + $15,100  + $19,400  - $4,100

= $306,835

You might be interested in
According to the text, the most logical budget-setting method in advertising is the ________ method. objective-and-task affordab
sukhopar [10]
The correct answer is known as "Objective and Task Method".
The Objective and Task Method is the method of advertising wherein a business defines one's advertising expenses in order to allocate the marketing budget based on their wanted objectives. For a company to be able to use this method they must be able to define the results they want out of advertising and the  tactics needed in order to achieve the said results. 
6 0
3 years ago
True or false: stakeholders are individuals or companies that legally own a portion of the company and are not influenced by the
dimulka [17.4K]

It is a false statement that the stakeholders are individuals or companies that legally own a portion of the company and are not influenced by the actions of of that company.

<h3>Who are stakeholders?</h3>

These are investors that has a vested interest in a company and can either affect or be affected by a business' operations and performance. Some examples of a stakeholders includes investors, employees, customers, suppliers, communities, governments, trade associations etc.

However, It is a false statement that the stakeholders are individuals or companies that legally own a portion of the company and are not influenced by the actions of of that company.

Read more about stakeholders

brainly.com/question/15532995

#SPJ1

7 0
2 years ago
The cost object of the plantwide overhead rate method is: Select one:
Oduvanchick [21]

The cost object of the plant-wide overhead rate method is "The unit of product"

Explanation:

Unit cost is the total production cost divided by the number of units manufactured. A company usually produces similar products in lots with hundreds or thousands of units per batch.

An overall overhead rate for the entire plant is a single level used only to allocate or assign all overhead production costs for a company to its output of production. Products for easier operation, such as assembly, can be allocated overhead at a level of $20 per hour of direct work.

5 0
3 years ago
A company that uses an in-house advertising department might turn its advertising and promotion tasks over to an outside agency
Tema [17]

Explanation:

think the answer is E all of the Above

8 0
3 years ago
List the professional skills categories required for kinesiology practitioners to be successful
KatRina [158]
To be succesful, kinesiology practicioners need to:

- Master all the knowledge regarding human body and how they operate
- the ability to build relationship with other people so they could trust you as a client.
- Following/obeying all the ethical codes for the job
- Fulfill the expectation that patients had by suing their services.
4 0
3 years ago
Other questions:
  • XYZ Corp is doing a study of consumers' use of soap across the US. The questiuonnaire for the sttudy will include questions abou
    6·1 answer
  • At December 31, 2018, Moonlight Bay Resorts had the following deferred income tax items: Deferred tax asset of $54 million relat
    10·1 answer
  • The use of a test for firefighters that requires candidates to carry a 100 pound sack down a ladder could result in certain grou
    12·2 answers
  • Nathan Herrmann has completed the basic format to be used in preparing the statement of cash flows (indirect method) for CEO Con
    6·1 answer
  • In order to avoid shortsightedness, today marketers are moving toward viewing communications as managing the ________.
    6·1 answer
  • Jim and Carolyn, who are married, establish a Coverdell Education Savings Account to pay for the future college expenses of thei
    11·1 answer
  • The primary difference between the accrual basis and the cash basis of accounting is: (You may select more than one answer. Sing
    7·1 answer
  • David, the manager of a bookstore, prefers to directly point out other's mistakes. Some employees see his communication style as
    7·1 answer
  • Headland Company loans Sarasota Company $2,190,000 at 6% for 3 years on January 1, 2020. Headland intends to hold this loan to m
    15·1 answer
  • ____ allow a company to monitor whether salespeople are engaging in tasks such as calling on new accounts, collecting past-due a
    7·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!