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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

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All _____________must become part of the federal reserve system.
grin007 [14]

All  <u>national banks</u> become part of the federal reserve system.

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7 0
1 year ago
Gertrude takes out a $5,500 subsidized Stafford loan, which must be paid back in ten years. Gertrude will graduate four years af
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$2,095.30 interest will she pay by the time the loan is repaid

Solution:

The $5,500 guaranteed Stafford loan is taken from Gertrude.

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Present Value = $5,500

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So , N = 10 x 12 = 120 months.

Interest rate, R = 6.8/1200 = 0.005666667

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