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solong [7]
3 years ago
11

On February 1, 2020, Hawser Corporation purchased a parcel of land as a factory site for $960,000. An old building on the proper

ty was demolished, and construction began on a new building which was completed on November 1, 2020.
Costs incurred during this period are listed below:
Demolition of old building $ 60,000
Architects Fees 105,000
Legal fees for title investigation and purchase contract 15,000
Construction costs 4,170,000
Salvaged materials resulting from demolition were sold for $30,000.

Hawser should record the cost of the land and new building, respectively, as _________.
Business
1 answer:
Zolol [24]3 years ago
5 0

Answer:

Cost of land = $1,005,000

Cost of building = $4,275,000

Explanation:

The calculation of cost of the land and new building is shown below:-

Cost of land = Purchase cost + Demolition of old building + Legal fees for title investigation and purchase contract - Salvaged materials

= $960,000 + $ 60,000 + 15,000 - $30,000

= $1,005,000

Cost of building = Architects Fees + Construction costs

= $105,000 + $4,170,000

= $4,275,000

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Answer:

See explanation Section

Explanation:

The journal entry to record the purchase of merchandise -

Merchandise Inventory          Debit        $300

Cash                                         Credit           $300

Note: As the perpetual inventory shows the running inventory of cost of goods available for sale. Therefore, every purchase of merchandise will directly debit the merchandise inventory and not the purchase account. Since the company paid immediately, cash decreased.

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3 years ago
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3 years ago
Given the following make-buy information, what would be the break-even point?Make Option Buy OptionFixed Costs $15000$1250Variab
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Answer:

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Explanation:

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3 years ago
Santino bought a book for $23.54 the price of the book was $22. what was the sales tax rate
notka56 [123]
Hi there! The answer is 7%

The price of the book is $ 22.
Santino bought it for $ 23.54.
Therefore, the amount of tax is $ 1.54

Now we can find the sales tax rate by using the following formula:
tax \: rate = \frac{tax}{price \: excluding \: tax} \times 100\%

Filling in gives:
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