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ollegr [7]
3 years ago
13

McCoy’s Fish House purchases a tract of land and an existing building for $900,000. The company plans to remove the old building

and construct a new restaurant on the site. In addition to the purchase price, McCoy pays closing costs, including title insurance of $2,000. The company also pays $12,000 in property taxes, which includes $8,000 of back taxes (unpaid taxes from previous years) paid by McCoy on behalf of the seller and $4,000 due for the current fiscal year after the purchase date. Shortly after closing, the company pays a contractor $45,000 to tear down the old building and remove it from the site. McCoy is able to sell salvaged materials from the old building for $3,000 and pays an additional $10,000 to level the land.Required:Determine the amount McCoy’s Fish House should record as the cost of the land.
Business
1 answer:
kherson [118]3 years ago
8 0

Answer: $962000

Explanation:

From the information given, the amount

that McCoy’s Fish House should record as the cost of the land will be:

Purchase price = $900,000

Add: Title insurance = $2000

Add: Back property tax = $8000

Add: Cost incurred to remove building = $45000

Add: Cost incurred to level the land = $10000

Less: Savage value of materials = $3000

Cost of land = $962000

Therefore, the cost of land is $962000

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Answer:

-can provide you with supplemental funds that enhance what your group does and provide new opportunities for your members

- nurture and expand awareness for the cause, project, or brand that you are raising money for

-save and change lives, cure illnesses, protect the planet and make Government change the way they operate

3 0
2 years ago
When evaluating advertising results, what technique can be used to measure consumer's beliefs or feelings about a product before
dolphi86 [110]

When evaluating advertising results, the Attitudinal measure technique can be used to measure consumers' beliefs or feelings about a product before and after exposure to the ad.

<h3>What are Pre-testing and post-testing in advertising?</h3>

Pre-testing and Post-testing. Pretesting is testing the advertisement before running it so that the likelihood of preparing the most effective ads, by allowing an opportunity to detect and eliminate weaknesses or flaws increases. Post-testing is done after the advertisement is run on the media.

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To learn more about post-testing visit the link

brainly.com/question/17238720

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8 0
1 year ago
An increase in income is always possible with out increasing expenses.<br> O True<br> False
vaieri [72.5K]
The answer is true because you don’t always have to increase your expenses .
3 0
3 years ago
One of the top-selling items at a gift shop at Hilo, HI are autographed pictures of Jack Star. Sales are 18 pictures per week, a
ValentinkaMS [17]

Answer:

a. 54

b. 810 dollars

c. 390 dollars

d. 75 pictures

e. 561.6 dollars and 562.5 dollars

f. 38 pictures

Explanation:

demand per week = 18 pictures

annually this demand = 18 *52 = 936

charge per unit = 60 dollars

order for 6 weeks = 6*18 = 108 quantities

cost of ordering = 45 dollars

cost of holding annually = 15 dollars

a. current average inventory

= (18*6)/2

= 54 pictures

b. current annual holding cost

(108/2)*15

= 810 dollars

c. current annual holding cost

= 936/108 * 45

= 390 dollars

d. size orders to be placed

= \sqrt{\frac{2*936*45}{15} }

= \sqrt{5616}

= 74.9

≈ 75 pictures have to be ordered

e. ordering holding cost per picture

936/75 * 45

= 561.6 dollars

and inventory holding cost per picture

= 75/2 * 15

=562.5 dollars

f. shop inventory per year at optimal ordering quantity

= 75/2

= 37.5

≈ 38 pictures

4 0
3 years ago
Which of the following is a “DO” regarding scannable resumes
Ratling [72]
Average recruiters eliminates a lot of applicants by scanning their resumes and find some keywords in the resume here are some "DO" things that should be in your resume :
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- do not use text box, since the scanner will categorized as graph

Hope this helps
5 0
3 years ago
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