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
Semenov [28]
3 years ago
12

On-Time Delivery Company acquired an adjacent lot to construct a new warehouse, paying $40,000 in cash and giving a short-term n

ote for $306,000. Legal fees paid were $1,665, delinquent taxes assumed were $13,100, and fees paid to remove an old building from the land were $22,500. Materials salvaged from the demolition of the building were sold for $5,200. A contractor was paid $1,051,800 to construct a new warehouse.
Requried:
Determine the cost of the land to be reported on the balance sheet.
Business
1 answer:
Norma-Jean [14]3 years ago
3 0

Answer:

See below

Explanation:

The cost of land to be included in the balance sheet would not only include the price paid to acquire the land but also include cost or revenue received in the process while also include all activities required to bring the land to the stage in which it may be ready for usage.

With regards to the foregoing, the cost of land to be included in the balance is is

= Cash paid + short term note + legal fee + delinquent taxes + Fees paid to remove old building from the land - sales of materials salvaged from demolition of the building

= $40,000 + $306,000 + $1,665 + $13,100 + $22,500 - $5,200

= $378,065

Therefore, cost of land to be included in the balance sheet is $378,065

You might be interested in
Which of the following is the most important competitive factor in determining a company's ability to secure contracts to supply
Bogdan [553]

The company's price offer is the most important competitive factor in determining a company's ability to secure contracts to supply private-label footwear to large multi-outlet retailers of athletic footwear in a particular geographic region.

The S/Q ratings of both branded and private-label footwear manufactured at each production plant can be raised through TQM/Six Sigma quality control systems and best practices training.

Five things affect the S/Q rating: The following factors should be taken into account: (1) current-year spending per footwear model for new features and styling; (2) the percentage of superior materials used; (3) current-year expenditures for Total Quality Management (TQM) and/or Six Sigma quality control programs; (4) cumulative expenditures for TQM/Six Sigma quality control efforts (to reflect learning and experience curve effects); and (5) current-year and cumulative expenditures to train employees in using the best practices to assemble athletic footwear.

Know more about S/Q ratings click:

brainly.com/question/29618461

#SPJ4

7 0
1 year ago
Sam lives in San Diego and runs a business that sells pianos. In an average year, he receives $793,000 from selling pianos. Of t
iragen [17]

Answer:

a. explicit cost

b. explicit cost

c. implicit cost

d. implicit cost

Explanation:

Explicit costs can be defined as the actual costs incurred to run the business like supplies, utilities, materials or wages, while implicit costs can be defined as the opportunity cost of running the business like the potential salary of working in another job or the possible revenue of renting the current operating location.

a. The wages and utility bills that Sam' pays - explicit cost (actual costs)

b. The wholesale cost for the guitars that Sam' pays the manufacturer - explicit cost (actual costs)

c. The rental income Sam' could receive if he chose to rent out his showroom  - implicit cost (potential revenue lost)

d. The salary Sam' could earn if he worked as a financial advisor - implicit cost (potential revenue lost)

7 0
3 years ago
The purchase of a used pickup for $9,000 is being considered. Records for other vehicles show that costs for oil, tires, and rep
oee [108]

The equivalent uniform annual cost is $4,500 with a 10,000 mileage and $5,510 with 15,000 mileage.

<h3>What does mileage cost?</h3>

The cost per mileage depends on the total miles traveled especially in a given period of time.  The distance is multiplied by the mileage rate to obtain the mileage cost.

<h3>Data and Calculations:</h3>

Cost of used pickup van = $9,000

Costs of oil, tires, and repairs = $990

Fuel costs per year for 10,000 miles = $990

Fuel costs per year for 15,000 miles = $1,495 ($990/10,000 x 15,000).

Salvage value after 5 years drops by 8% per mile per year

Deprecation expenses per year = $1,800 ($9,000/5)

Interest rate = 8%

Annual interest = $720

Equivalent uniform annual cost for 10,000 mileage = $4,500 ($1,800 + $990 + $990 + $720)

Equivalent uniform annual cost for 15,000 mileage = $5,510 ($1,800 + $1,495 + $1,495 + $720)

Thus, the equivalent uniform annual cost is $4,500 with a 10,000 mileage and $5,510 with 15,000 mileage.

Learn more about vehicle mileage calculations at brainly.com/question/24787693

7 0
2 years ago
High and unexpected inflation has a greater cost
saw5 [17]

D. For savers in low income tax brackets than for savers in high income tax brackets.

3 0
3 years ago
Read 2 more answers
The world's largest bank, Deutsche Bank, set as its objective to make its brand name as recognizable in the United States as Fed
Gemiola [76]

Answer:

A. Tactical Planning

Explanation:

Tactical planning is a type of an organization's strategic plan used in achieving a specific goal. It's used after an organization outlines a strategic plans indicating general organizational goals and objectives. Tactical plans usually describes the methodology to be used in achieving each of those general goals in the strategic plan. It is done in order to achieve long term goals. Therefore, for Deutsche bank to be able to implement their long range plan, they need to employ the use of tactical planning.

8 0
2 years ago
Other questions:
  • Kara and simon are both middle managers at gotcha international. kara is dissatisfied because she knows that simon makes more in
    8·1 answer
  • A prototype includes ________ in a category. an exemplar includes ________ in the category.
    14·1 answer
  • Using the average score to describe a sample is an example of _____.
    15·1 answer
  • which term describes an insured, a partner or an employee with custody of insured property outside the insured premises?
    10·2 answers
  • Wholesome Bread, Inc. advertised that its honey wheat bread had 25% fewer calories than a competing brand, Valley Grains. In fac
    6·1 answer
  • Is the seller always responsible for shipping goods to the buyer?
    6·2 answers
  • The duty of all businesses to provide a significant net positive contribution to the general good of customers, employees, the c
    8·1 answer
  • Which of the following best explains the purpose of a supply schedule?
    11·2 answers
  • Which of the following statements regarding culture and government is true? Multiple Choice In the United States, there is a clo
    14·1 answer
  • भबड़े भाई ने शुरू मे पढाई का कैमा डर दिखलाया -
    7·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!