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
wariber [46]
3 years ago
10

Castille Corp. purchases, for $600,000, land upon which a building and a dilapidated shed are situated. Castille plans to use th

e building as-is for operations but immediately razes the shed at a cost of $5,000 minus scrap recovery of $1,000. A recent tax appraisal of the property allocated $100,000 to the land and $400,000 to the building. In the entry to record the acquisition of the property, at what amount will Castille debit Land
Business
1 answer:
goldenfox [79]3 years ago
3 0

Answer:

$120,800

Explanation:

Give that;

Cost of land = $600,000

Associated expenses :

Razing down the shed = $5,000

Income from scrap = $1,000

Total expenses = $4,000

The total cost of the land would be;

Total cost of land = Cost of land + Total expense

= $600,000 + $4,000

= $604,000

Tax allocation: land and building = $500,000

Land allocation will now be

= 100,000/500,000 × $604,000

= 0.2 × $604,000

= $120,800

You might be interested in
Sarah is an accountant with desires to open her own business. she is looking for office space at a reasonable rate along with in
seropon [69]

Sarah is an accountant with desires to open her own business. she is looking for office space at a reasonable rate along with internet service. of the conditions that need to be put in place for the entrepreneurial ecosystem, she needs social and cultural norms.

Social norms are unwritten rules about how to behave but also how things 'just are' within society. Sarah is use to having internat at a rate she can afford but needs to make sure the best rate for running her business approriately is in place. These norms are similar to cultural norms that are what is unspoken to us based on the environment in which we live. They may change as the environment adapts depending on each situation.

3 0
3 years ago
MacCloud Industries has two divisions-Standard and Premium. Each division has hundreds of different types of tennis racquets and
Helen [10]

Answer and Explanation:

a. The computation of the weighted average contribution margin ratio is shown below:

The Contribution margin ratio is

= (Combined contribution ) ÷ (Sales)

= ($60,000 + $180,000) ÷ ($1,000,000)

= ($240,000) ÷ ($1,000,000)

= 0.24

b. Now the break even point in dollars is

= Fixed cost ÷ contribution margin ratio

= $300,000 ÷ 0.24

= $1,250,000

We simply applied the above formula so that the correct value could come

And, the same is to be considered

3 0
3 years ago
Clarissa wants to fund a growing perpetuity that will pay $6000 per year to a local museum, starting next year. She wants the an
likoan [24]

Answer:

She needs $150,000 to fund this perpetuity.

Explanation:

In this question we need to find the present value of this perpetuity. Because this is a growing perpetuity we will need to use the formula of present value of a growing perpetuity.

PV of growing perpetuity = Payment/ R-G

The payment is the current payment the perpetuity will pay which is 6,000, R is the interest rate which is 10% and G is the growth rate of the perpetuity which is 6%. Now we will input these values in the formula in order to find the present value of the perpetuity.

6,000/0.1-0.06

=6,000/0.04

=150,000

4 0
3 years ago
Panda Company is owned equally by Min, her husband, Bin, her sister Xiao, and her grandson, Han, each of whom hold 100 shares in
otez555 [7]

Answer:

300 shares

Explanation:

Based on Family attribution rules the rules often requires that the family attribution should occur between parents, their children and grandchildren, regardless of their age.

But based on the information given in which Panda Company is owned equally by Min, her husband, Bin, her sister Xiao, and her grandson, Han in which each of them hold 100 shares in the company which means Under the family attribution rules we would excludes Min sister Xiao from the shares.

Hence, the shares of Panda stock that Min is deemed to own will be:

Min +husband Bin + her grandson Han =3 individual

100 shares ×3=300 shares

Therefore Under the family attribution rules, 300 shares of Panda stock is what Min is deemed to own

7 0
3 years ago
MC Qu. 93 Schrank Company is trying to decide how... Schrank Company is trying to decide how many units of merchandise to order
ss7ja [257]

Answer:

43,000 units

Explanation:

Given that,

Projected sales in August = 48,000

Projected sales in September = 38,000

Projected sales in October = 58,000

Ending inventory is the 25% of the next month's sales.

The units purchased in the month of September includes the amount of sales in this month and the amount of ending inventory for this month but the amount of beginning inventory excludes from this calculation of purchases.

Ending inventory for September:

= 25% of the next month's sales

= 0.25 × Sales in October

= 0.25 × 58,000

= 14,500

Here, the opening inventory for September is the amount of ending inventory for August.

Opening inventory for September:

= 0.25 × Sales in September

= 0.25 × 38,000

= 9,500

Units to be purchased:

= Sales in September + Ending inventory for September - Opening inventory for September

= 38,000 units + 14,500 - 9,500

= 43,000 units

8 0
3 years ago
Read 2 more answers
Other questions:
  • Many firms are finding that high-tech, computerized training has dual benefits. It develops employees who are more effective and
    6·1 answer
  • Companies usually prefer hiring third-country nationals for filling positions in host-countries. True False
    12·1 answer
  • What is the stock price per share for a stock that has a required return of 16%, an expected dividend $2.7 per share, and a cons
    10·1 answer
  • The top management of the company asks Earl to make use of a rating scale that will rate the​ employees' actual job behaviors. T
    8·1 answer
  • The penalty for a substantial understatement is triggered when ____
    15·1 answer
  • On January 1, 2005 Franz Company purchased a truck that cost $22,000. The truck had an expected useful life of 5 years and a $4,
    11·2 answers
  • Reese, a calendar-year taxpayer, uses the cash method of accounting for her sole proprietorship. In late December, she received
    12·1 answer
  • Isaac Inc. began operations in January 2021. For some property sales, Isaac recognizes income in the period of sale for financia
    10·1 answer
  • Adjustable or variable
    8·1 answer
  • Porter's model of business activities includes ________, which are interactions across value activities.
    6·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!