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Alex_Xolod [135]
3 years ago
9

On July 1, 2021, Larkin Co. purchased a $460,000 tract of land that is intended to be the site of a new office complex. Larkin i

ncurred additional costs and realized salvage proceeds during 2021 as follows: Demolition of existing building on site $ 71,000 Legal and other fees to close escrow 12,900 Proceeds from sale of demolition scrap 8,600 What would be the balance in the land account as of December 31, 2021
Business
1 answer:
vova2212 [387]3 years ago
3 0

Answer:

$75,300

Explanation:

The computation of the balance in the land is shown below;

Purchase cost

$460,000

Add:

Demolition of existing building on site

$71,000

Add:

Legal and other fees to close escrow

$12,900

Less:

Proceeds from the sale of demolition scrap

($8,600)

Balance in the land

$75,300

Therefore, balance in the land account as of December 31, 2021 is $75,300

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Answer and Explanation:

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7 0
3 years ago
Use the following data to calculate the current ratio. Wildhorse Co. Balance Sheet December 31, 2022 Cash $187000 Accounts payab
34kurt

Answer: 2.46: 1

Explanation:

The Current ratio is used to determine if the current assets of a business can be used to pay off its current liabilities.

Current Ratio = Current assets / Current Liabilities

Current Assets = Cash + Accounts receivable + Inventory + Prepaid insurance

= 187,000 + 150,000 + 152,000 + 88,400

= $‭577,400‬

Current Liabilities = Accounts payable + Salaries and wages payable

= 208,000 + 26,500

= $‭234,500‬

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4 0
3 years ago
An eligible employee may take unpaid leave under the Family and Medical Leave Act for family or medical reasons, or in certain s
Aliun [14]

An eligible employee may take unpaid leave under the Family and Medical Leave Act for family or medical reasons, or in certain situations for military service: TRUE

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Answer:

The correct answer is letter "B": functional managers.

Explanation:

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As a standard aim, purpose for at the least 30 minutes of slight bodily interest every day. if you want to lose weight, maintain weight reduction, or meet unique fitness dreams, you could want to exercise more. Reducing sitting time is crucial, too. The extra hours you sit down each day, the higher your chance of metabolic troubles.

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