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Katena32 [7]
3 years ago
7

A company purchased land for $82,000 cash. Commissions of $8,000, property taxes of $8,500, and title insurance of $2,200 were a

lso incurred. The $8,500 in property taxes includes $5,400 in back taxes paid by the company on behalf of the seller and $3,100 due for the current year after the purchase date. For what amount should the company record the land
Business
1 answer:
AleksAgata [21]3 years ago
7 0

Answer:

the amount that company should record the land is $97,600

Explanation:

The computation of the amount that company should record the land is shown below:

The Amount should be recorded for land is

= Purchase price + Commission + Property tax paid on behalf of seller + Title insurance

= $82,000 + $8,000 + $5,400 + $2,200

= $97,600

hence, the amount that company should record the land is $97,600

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Geraths Windows manufactures and sells custom storm windows for three-season porches. Geraths also provides installation service
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Answer:

July 1

No Entry

Sep 1

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Dr Accounts Receivable $400

Dr Cost of goods sold $1,100

Cr Inventory $1,100

Cr Unearned Service Revenue $554

Cr Sales Revenue $1,846

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Dr Cash $400

Dr Unearned Service Revenue $554

Cr Service Revenue $554

Cr Accounts Receivable $400

Explanation:

Preparation of the journal entries for Geraths in 2020.

July 1

No Entry

Sep 1

Dr Cash $2,000

Dr Accounts Receivable $400

($2400-$2000)

Dr Cost of goods sold $1,100

Cr Inventory $1,100

Cr Unearned Service Revenue $554

($600/$600+$2000*$2400)

Cr Sales Revenue $1,846

($2,000/$600+$2000*$2400)

Oct 15

Dr Cash $400

($2400-$2000)

Dr Unearned Service Revenue $554

Cr Service Revenue $554

($600/$600+$2000*$2400)

Cr Accounts Receivable $400

($2400-$2000)

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3 years ago
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One-way tabulations serve several purposes in the research process. They can: a) Profile sample respondents b) Distinguish betwe
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Answer:

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Explanation:

The average salary for someone with a 4 year college degree is $51,000 (2019), that doesn't mean that Jim will earn that money, he might earn more or less, but it is a useful parameter. The average salary of someone who just finished high school is $28,000 (2019).

If we compare both average national salaries, we can assume that Jim will earn much more than Allison.

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Use the following information to answer the next two questions: A company had the following transactions during September, the f
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