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
MAXImum [283]
3 years ago
7

Durango, Inc. purchased a parcel of land for $450,000. It paid attorney fees of $3,000 to verify title to the land. In addition,

it paid a broker's fee of $7,500 to help find a suitable parcel of land. This parcel of land should be recorded in the accounting records for:_______.
A. $453,000.
B. $450,000.
C. $457,500.
D. $460,500.
Business
2 answers:
Crank3 years ago
8 0

Answer:

D. $460,500

Explanation:

Given that

Cost of parcel of land = 450000

Legal fees = 3000

Broker's fees = 7500

Therefore,

Amount recorded as cost of parcel of land is

Cost of parcel of land + legal fees + brokers fee

= 450000 + 3000 + 7500

= $460,500

When purchasing land, fees like commissions, legal fees, bank fees, title fees and other expenses added before the land can be used are considered as part of the land's cost. Hence the answer.

anastassius [24]3 years ago
8 0

Answer:

D. $460,500

Explanation:

From the question, we have the following values

Purchased of parcel of land = $450,000

Attorneys fees = $3,000

Broker's fees = $7,500

To evaluate this, we need to add every money being spent to purchased the parcel of land

Which we have as

Purchased of parcel of land + attorneys fees + brokers fee which which we have as

= 450000 + 3000 + 7500

= $460,500

Because for one to buy a land, fees been spent on the process of buying the land will be added which will give the total cost of the land.

You might be interested in
Ben Perez is driving along a mountain road. In the distance, he sees a road crew working on a fallen tree that has blocked the h
Morgarella [4.7K]

Answer:

B. Exposure.

Explanation:

The act exhibited by the highway crew can easily be explained to be exposure because of his stance from a mountain end and their reaction.

Measurement of exposure is generally defined as some form of

the amount of travel, either by vehicle or on foot. Once the amount of travel

is known for certain activities, or road users, and if we know the number of

crashes that are associated with that activity or population, the associated

risk can be calculated. Also the various ways of measuring the amount of travel are referred to collectively as exposure

data because they measure traveller’s exposure to the risk of death or

injury.

7 0
3 years ago
Assume a company buys a machine worth $1 million and pays for it by borrowing the funds from a bank. The firm's assets will rise
FinnZ [79.3K]

Answer:

True

Explanation:

When machine is purchased, then the assets increase by the carrying or purchase value of the machine purchased. Here, it is of $1 million.

Further, when it is purchased as against any credit, it creates a liability with the same amount.

Since here also the liability amount = $1 million, it will be recorded with the same.

As there is no involvement of Equity or Retained earnings this do not lay any impact on carrying value of owners equity.

Thus, it is True.

6 0
3 years ago
The cost to manufacture one unit of Rinker Audio Products' bestselling hearing aid, the Magnifier, is $87.50. The CFO of the com
padilas [110]

Answer:

d. economies of scale

Explanation:

Based on the information provided within the question it can be said that this concept is known as an economy of scale. Like mentioned in the question this concept states that as a company scales their operation, the cost of each input unit decreases as their output or production increases, Thus granting the company a cost advantage. As is happening in this scenario.

4 0
3 years ago
What is the basic objective of monetary policy? What are the major strengths of monetary policy? Why is monetary policy easier t
Mars2501 [29]

Answer: The answers to the question are provided below.

Explanation:

The basic objective of the monetary policy is to achieve economic growth, full employment, and price stability in an economy. The major strengths of the monetary policy are its flexibility and speed when compared to fiscal policy. Monetary policy is faster to implement and brings about desired changes faster.

Monetary policy is easier to conduct than fiscal policy because:

• Monetary policy is implemented by independent monetary authorities. Therefore, unpopular decisions such as the increase of interest rates to decrease inflationary pressure can be used.

• Fiscal Policy is the use of taxation and government spending to control economic activities but it is difficult to get a department that is willing to have its spending cut in order to help the economy.

• Increasing taxes will always be unpopular among individuals and firms and increasin corporations and income tax may lead to supply side effects. For example, increasing income tax may lead to the reduction in the incentives to work.

Fiscal and monetary policies are both effective. In a deep recession and a liquidity trap, the fiscal policy can be more effective than the monetary policy because the government creates job, pays for new investment schemes, rather than relying on the use of monetary policy to indirectly motivate businesses to invest. Likewise, the monetary policy is also more flexible and faster.

4 0
4 years ago
Which investment is the riskiest, but has the potential to earn you the most money? savings account stocks treasury bonds munici
Rudik [331]
Sorry you never got an answer and are only getting one after 2 years :(
But for everyone in the future who wants to use this for help the answer is Stocks!
7 0
3 years ago
Read 2 more answers
Other questions:
  • The demand for most products varies directly with changes in consumer incomes. Such products are known as_________.
    13·2 answers
  • The fundamental attribution error:______ a. advantages non-dominant group members while disadvantaging dominant group members. b
    7·1 answer
  • Liquidity risk is defined as the risk of A. not being able to sell an investment conveniently and at a reasonable price. B. havi
    9·1 answer
  • Maddie noticed that many students on campus had t-shirts and sweatshirts with Greek organization letters or club names on them.
    12·1 answer
  • What is the definition of stakeholders​
    7·1 answer
  • 1. Spratt Company purchased Treasury bond futures contracts when the quoted price was 93-50. When this position was closed out,
    11·1 answer
  • Recently Kaden switched jobs from a large firm to a medium-sized firm. As one of four project managers at the new firm, Kaden re
    12·1 answer
  • Project L costs $45,000, its expected cash inflows are $11,000 per year for 8 years, and its WACC is 8%. What is the project's d
    14·1 answer
  • When it comes to market sizing, things tend to be a bit __________ for b2b sellers compared to b2c sellers.
    9·1 answer
  • The u.s. government may require that apparel imported into the united states should use u.s. cotton, or use a certain amount of
    10·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!