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kramer
3 years ago
8

Shidan Apartments purchased an apartment building to rent to university students on November 18, 2017. The following costs were

incurred during 2017, before the tenants moved in: Purchase price of the building $220,000 Purchase price of the land 100,000 Transfer taxes 10,000 Interest incurred on the mortgage loan to purchase 4,000 Attorney and real estate agent's fees 15,000 Repave the parking lot 6,000 How much will Shidan Apartments record as an asset
Business
1 answer:
Masteriza [31]3 years ago
3 0

Answer:

$351,000

Explanation:

The computation of the amount of an asset is as follows;

Purchase price of the building $220,000

Purchase price of the land $100,000

Transfer taxes $10,000

Attorney and real estate agent's fees $15,000

Repave the parking lot $6,000

Cost of apartment $351,000

hence, the cost of an apartment is $351,000

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Answer:

Star Corp

A.

Pretax net income from continuing operations = $1,000,000

Add Accrued Vacation $50,000

Deduct additional Tax Depreciation $100,000

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Income Tax expenses = 21% x $800,000 = $168,000

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B.

Deferred income tax expense =

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C.

Reconciliation

Book Net income = $1,000,000

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Pretax net income from continuing operations = $1,000,000

Add Accrued Vacation $50,000

Deduct additional Tax Depreciation $100,000

Deduct Dividend received deductions $150,000

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Difference (a) minus (b) = $42,000 . This is a benefit to the firm (star corp) because its actual tax liability is less than what it provided for because of net deductibles not accounted for in its income statement.

5 0
3 years ago
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ivanzaharov [21]

Answer:

audit trails

Explanation:

Reports that trace the entry of and changes to critical data values are called <u>audit trails</u> and are essential in every system.

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A generic strategy attempts to convince clients to pay a premium price for its good or services by supplying unique and desirable features. Using a differentiation strategy suggests that a firm is contesting based on uniqueness, rather than price.

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When researching a specific job, what information should you be looking for?
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Hope this helps! :) have a blessed day. 
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