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Daniel [21]
2 years ago
5

On December 1, 2020, Swifty Corporation purchased a tract of land as a factory site for $770000. The old building on the propert

y was razed, and salvaged materials resulting from demolition were sold. Additional costs incurred and salvage proceeds realized during December 2020 were as follows: Cost to raze old building $69000 Legal fees for purchase contract and to record ownership 9900 Title guarantee insurance 16400 Proceeds from sale of salvaged materials 6900 In Swifty's December 31, 2020 balance sheet, what amount should be reported as land
Business
1 answer:
seropon [69]2 years ago
6 0

Answer:

the amount reported as land is $858,400

Explanation:

The computation of the amount reported as land is shown below;

= Purchase cost + raze old building cost + ownership cost + title guarantee cost - Proceeds from sale of salvaged materials

= $770,000 + $69,000 + $9,900 + $16,400 - $6,900

= $858,400

hence, the amount reported as land is $858,400

The same would be considered

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Using the percentage-of-sales method, the estimated total uncollectible accounts are $7,322. The Allowance for Uncollectible Acc
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Answer:

B. $9,957.

Explanation:

The computation is adjusted amount for Uncollectible account expense is shown below:

= The estimated total uncollectible accounts + debit balance of Allowance for uncollectible accounts

= $7,322 + $2,635

= $9,957

For computing the adjusted amount we added the estimated total uncollectible accounts and the debit balance of Allowance for uncollectible accounts

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3 years ago
Parker & Stone, Inc., is looking at setting up a new manufacturing plant in South Park to produce garden tools. The company
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Cash flow amount = $17.52 million.

Explanation:

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3 years ago
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Zoe Corporation has the following information for the month of March: Purchases $92,000 Materials inventory, March 1 6,000 Mater
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Answer:

Zoe Company

a) Statement of Cost of Goods Manufactured:

Direct materials cost                 $90,000

Direct labor                                  25,000

Factory overhead                        37,000

Work in process, March 1           22,000

Work in process, March 31        (23,500)

Cost of goods manufactured $150,500

b) Income Statement for the month ended March 31:

Sales                                                                    $257,000

Finished goods inventory, March 1    $21,000

Cost of goods manufactured             150,500

Finished goods inventory, March 31  (30,000)

Cost of goods sold                                              $141,500

Gross profit                                                          $115,500

Sales and administrative expenses                      79,000

Net Income                                                          $36,500

c) Inventory Section of the Balance Sheet as of March 31:

Current Assets:

Inventory:

Materials inventory, March 31              $8,000

Work in process, March 31                   23,500

Finished goods inventory, March 31   30,000

Total inventory                                    $61,500

Explanation:

a) Data and Calculations:

Purchases     $92,000

Materials inventory, March 1 6,000

Materials inventory, March 31 8,000

Direct labor 25,000

Factory overhead 37,000

Work in process, March 1 22,000

Work in process, March 31 23,500

Finished goods inventory, March 1 21,000

Finished goods inventory, March 31 30,000

Sales 257,000

Sales and administrative expenses 79,000

b) Materials inventory, March 1   $6,000

Purchases                                    92,000

Materials inventory, March 31       8,000

Direct materials cost                 $90,000

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The one responsible of providing a fully inclusive document that details the mission of the organization, its objectives and their operations is called business. Business are likely to be run by a group of people in which they have a common interest or purpose in order to achieve their goal.

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