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anastassius [24]
3 years ago
7

Waterway Industries purchased land as a factory site for $1330000. Waterway paid $112000 to tear down two buildings on the land.

Salvage was sold for $8000. Legal fees of $5140 were paid for title investigation and making the purchase. Architect's fees were $46900. Title insurance cost $3900, and liability insurance during construction cost $4200. Excavation cost $15760. The contractor was paid $4200000. An assessment made by the city for pavement was $9700. Interest costs during construction were $251000.
a. The cost of the land that should be recorded by Wilson Co. is:_________
b. The cost of the building should be recorded by Wilson Co. is:______
Business
1 answer:
nasty-shy [4]3 years ago
6 0

Answer:

A. $1,487,840

B. $4,517,860

Explanation:

a. Calculation for The cost of the land that should be recorded by Wilson Co

Cost of Land=$1,330,000+$112,000-$8,000+$5,140+$39,00+$9,700

Cost of land=$1,487,840

Therefore The cost of the land that should be recorded by Wilson Co. is:$1,487,840

b. Calculation for The cost of the building should be recorded by Wilson Co

Cost of building=$46,900 + $4,200 + $15,760 + $4,200,000 + $251,000

Cost of building=$4,517,860

Therefore The cost of the building should be recorded by Wilson Co. is: $4,517,860

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julia-pushkina [17]

Urgency has the advertising company used to persuade you to buy the face cream

What is the Urgency technique?

In order to convince their audience and potential consumers to buy your product or obtain it at the best price, professionals in the field of sales utilize the tactic of urgency. Making clients feel pressured into making a purchase immediately rather than later can assist.

The audience's fear of missing out on something worthwhile, or FOMO, is frequently the target of urgent advertising. Typically, two factors must be combined in order to successfully appeal to this fear of missing out. The adverts often start out by explaining why the product is appealing. Second, they restrict the number of products offered, provide a sale price for a brief period of time, or combine these two standards.

What are the advantages of increasing sales urgency?

Your organization can profit in a number of ways from instilling a sense of urgency in sales. The following are a few of the most typical advantages of building urgency in sales:

assisting clients in taking quick decisions

Increasing sales and the perceived worth of your goods

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simplifying the purchasing process for your clients

lowering the likelihood that buyers will make different choices

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7 0
1 year ago
Pretzelmania, Inc., issues 5%, 20-year bonds with a face amount of $50,000 for $44,221 on January 1, 2021. The market interest r
Art [367]

Answer: Please see Explanation for answer.

Explanation:

January 01, 2021:

Cash Debit 44,221

Bonds Payable Credit 44,221

Since the bonds were sold at a discount, the entry to record the first interest payment (using straight line amortization of the premium) would be:

Interest expense ($44,221× 6% × 6months/12months ) = $1,326.63 =$1,327

Cash is given as ($50,000 × 5% ×6months /12months) = $1,250

June 30, 2021:

Interest Expense Debit---$1,326.63 Bonds Payable Credit $77

Cash Credit $1,250

5 0
3 years ago
At the beginning of the current period, Griffey Corp. had balances in Accounts Receivable of $200,000 and in Allowance for Doubt
Wewaii [24]

Answer:

  • (a) Prepare the entries to record sales and collections during the period.

Dr Accounts Receivable  $ 800,000  

Cr Sales  $ 800,000

Dr Cash   $ 763,000  

Cr Accounts Receivable   $ 763,000

  • (b) Prepare the entry to record the write-off of uncollectible accounts during the period

Dr Allowance for Uncollectible Accounts $ 7,300  

Cr Accounts Receivable   $ 7,300

  • (c) Prepare the entries to record the recovery of the uncollectible account during the period.

Dr Accounts Receivable  $ 3,100  

Cr Allowance for Uncollectible Accounts  $ 3,100

Dr Cash $ 3,100  

Cr Accounts Receivable   $ 3,100

  • (d) Prepare the entry to record bad debt expense for the period.

Dr Bad Debt Expense $ 20,200  

Cr Allowance for Uncollectible Accounts  $ 20,200

Explanation:

  • Initial Balance  

Dr Accounts Receivable   $ 200.000

Cr Allowance for Uncollectible Accounts  $ 9.000

  • During the period, it had net credit sales of $800,000  

Dr Accounts Receivable  $ 800.000  

Cr Sales  $ 800.000

  • Collections of $763,000  

Dr Cash $ 763.000  

Cr Accounts Receivable   $ 763.000

  • It wrote off as uncollectible accounts  

Dr Allowance for Uncollectible Accounts $ 7.300  

Cr Accounts Receivable   $ 7.300

  • A $3,100 account previously written off as uncollectible was recovered  

Dr Accounts Receivable  $ 3.100  

Cr Allowance for Uncollectible Accounts  $ 3.100

Dr Cash $ 3.100  

Cr Accounts Receivable   $ 3.100

  • Assuming 5% of accounts receivable, the journal entry:  

Dr Bad Debt Expense $ 20.200  

Cr Allowance for Uncollectible Accounts  $ 20.200

  • FINAL Balance  

Dr Accounts Receivable  $ 229.700  

Cr Allowance for Uncollectible Accounts  $ 25.000

Bad accounts are those credits granted by the company and there is no possibility of being charged.

When customers buy products on credits but the company cannot collect the debt, then it's necessar to cancel the unpaid invoice as uncollectible.

One way is to directly cancel bad debts at the time it was decided that the credit is bad, the total amount reported as bad debt expenses negatively affect the income statement and the accounts receivable are reduced by the same amount, less assets

The other way is to determine a percentage of the total amount of accounts receivable as bad debts, there are many ways to analyze accounts receivable and calculate the value of bad debts.

When the company has the percentage of uncollectible accounts, the required journal entry is Bad Expenses (debit) with Reserve for Bad Accounts (credit)

At the time of cancellation, since the expenses were recognized before, we only use the Allowance for Uncollectible Accounts (Debit)  with accounts receivable (credit), with this we are recognizing the bad credit of the company.

8 0
3 years ago
When employers use diplomas and degrees to determine who is eligible for jobs, even through the diploma or degree may be relevan
iVinArrow [24]

When employers use diplomas and degrees to determine who is eligible for jobs, even though the diploma or degree may be relevant to the actual work, it becomes a Credential Society.

<h3>What is a diploma?</h3>
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7 0
2 years ago
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