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Slav-nsk [51]
3 years ago
10

McCoy's Fish House purchases a tract of land and an existing building for $990,000. The company plans to remove the old building

and construct a new restaurant on the site. In addition to the purchase price, McCoy pays closing costs, including title insurance of $2,900. The company also pays $13,800 in property taxes, which includes $8,900 of back taxes (unpaid taxes from previous years) paid by McCoy on behalf of the seller and $4,900 due for the current fiscal year after the purchase date. Shortly after closing, the company pays a contractor $49,500 to tear down the old building and remove it from the site. McCoy is able to sell salvaged materials from the old building for $4,800 and pays an additional $10,900 to level the land. Required: Determine the amount McCoy’s Fish House should record as the cost of the land
Business
1 answer:
bekas [8.4K]3 years ago
6 0

Answer:

$ 1,001,800

Explanation:

The following costs will be included in th cost of land

Purchase cost: 990,000

Closing cost: 2,900

Back Taxes: 8,900

(land taxes are payed every year, so they can't be included in the cost of land)

Total cost of land= 990,000+2,900+8,900=   1,001,800

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mojhsa [17]

Answer:

7324

Explanation:

We need to find the number of completed free throws out of total free throws

Since he completed 83.5% of them, you find 83.5% of 8772

83.5% can be rewritten as 0.835

8772 \times 0.835 = 7324.62

We don't round up because it isn't 1 complete free throw. 0.62 is not 1 complete free throw so round down

3 0
2 years ago
Replay Sports Stores and SportsPower Products, Inc., enter into a contract for a sale of trampolines. SportsPower Products is a
olga55 [171]

Answer: Automatically

Explanation: The warranty of merchantability could be explained as a guarantee that a product purchased will meet the usual and regular standard or requirement of such product. Under the Uniform Commercial Code, the warranty of merchantability is implied as this automatic unless the defects in the regular nature or specification of the product is clearly stated. In the scenario above, the warranty of implied merchantability automatically arises in the sale of the trampolines and as such, the trampoline must meet the regular standard of the product since no defect is explicitly stated in the regular specification.

4 0
3 years ago
Which of the following statements explains the relationship between Social Security and Medicare taxes?
Usimov [2.4K]
The best and most correct answer among the choices provided by your question is the fourth choice or letter D.

The statement "<span>Social Security is applied to all wages up to the maximum taxable earnings. Medicare is applied to all wages without limit." best </span><span>explains the relationship between Social Security and Medicare taxes.</span>

I hope my answer has come to your help. Thank you for posting your question here in Brainly. We hope to answer more of your questions and inquiries soon. Have a nice day ahead!
7 0
3 years ago
Read 2 more answers
During the recent economic crisis, many financial managers and corporate officers have been criticized for (a) poor decisions, (
Ksju [112]
<span>During the recent financial crisis, many financial managers and corporate officers have been criticized for (c) Large salaries. This criticism is certainly justified given that most executives received exorbitant compensation despite a plunge in the value of their companies. Thus, their salaries are not justifiable as they are not serving the needs of the shareholders whose interest they should serve. </span>
7 0
3 years ago
In a free market​ system, ____. A. central planning determines supply B. government forces primarily determine prices C. most ne
natka813 [3]

Answer: Option E

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The intervention of govt. in regulating such markets is very minimal. Thus, the control in such markets stands in hands of private owners. Therefore, the private owners produce with the single aim of profit maximization in such economies.

Hence we can conclude that the right option is E.

4 0
3 years ago
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