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shtirl [24]
3 years ago
8

​McArthur, Inc. plans to develop a shopping center. In the first​ quarter, the following amounts were​ spent: Acquisition of lan

d ​$19,000 Surveys and legal fees 900 Land clearing ​1,100 Fencing ​2,000 Install lighting and signage ​14,060 What amount should be recorded as the land improvements​ cost?
Business
1 answer:
Gnesinka [82]3 years ago
8 0

Answer:

The $16,060 should be recorded as the land improvements​ cost

Explanation:

For computing the land improvements cost, we considered the following cost which is shown below:

1. Fencing cost

2. Install lighting and signage cost

So, the land improvement cost would be equal to

= Fencing cost + Install lighting and signage cost

= 2,000 + $14,060

= $16,060

The acquisition of land, survey legal fees, land clearing is not part of land improvements. So, it is not considered.

Hence, the $16,060 should be recorded as the land improvements​ cost

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kvasek [131]

Answer:

Limit order.

Explanation:

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3 years ago
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5 0
3 years ago
Read 2 more answers
Gomez Corp. uses the allowance method to account for uncollectibles. On January 31, it wrote off an $800 account of a customer,
saul85 [17]

Answer:

Explanation:

The journal entries are shown below:

On January 31

Allowance for doubtful accounts A/c Dr $800

         To Account receivable A/c $800

(Being the written off amount is recorded)

On January 31

Account receivable A/c Dr $300

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7 0
3 years ago
Which of the following tasks is likely to be done by the HR department?
Blizzard [7]
I believe the answer is D. Hiring employees.
Hope that helped.
6 0
3 years ago
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Margaret Lindley paid $15,040 of interest on her $300,400 acquisition debt for her home (fair market value of $500,400), $4,040
Brums [2.3K]

Answer:

$23,160

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The Total interest = 15,040 + 4040 + 1040 + 3040

Total interest = $23,160

Hence, the Interest deductable this year = $23,160

6 0
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