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On January 1, 2014, Blair Corporation purchased for $500,000 a tract of land (site number 101) with a building. Blair paid a real estate broker's commission of $36,000, legal fees of $6,000, and title guarantee insurance of $18,000. The closing statement indicated that the land value was $500,000 and the building value was $100,000. Shortly after acquisition, the building was razed at a cost of $54,000.
Compute the cost that should be assigned to land
the regulatory environment for financial reporting you are a member of a large accounting firm which is responsible for
selecting a for-profit organization of interest you will research an unusual or conflicting accounting principle that
Cole laboratories makes and sells a lawn fertilizer called Fastgro. The company has developed standard costs for one bag of Fastgro as follows.
Prairie Fire Snowmobile Corp. manufactures and sells snowmobiles in Wisconsin, Minnesota and the Dakotas. A publicly owned corporation, the company’s outstanding stock consisted of 5,000 shares of 10%, $20 par cumulative Preferred Stock and 10,000 sh..
If a preferred stock pays an annual $4.50 dividend, what should be the price of the stock if comparable yields are 10 percent? What would be the loss if yields rose to 12 percent?
Does it leave a trail of what happened? For example, if anyone has used QuickBooks, you can delete a journal entry if you make a mistake. Would it be preferable to reverse the entry rather than delete it?
What's wrong with not recording revenue when you haven't been paid? What happens if you record the revenue and never receive payment?
allie and monte each own 50 of raider corporation an s corporation. both individuals dynamically participate in raiders
What can BITE do, if anything, to ameliorate the deleterious effect of reporting a dishonest number (e.g., 5.10%)?
Indicate whether each situation would be included in the income statement in continuing operations (CO) or below continuing operations (BC), or if it would appear as an adjustment to retained earnings (RE).
1.the following are selected items from the accounting records of seattle chocolates for the year ended december 31
How much revenue each month does the machine need to produce for you to earn $300 after taxes each month? After making your computations does this seem like a good business venture for you?
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