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A company acquired an adjacent lot to construct a new warehouse, paying 30,000 and giving a short term note for 270,000. Legal fees paid 1,425, deliquent taxes were 12,000 and fees to remove the old building from the land were 18,500.Materials salveged were sold for 4,500. A contractor paid 910,000 to construct a new warehouse. Determine the cost of the land to report on the balance sheet. Show the answer step by step.
Race decided to use the equity method to account for this investment. What was the noncontrolling interest's share of consolidated net income?
Describe the audit procedures which Johnson would conduct to find out if Mother earth would violated the debt covenants.
Hay Company had January 1 inventory of $100,000 when it adopted dollar-value LIFO. During the year, purchases were $600,000 and sales were $1,000,000. December 31 inventory at year-end prices was $126,500, and the price index was 110. What is Hay ..
Which of the following is recorded in the cash payments journal?
Suppose you are studying two hardware lease proposals. Option 1 costs $4,000,but requires that the entire amount be paid in advance.
In 2008, Wishbone Corporation had an operating profit of $750,000 and a residual income of $300,000. If Wishbone's cost of capital is 15%, what is the amount of the invested capital? (Ignore taxes)
discuss how the current U.S. economy has affected the write-off of and the impact on factoring accounts receivable. Cite the Websites used to support your answer.
On creating a new 100 percent-owned corporation, Ben was advised by his tax consultant to treat 50 percent of the total amount that was invested as a loan and 50 percent as a purchase of corporate stock.
What is the budgeted gross margin in dollars for February?
In a recent month a CPA provided ten hours of volunteer time to the Society for the Visually Impaired. He devoted seven hours to maintaining the organization's financial records and three to recording tapes of newspapers and magazine articles.
Young corporation issued 2,000 shares of $25 par value common stock and 300 shares of 13% par value preferred stock for cash at par value. How do i record the journal entry?
Ports Pans is considering the production of a new line of pottery. Based on preliminary market research, management has decided that each pot should be priced at $60. Furthermore, management believes that the profit margin should be 40 percent of ..
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