What amount should be recorded as the cost of the land

Assignment Help Accounting Basics
Reference no: EM131117976

1. Previn Brothers Inc. purchased land at a price of $27,000. Closing costs were $1,400. An old building was removed at a cost of $10,200. What amount should be recorded as the cost of the land?

Reference no: EM131117976

Questions Cloud

Controversial yamashita treasure : What is the story behind the 'controversial' Yamashita treasure? Discuss this in no less than 300 words. Make sure to share interesting facts.
Explain how each one follows from the general chain rule : Give an example of each of the three formulas - Explain how each one follows from the general chain rule. What is f(x) and what is g(x) in each of the formulas?
Broad categories of non-human factors : Identify four (4) broad categories of non-human factors that have shaped the broad sweep of human history as demonstrated by the Columbian encounter between Eurasian and American societies.
Create a world with a right hand holding a toy ball : Create a world with a right hand (People) holding a toy ball (Sports). Have the fingers close to grasp the ball. Then, throw the ball into the air while opening the fingers of the hand. Finally, make the hand catch the ball as the hand recloses it..
What amount should be recorded as the cost of the land : Previn Brothers Inc. purchased land at a price of $27,000. Closing costs were $1,400. An old building was removed at a cost of $10,200. What amount should be recorded as the cost of the land?
Explain why japan attacked pearl harbor : Explain why japan attacked pearl harbor? Was it a good choice for japan?
What are the general rules for how gains or losses : What are the general rules for how gains or losses on retirement of plant assets should be reported in income?
Primary source in conjunction : How do the sources convey the reality of the war on the people involved? What is meaningful here? Use key excerpts from the primary source in conjunction with context from the Foner reading where possible.
Neville enterprises has a number of fully depreciated assets : Because the assets are fully depreciated, the president of the company decides not to show them on the balance sheet or disclose this information in the notes. Evaluate this procedure.

Reviews

Write a Review

Accounting Basics Questions & Answers

  How much control does fed have over this longer real rate

Hubbard argues that the Fed can control the Fed funds rate, but the interest rate that is important for the economy is a longer-term real rate of interest.   How much control does the Fed have over this longer real rate?

  Coures:- fundamental accounting principles

Coures:- Fundamental Accounting Principles: - Explain the goals and uses of special journals.

  Accounting problems

Accounting problems,  Draw a detailed timeline incorporating the dividends, calculate    the exact Payback Period  b)   the discounted Payback Period. the IRR,  the NPV, the Profitability Index.

  Write a report on internal controls

Write a report on Internal Controls

  Prepare the bank reconciliation for company

Prepare the bank reconciliation for company.

  Cost-benefit analysis

Create a cost-benefit analysis to evaluate the project

  Theory of interest

Theory of Interest: NPV, IRR, Nominal and Real, Amortization, Sinking Fund, TWRR, DWRR

  Liquidity and profitability

Distinguish between liquidity and profitability.

  What is the expected risk premium on the portfolio

Your Corp, Inc. has a corporate tax rate of 35%. Please calculate their after tax cost of debt expressed as a percentage. Your Corp, Inc. has several outstanding bond issues all of which require semiannual interest payments.

  Simple interest and compound interest

Simple Interest, Compound interest, discount rate, force of interest, AV, PV

  Capm and venture capital

CAPM and Venture Capital

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd