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Vijay Inc. purchased a 3-acre tract of land for a building site for $320,000. On the land was a building with an appraised value of $120,000. The company demolished the old building at a cost of $12,000, but was able to sell scrap from the building for $1,500. The cost of title insurance was $900 and attorney fees for reviewing the contract was $500. Property taxes paid were $3,000, of which $250 covered the period subsequent to the purchase date. The capitalized cost of the land is:
a) $336,400.
b) $336,150.
c) $334,650.
d) $201,150.
Maria Alvarez is investing $370,700 in a fund that earns 11% interest compounded annually. What equal amounts can Maria withdraw at the end of each of the next 21 years?
The company applies overhead on the basis of 125% of direct labor costs. Calculate the amount of over- or underapplied overhead.
Last year, Gransky Corporation's variable costing net operating income was $52,100 and its ending inventory increased by 400 units. Fixed manufacturing overhead cost was $7 per unit. What was the absorption costing net operating income last year?
Also during 2006 regional sells all the inventory pruchased in 2005 and 2006 to unrelated entities. What is the adjustment to cost of goods sold in the 2006 worksheet elimination?
Which of the following statements concerning consolidated financial statements is true?
A meeting of senior managers at the Pringly Division has been called to discuss the pricing strategy for a new product. Part of the discussion will focus on estimating sales for the new product.
Agnes is able to reduce her regular income tax liability from $40,000 to $36,000 as the result of the alternative tax on net capital gain. Agnes' tentative AMT is $50,000
Which of the following characteristics distinguishes a governmental or not-for-profit entity from a business entity?
The working capital would be released for use elsewhere when the project is completed. If the company's discount rate is 10%, the investment's net present value is:
Suppose the National Bank of Commerce has excess reserves of $7,000 and outstanding checkable deposits $160,000. If the reserve ratio is 20 percent, what is the size of the bank's actual reserves?
Write Company has a maximum capacity of 200,000 units per year. Variable manufacturing costs are $12 per unit. Fixed overhead is $600,000 per year. Variable selling and administrative costs are $5 per unit, and fixed selling and administrative cos..
The Tiernan Gallery and Art Museum distributes to its visitors a printed guide to its collections. There are about 18000 visitors per year. Holding costs for the brochures are 20% and it costs $30 to place an order with the printer.
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