Cost of land under cost principle

Assignment Help Accounting Basics
Reference no: EM13141497

A company purchased land for $80,000 cash. Real estate brokers' commission was $5,000 and $7,000 was spent for demolishing an old building on the land before construction of a new building could start. Under the cost principle, the cost of land would be recorded at ??

Reference no: EM13141497

Questions Cloud

Total bond interest expense over the bond : Compute the total bond interest expense over the bonds' life. Prepare the journal entries to record the first two interest payments.
Indicate whether the variances are favorable or unfavorable : Determine the sales and variable cost volume variances, assuming volume is actually 31,000 units . Indicate whether the variances are favorable (F) or unfavorable (U).
What is true of the polymerase chain reaction : What is/are true of the polymerase chain reaction? a. PCR permits scientists to target a single copy of a single gene among millions of other sequences. b. PCR cannot be used to clone DNA of unknown sequence.
Lonne, parton, thomson : Lonne, Parton, Thomson & Harries (2009), suggest that systems are failing children and young people even though such systems consider that protection of and enhancing children and young people's wellbeing is their intent.
Cost of land under cost principle : A company purchased land for $80,000 cash. Real estate brokers' commission was $5,000 and $7,000 was spent for demolishing an old building on the land before construction of a new building could start. Under the cost principle, the cost of land wo..
Determine whether there are any significant differences : Use an ANOVA with α=.05 to determine whether there are any significant differences among the three treatment means. (both by hand and in PASW), for the hand version of problem.
What mass of sodium-24 remains : sodium-24 is a radioistope with half life of 15 hours. A sample of pure sodium-24 has an inital mass of 400.0 g. what mass of sodium-24 remains after 60 hours?
Create a multiple-step income statement : Loss on operations of the wholesale division (net of tax) 90,000. Dividends declared on common stock 250,000. Create a multiple-step income statement and a retained earnings statement
A perennial issue is privacy : A perennial issue is privacy. Hardly a week passes without some report in the press about something that is causing concern, whether it be some merger, new software, a failure of security, new legislation, or whatever. Your main focus statements coul..

Reviews

Write a Review

Accounting Basics Questions & Answers

  Fraud and production cycles

What are several conditions that can lead to fraud and to what type of fraud can they lead? Describe the source documents and controls that would be included in a typical production cycle.

  Interest share of consolidated net income

Gallow's reported net income was $204,000, and Race's net income was $806,000. Race decided to use the equity method to account for this investment. What was the noncontrolling interest's share of consolidated net income?

  Determining preliminary materiality for securimax

based on background information, what are the major inherent risks in the Securimax audit? Consider both industry and entity risks in your answer? 2. Discuss the factors to consider when determining preliminary materiality for Securimax.

  Generate forecasts of the outlays

What factors are likely to drive an organization's outlays for new capital(such as plant, property and equipment) and for working captial( such as receivables and inventory)? what ratios would you use to help generate forecasts of these outlays?

  Number of shares outstanding

A corporation has 40,000 shares of $25 par value stock outstanding. If the corporation issues a 4-for-1 stock split, the number of shares outstanding after the split will be

  Manufacturing needs or selling product

Market conditions are such that sales made internally or externally will not affect market or transfer prices. Intermediate markets will always be available for Bayside, Cole, and Diamond to purchase their manufacturing needs or sell their product..

  Determining value of the ending inventory

A fir that sells a single product had a beginning inventory of 4,000 units with a total cost of $28,000. 10,000 units were purchased @$9.00 each. Using FIFO what is the value of the ending inventory of 3,000 units?

  Shareholders in blackstone

Greystoke, Inc. acquires the assets of Blackstone, Ltd. for its voting convertible preferred stock and assumes liabilities of $60,000. The assets have a basis of $250,000 and a value of $380,000. One of the shareholders in Blackstone trades her ol..

  Define use of equity accounting and discus the comments

Some commentators have criticized the use of equity accounting on the basis that it can be used as a form of off balance sheet financing. Explain the reasoning behind the use of equity accounting and discus the comments.

  Prepare the companys first set of financial statements

On October 1, 2011, Santana Rey launched a computer services company, Business Solutions, that is organized as a proprietorship and provides consulting services, computer system installations, and custom program development. Rey adopts the calenda..

  Determine the correct amount of inventory

Hastings purchased $20,000 of goods that were shipped on December 27. FOB destination, that will be received by Hastings on January 3. Determine the correct amount of inventory that Hastings should report.

  Principles for ethical behavior

Which of the following is one of the sound principles for ethical behavior?

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