User Account

All Pages

Determine the amounts that beldon should capitalize

Assignment Help Accounting Basics
Reference no: EM13999445

On March 1, 2011, Beldon Corporation purchased land as a factory site for $60,000. An old building on the property was demolished, and construction began on a new building that was completed on December 15, 2011. Costs incurred during this period are listed below:

Demolition of old building ..............$ 4,000
Architect's fees (for new building) ...........$ 12,000
Legal fees for title investigation of land ..........$ 2,000
Property taxes on land (for period beginning March 1, 2011) .$ 3,000
Construction costs .................$ 500,000
Interest on construction loan ..............$ 5,000
Salvaged materials resulting from the demolition of the old building were sold for $2,000.

Required:

Determine the amounts that Beldon should capitalize as the cost of the land and the new building.

Reference no: EM13999445

Questions Cloud

How much power refrigerator draw from main wall power point : Suppose that heat leaks into your kitchen electric refrigerator at an average rate of 300 W. Assuming ideal operations, estimate how much power must the refrigerator draw from the main wall power point?
Calculate the amount of interest capitalized for the year : Refer to the situation described in BE 10-14. Assuming the company uses the weighted-average method, calculate the amount of interest capitalized for the year.
What amount should maxtor report as research : What amount should Maxtor report as research and development expense in its income statement?
Why does a demand curve slope downward : Explain the law of demand and draw graphs to support your answer. Why does a demand curve slope downward? What are the determinants of demand? Distinguish between a change in demand and a movement along a fixed demand curve, noting the causes of each..
Determine the amounts that beldon should capitalize : Determine the amounts that Beldon should capitalize as the cost of the land and the new building.
What differences do you see in the techniques employed : How do you feel that this case impacted the field of death investigation? What differences do you see in the techniques employed in the year 1888 and present day death investigation
An energy manager expects a need for a boiler that costs : An energy manager expects a need for a boiler that costs $150,000 in about seven years. How much money should the manager save each year to have enough money for the purchase in seven years time if the interest rate is (a) 10% and (b) 3%.
Oaktree company purchased a new machine : The machine, including sales tax, was purchased on open account, with payment due in 30 days. The other expenditures listed above were paid in cash.
Savings account pays : After getting her first job, a college graduate wants to begin saving money so she can pay cash for a new car. She wants to save enough each month to have $24,000 at the end of 5 years, and her savings account pays 6% interest, compounded monthly. Ho..

Reviews

Write a Review

Accounting Basics Questions & Answers

  Prepare a cost of goods manufactured statement

Lucero Company, a manufacturing firm, has supplied the following information from its accounting records for the past calendar year. Prepare a cost of goods manufactured statement. Prepare a cost of goods sold statement

  He wants to know how he can be involved in decision-making

youre a tax preparer and one of you clients comes to you frustrated about why there are so many tax law changes. he

  Determine cash generated from operations

Which financial statement is used to determine cash generated from operations?

  Net present value-uncertain future cash flows-post-audit

"If we can get that new robot to combine with our other automated equipment, we'll have a complete flexible manufacturing system (FMS) in place in our Northridge plant," said Hal Swain, production manager for Diller Products.

  The board of directors and executive officers of a

the board of directors and executive officers of a corporation have a fiduciary duty to safeguard the interests of

  Calculating the cost of the inventory

Compute the cost of the inventory on December 31, 2010, assuming that the inventory at retail is (a) $294,300 and (b) $359,700.

  Jasmine company produces hand tools a sales budget for the

1. jasmine company produces hand tools. a sales budget for the next four months is as follows march 10400 units april

  Using the appropriate interest table answer the following

using the appropriate interest table answer the following questions. each case is independent of the others.a what is

  Adjusted equity method to account for investment

Give all eliminating entries needed to prepare a consolidation workpaper for 2010 assuming that New Co. uses the fully adjusted equity method to account for its investment in Old Company.

  Managing a large financial project

Your company has just hired a new CEO, and you make an appointment with her to discuss a large financial project that you have been managing. You make the following statement:

  Cost of routine repair and maintenance expenditures

For eaqch of the folowing expenditures, indiacte the type of account in which the expenditure should be recorded. Explain your answers.

  Depreciation expense for the second year

Starr Company purchased a depreciable asset for $150,000. The estimated salvage value is $10,000, and the estimated useful life is 8 years. The double-declining balance method will be used for depreciation. What is the depreciation expense for the..

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!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

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