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Lump-Sum Purchase of Assets and Subsequent Events Carter Development Company purchased, for cash, a large tract of land that was immediately platted and deeded into smaller sections: Section 1, retail development with highway frontage Section 2, Multifamily apartment development Section 3, single-family homes in the largest section Based on recent sales of similar property, the fair market values of the three sections are as follows: Section 1, $630,000 Section 2, $378,000 Section 3, $252,000 Required 1. What value is assigned to each section of land if the tract was purchased for (a) $1,260,000, (b) $1,560,000, or (c) $1,000,000? 2. How does the purchase of the tract affect the balance sheet? 3. Why would Carter be concerned with the value assigned to each section? Would Carter be more concerned with the values assigned if instead of purchasing three sections of land, it purchased land with buildings? Why or why not?
Why would someone choose to use a perpetual over a period inventory system, and vice versa?
Laquesha Enterprises. sells its only product for $9 per unit, variable production costs are $3 per unit, and selling and administrative costs are $1.50 per unit. Fixed costs for 10,000 units are $5,000. Calculate the contribution margin per unit a..
Last year Bizmart had credit sales of $32 million and a net profit margin of 8%. If Bizmart had accounts receivable of $4.5 million, what was the length of the receivables conversion period?
Tracy co. owns 4,000 of the 10,000 outstanding shares of penn corp. common stock. during 2010, penn earns 120,000 and pays cash dividends of 40,000. if the beginning balance in the investment account was 240,000 the balance at december 31, 2010 sh..
Is Cost-Volume-Profit Analysis still relevant in the 21st Century business organization? Support your answer with reasoned arguments and references as appropriate.
In the current year, Company C lost $100,000. How should the parties report the above arrangements in its consolidated financial statements?
A television network decides to cancel one of its shows if it is convinced that less than 14% of the viewing public are watching this show.
Assuming a direct-mapped cache with 16 one-word blocks that is initially empty, label each reference in the list as a hit or a miss and show the final contents of the cache.
The current asset section of Guardian Consultant's balance sheet consists of cash, accounts receivable, and prepaid expenses. The 2013 balance sheet reported the following: cash, $1,340,000; prepaid expenses, $400,000; noncurrent assets, $2,800,00..
Calculate the cash collections that would be included in the cash budgets for August and September.
1. Determine the total compensation cost pertaining to the restricted shares. 2. Prepare the appropriate journal entry to record the award of restricted shares on January 1, 2006.
Would the use of accelerated depreciation in the financial statements be more conservative or less conservative than the current practice of using the straight-line method? Explain.
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