User Account

All Pages

Cost concept

Assignment Help Financial Accounting
Reference no: EM13753046

Cost Concept

On February 7, AAA Repair Service extended an offer of $99,000 for land that had been priced for sale at $113,000. On February 21, AAA Repair Service accepted the seller's counteroffer of $108,000. On April 30, the land was assessed at a value of $162,000 for property tax purposes. On August 30, AAA Repair Service was offered $173,000 for the land by a national retail chain.

At what value should the land be recorded in AAA Repair Service's records?

Reference no: EM13753046

Questions Cloud

Decrease the overall total it budget : An increase in spending on items related to hardware, software, and outside IT support services by 4 percent and A decrease the overall total IT budget by 2 percent compared to the original total budget
Capitalist corporate reformer : Recently, the Economic Policy Institute reported that CEO compensation grew more than 725 percent during 1978-2011, substantially more than annual compensation of a typical worker, which grew less than 6 percent over the period.
What was the book value of the fixed assets : In a recent balance sheet, Microsoft Corporation reported Property, Plant, and Equipment of $742,670 and Accumulated Depreciation of $430,700. What was the book value of the fixed assets?
What are three reasons for european overseas exploration : What are three reasons for European overseas exploration? As more countries tried to expand overseas, did these motives change? Or, more directly, which motive was exploited the most?
Cost concept : On February 7, AAA Repair Service extended an offer of $99,000 for land that had been priced for sale at $113,000. On February 21, AAA Repair Service accepted the seller's counteroffer of $108,000. On April 30, the land was assessed at a value of $16..
Careful research analysis and personal insight : Compose your thoughts with careful research, analysis, and personal insight. Your commentary will become mind-opening as you demonstrate critical thinking about your topic. Use visual and precise language, seeking to make connections between ideas an..
What are your thoughts about conducting therapy : What are your thoughts about conducting therapy via the internet, How would you approach a student who either tried to friend you on Facebook, text with you or wanted to tweet with you on Twitter
Calculate cash paid for wages and salaries : Use the following information to calculate cash paid for wages and salaries: Salaries expense $ 174,000 Salaries payable, January 1 7,000 Salaries payable, December 31 11,800
Difference between cash receipts and cash disbursements : Bracken Corporation is a small wholesaler of gourmet food products. Data regarding the store's operations follow: Sales are budgeted at $330,000 for November, $340,000 for December, and $340,000 for January. The difference between cash receipts and c..

Reviews

Write a Review

Financial Accounting Questions & Answers

  Determine the modal and the cumulative probability

Determine the modal and the cumulative probability (summed probability of sales being either positive or negative,) and (c) the weighted probability number (expected value of probability times estimated sales times sales price).

  Show the auditor concerne

An auditor noted that client sales increased 10 % for the year - Based on this information, the auditor is most likely concerned about

  What aspects of bankruptcy would you have them consider

Assume you are a CPA advising your clients about filing bankruptcy. What aspects of bankruptcy would you have them consider prior to making the decision.

  Evaluate the breakeven point in dollars

Evaluate the number of widgets which must be sold to break even. Evaluate the number of widgets which must be sold to break even. Evaluate the breakeven point in dollars

  Determine the amount of equipment accumulated depreciation

Determine the amount of the equipment’s accumulated depreciation reported in the balance sheet dated December 31, 2011.

  You have just hired as a new management trainee by earrings

you have just hired as a new management trainee by earrings unlimited a distributor of earrings to different retail

  Evaluate the company''s total cost of merchandise

Evaluate the company's total cost of merchandise purchased for the year and prepare a multiple-step income statement that includes separate categories for selling expenses and for general and administrative expenses.

  How much did fishbone pay for bonds

pay interest annually beginning January 1, 2011. Fishbone purchased the bonds to yield 11%. How much did Fishbone pay for the bonds?

  Complete income statement and an owner equity statement

B. Snyder income statement for the year ended July 31, 2010 Complete income statement and an owner's equity statement for the year. The owner did not make any new investments during the year.

  Classify each of five situations as a fraudulent act

Based on the supervisor's instructions, quantities on the move tickets were not compared with those on the receiving report. Classify each of five situations as a fraudulent act, an indicator of fraud, or an event unrelated to the investigation. Ju..

  Q1 on november 30 2008 crown food purchased two trucks for

q1. on november 30 2008 crown food purchased two trucks for a total of 70000 issuing a one-year 8 note payable all due

  Adjusting entry for each item

The adjusting entry for each item and the reversing entry for each item where appropriate.

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