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A company acquired an adjacent lot to construct a new warehouse, paying 30,000 and giving a short term note for 270,000. Legal fees paid 1,425, deliquent taxes were 12,000 and fees to remove the old building from the land were 18,500.Materials salveged were sold for 4,500. A contractor paid 910,000 to construct a new warehouse. Determine the cost of the land to report on the balance sheet. Show the answer step by step.
General Motors Corp. is the world's largest automaker and has led the auto industry worldwide in sales since 1938. GM employs over 324,000 people worldwide, with manufacturing operations in 32 countries and sales operations in 200 countries.
Managers of Weeton Manufacturing are analyzing variable overhead variances for the fiscal period just ended. The flexible budget called for $80,000 in variable overhead but actual variable overhead was $95,000.
The Lawrence Company sold fixed assets for cash of $8,000. The assets had a book value of $5,000. How should this be reported in the investing activities section of a statement of cash flows?
The Heymann company's bonds have 4 years remaining to maturity. Interest is paid annually; the bonds have a $1,000 at maturity. Bond L has a maturity of 15 years, and Bond S a maturity of 1 year.
For each of the following, journalize the necessary adjusting entry:
Discuss the proper accounting treatment, including any required disclosures, for each situation. Give the rationale for your answers.
Abby and Co. reported a retained earnings balance of $500,000 at December 31, 2010. In September 2011, Abby and Co. determined that insurance premiums of $90,000 for the three-year period beginning January 1, 2010, had been paid and fully expensed..
For the month of March, the company planned for activity of 5,700 units, but the actual level of activity was 5,660 units. The actual selling and administrative expense for the month was $522,860.
Assume that the equipment in the item 6 was contributed by the city and that the pricing objective was to recoup the cost of equipment in the rate charged over the life of the equipment.
Sue, Grabbit & Runne is a firm of solicitors. There are three partners, Anne, Mary and Jane. There is a partnership agreement which states that each partner may enter into contracts worth up to $ 50 000, but that any contract in excess of that amount..
The firm estimates it can sell new shares of stock for $32.50 a share. it also estimates it will cost an additional $340,000 for filing and legal fees related to the stock issue. The underwriters have agreed to a 7.5 percent spread.
Hobbes gave his son ABC stock valued at $100,000 that he purchased for $60,000 and his daughter EFG stock valued at $100,000 that he purchased for $250,000. Hobbes paid $30,000 in gift taxes on each of these gifts. What are the son's and daughter'..
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