Determine the cost of the land to be reported

Assignment Help Accounting Basics
Reference no: EM133144632

Question - Determining Cost of Land - On-Time Delivery Company acquired an adjacent lot to construct a new warehouse, paying $28,000 in cash and giving a short-term note for $286,000. Legal fees paid were $1,360, delinquent taxes assumed were $15,200, and fees paid to remove an old building from the land were $17,500. Materials salvaged from the demolition of the building were sold for $4,700. A contractor was paid $954,600 to construct a new warehouse. Determine the cost of the land to be reported on the balance sheet.

Reference no: EM133144632

Questions Cloud

Journalize the entry for gps system expenditures : On August 5, Rocket Co. paid $1,460 to repair the transmission on one of its delivery vans. Journalize the entry for GPS system expenditures
How do varying ethics impact a nations engagement : How do varying ethics impact a nations engagement with others and how does that influence relations between organizations and people?
Diversity leadership skill : Diversity leadership skill, sample interview questions and post a description of them and their responses. Add your own commentary answering the following quest
Determine the gain or loss on the sale of the equipment : Assuming the equipment was sold at the end of year 2 for $7,860, determine the gain or loss on the sale of the equipment
Determine the cost of the land to be reported : A contractor was paid $954,600 to construct a new warehouse. Determine the cost of the land to be reported on the balance sheet
Effective goal setting and time management : Discuss the relationship between effective goal setting and time management.
Evaluate the cio valuation approach : The CIO is proposing to measure the fair value of the automobiles at December 31, 2021, at $15,000, Evaluate the CIO valuation approach
Barriers and facilitators that influence team performance : What recommendations would you make for your team to improve its performance and What are the barriers and facilitators that influence team performance
Situation analysis between best buy-amazon : I need a situation analysis between Best Buy, Amazon, Walmart, and eBay answering the following three bulletins:

Reviews

Write a Review

Accounting Basics Questions & Answers

  How much control does fed have over this longer real rate

Hubbard argues that the Fed can control the Fed funds rate, but the interest rate that is important for the economy is a longer-term real rate of interest.   How much control does the Fed have over this longer real rate?

  Coures:- fundamental accounting principles

Coures:- Fundamental Accounting Principles: - Explain the goals and uses of special journals.

  Accounting problems

Accounting problems,  Draw a detailed timeline incorporating the dividends, calculate    the exact Payback Period  b)   the discounted Payback Period. the IRR,  the NPV, the Profitability Index.

  Write a report on internal controls

Write a report on Internal Controls

  Prepare the bank reconciliation for company

Prepare the bank reconciliation for company.

  Cost-benefit analysis

Create a cost-benefit analysis to evaluate the project

  Theory of interest

Theory of Interest: NPV, IRR, Nominal and Real, Amortization, Sinking Fund, TWRR, DWRR

  Liquidity and profitability

Distinguish between liquidity and profitability.

  What is the expected risk premium on the portfolio

Your Corp, Inc. has a corporate tax rate of 35%. Please calculate their after tax cost of debt expressed as a percentage. Your Corp, Inc. has several outstanding bond issues all of which require semiannual interest payments.

  Simple interest and compound interest

Simple Interest, Compound interest, discount rate, force of interest, AV, PV

  Capm and venture capital

CAPM and Venture Capital

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