Solution-How much the land should be reported in financial

How much the land should be reported in financial statements

Reference no: EM132684112

Question - Land was acquired in 2021 for a future building site at a cost of $40,900. The assessed valuation for tax purposes is $27,700, a qualified appraiser placed its value at $48,300, and a recent firm offer for the land was for a cash payment of $45,400. How much the land should be reported in the financial statements?

A. $40,900.

B. $45,400.

C. $27,700.

D. $48,300.

Reference no: EM132684112

Questions Cloud

What is the company plan to reduce fraud : Think of a company you may have worked for or one that you may be interested in working for. What is the company plan to reduce fraud

Calculate the cost of goods manufactured for the period : Using the information below, calculate the cost of goods manufactured for the period: Beginning Raw Materials Inventory $25,000

Mobile devices in society today has indeed become ubiquitous : We learn from our readings that the use of mobile devices in our society today has indeed become ubiquitous.

Bussiness continuation plan and disaster recovery plan : Work Area Recovery Plan is a vital plan that establishes an adequate environment for people to work in the event of a disruptive incident.

How much the land should be reported in financial statements : A recent firm offer for the land was for a cash payment of $45,400. How much the land should be reported in the financial statements

Compute the cash balance at the end of the first year : Tri Fecta, a partnership, had revenues of $372,000 in its first year of operations. Compute the cash balance at the end of the first year for Tri Fecta

Web browser forensic tools : You are to explore the different web browser forensic tools available, both paid and free. You are to research the different tools available to you,

Compute the cash balance at the end of the first year : Alpaca has an effective income tax rate of 40%. Compute the cash balance at the end of the first year for Alpaca Corporation

How much of the NOL carryforward can ABC deduct : In 2018, ABC, Inc. has $100 of taxable income and a $100 Net Operating Loss that has carried over from 2016. How much of the NOL carryforward can ABC deduct

User Account

All Pages

How much the land should be reported in financial statements

Reference no: EM132684112

Reference no: EM132684112

Questions Cloud

Reviews

Write a Review

Accounting Basics Questions & Answers

Show the necessary entries in the books of wilz

On january 1 2011 pacer company paid 1920000 for 60000

What is the difference between logical and physical design

Discuss the likely future of the european unions involvement

What is the value of the ending inventory at lifo

What is santa fe cost depletion expense for the current year

Manufactures electric meters for sale

What adjusting entry will Tanning Company make

Unpredictable action of cash drawers

Determine the minimum annual net cash inflows

Triple companys accountant made an entry that included the

Compute the amount of gain or loss for hudsons pension plan

Assured A++ Grade

Academics

Major Subjects

Majors

Get In Touch

TERMS & POLICIES

HELP & SUPPORT