User Account

All Pages

Prepare the journal entry to record this purchase

Assignment Help Accounting Basics
Reference no: EM133169066

Question - Freeman Company purchased a tract of land on which were located a warehouse and an office building. The cash purchase price was $112,000 plus $8,000 in fees connected with the purchase. The following information relates to the property.

Tax 
Assessment

Seller's 
Book Value

Original
Cost

Land

$16,000

$8,000

$8,000

Warehouse

32,000

16,000

48,000

Building

48,000

40,000

64,000

Required - Prepare the journal entry to record this purchase.

Reference no: EM133169066

Questions Cloud

What is fred gift to terri : The appropriate IRS Table B for a term certain remainder factor is .613913 (for 10 years) and .231377 (for 30 years). What is Fred's gift to Terri
Investigate the current state of the industry : Investigate the current state of the industry and some of the critical external/internal factors which the company should consider as it makes its business plan
What would the after tax cost of debt be : If the Goodsmith Charitable Foundation borrowed money this year, what would the after tax cost of debt be, based on their cost last year
Prepare the entry for the receipt of interest on december : The bonds mature on December 31 in ?ve years, and pay interest annually on December 31. Prepare the entry for the receipt of interest on December
Prepare the journal entry to record this purchase : The cash purchase price was $112,000 plus $8,000 in fees connected with the purchase. Prepare the journal entry to record this purchase
Demonstrate the ability to work in a multi-cultural team : Demonstrate the ability to work in a multi-cultural team and to operate as a key member of a management consultancy organisation
Why would these ratios be useful in strategic planning : In addition, free cash flow provides information about the company's solvency and its ability - Why would these ratios be useful in strategic planning
Calculate the percentage of the base amount : Cost of goods sold 1,567. Perform a vertical analysis and calculate the percentage of the base amount for the current year
Compute the number of units to be produced in june : June and July sales are estimated to be 280,000 and 290,000 units, respectively. Compute the number of units to be produced in June

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.

  Theory of interest - term structure of interest rates

Term Structure of Interest Rates

  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!

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