What amount should warehouse supply record the factory

Assignment Help Accounting Basics
Reference no: EM132842199

Problem 1: Warehouse Supply Corporation obtained land, a factory, and manufacturing equipment in a lump-sum purchase for $990,000. An appraisal set the value of the land at $592,800, the factory at $421,800, and the equipment at $125,400. Immediately after the purchase, the factory was renovated at a cost of $50,000. At what amount should Warehouse Supply record the factory?

A. $366,300

B. $421,800

C. $471,800

D. $416,300

E. $535,709

Reference no: EM132842199

Questions Cloud

Make the journal entry to record the property tax receipt : The remittance was net of the county treasurer's 2% collection fee. Make the journal entry to record the property tax receipt in Elm City's general fund.
Name the fiduciary fund type that would be used to account : Name the fiduciary fund type that would be used to account for each. If a fiduciary fund would not be used for the situation described.
What are the reconciling items in the book of the depositor : What are the reconciling items in the book of the depositor? What are the reconciling items in the book of the bank? What is a bank statement?
Write an essay that addresses ethical and bioethical issues : For this assignment, write an essay that addresses ethical and bioethical issues in medicine. Begin by reviewing Table 11.2 on page 262 of your textbook.
What amount should warehouse supply record the factory : Immediately after the purchase, the factory was renovated at a cost of $50,000. At what amount should Warehouse Supply record the factory?
Compute the cash received from customers : Compute the Cash received from customers. Assuming there were no other cash flows from operations, using the direct method of computing cash flows.
Determine adrianne agi : State University. Determine Adrianne's AGI. You may assume that Adrianne's total self-employment tax liability on her salon income will be $2,502.
What is the role of violence in influencing fans of sports : What is the role of violence in influencing fans of sports such as mixed martial arts, football, hockey, and auto racing to watch competitions?
Identify information that be useful for management purposes : Identify information that would be useful for management purposes but would not be disclosed externally because of potential damage to any commercial.

Reviews

Write a Review

Accounting Basics Questions & Answers

  How the knowledge and skills have been applied

How the knowledge, skills, or theories of this course have been applied, or could be applied, in a practical manner to your current work environment.

  Think about the cash basis versus the accrual basis

Think about the cash basis versus the accrual basis of accounting. When are revenues and expenses recognized in each of the methods

  What is the aftertax cash flow from the sale of this asset

Required: If the relevant tax rate is 34 percent, what is the aftertax cash flow from the sale of this asset? (Do not round your intermediate calculations.)

  Find the expected dividend for each of the given years

Your broker offers to sell you some shares of Bahnsen & Co. common stock that paid a dividend of $2 yesterday. You expect the dividend to grow at the rate of 5.

  Laundry costs for the whole hospital is 21000 for 600000

laundry costs for the whole hospital is 21000 for 600000 pounds or.. 35lb.laundry for radiology revealed that 7500 of

  Pretend you are the cfo of a manufacturing company with ten

pretend you are the cfo of a manufacturing company with ten product lines. the president of your company has asked you

  Determine the times interest earned

A company reports the following: Income before income tax expense $9,100,000. Determine the times interest earned. Round to one decimal place

  How much did JOVIT pay for the interest in BALDIBALLIN

BALDIBALLIN' reported net income of 1,500,000 for the year ended December 31, 2020. How much did JOVIT pay for the 30% interest in BALDIBALLIN'

  What is the cost of goods sold using standard costing

Variable overhead (machine maintenance and operating costs) is allocated on the basis of machine hours. What is the cost of goods sold using standard costing

  How much shall be presented as profit on the face of income

Nobita Corporation has two business segments, How much shall be presented as profit/loss on the face of the income statement?

  How much the company will need to borrow

To maintain a minimum cash balance of $15,000 on October 31, how much the company will need to borrow

  Calculate the direct materials price variance

Direct-cost and selling price variances. MicroDisk is the market leader in the Secure Digital (SD) card industry and sells memory cards for use in portable.

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