What troy should report a balance in the land account of

Assignment Help Accounting Basics
Reference no: EM132829547

Problem 1: December 31, 2021. Troy Company purchased a P4.000.000 tract of land for a factory site. Troy razed an old building on the property and sold the materials it salvaged from the demolition. Troy incurred additional costs and realized salvaged proceeds during December 2021 as follows: Payments to tenants to vacate the premises. P200,000; Demolition of old building, P100,000; Legal fees for purchase contract and recording ownership. P50,000; Title guarantee insurance, P30,000; Proceeds from sale of salvaged materials, P10,000. In its December 31, 2021 balance sheet, Troy should report a balance in the land account of

Reference no: EM132829547

Questions Cloud

Product strategy for bass pro shop : Briefly describe Bass Pro Shop product or service. Where is it in the product development life cycle?
What are the legal and moral aspects of the classrooms : Safety is a critical component of a learning environment. Educators familiarize themselves with legal and moral aspects of the classrooms so they can best.
What amount of borrowing costs should jery capitalized : What amount of borrowing costs should Jery capitalized? On February 1, 2021. Jery Company borrowed P1,000,000 which bears 12% specifically
Prepare the journal entries : The copyright is expected to be useful for 3 years. Prepare the journal entries for 2014 and 2015
What troy should report a balance in the land account of : Proceeds from sale of salvaged materials, P10,000. In its December 31, 2021 balance sheet, Troy should report a balance in the land account of
Discuss what you found in the search : Using the three methods you identified in the discussion for this week, develop a specific, detailed step-by-step process you will use to find knowledge.
What amount should gabby record for the asset received : What amount should Gabby record for the asset received? Gabby Inc. and Dana Company have an exchange with no commercial substance.
What is the effective annual interest rate on the mortgage : You have a mortgage on your existing home. The mortgage payments are $2,046.73 per month. What is the effective annual interest rate on the mortgage
COU104A Applied Counselling Assignment : COU104A Applied Counselling Assignment Help and Solution, Torrens University Australia - Assessment Writing Service - essay explaining the role of attending

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