ABC acquired a piece of open land for speculation purposes. It is expected that the value of
Question:
ABC acquired a piece of open land for speculation purposes. It is expected that the value of the land will increase so that it can be sold in the future at a profit. Where should this land be reported in the balance sheet?
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 64% (17 reviews)
Land held for speculation purposes or as an investment should be excluded from the property plant an...View the full answer
Answered By
Susan Juma
I'm available and reachable 24/7. I have high experience in helping students with their assignments, proposals, and dissertations. Most importantly, I'm a professional accountant and I can handle all kinds of accounting and finance problems.
4.40+
15+ Reviews
45+ Question Solved
Related Book For
Accounting
ISBN: 978-1118608227
9th edition
Authors: Lew Edwards, John Medlin, Keryn Chalmers, Andreas Hellmann, Claire Beattie, Jodie Maxfield, John Hoggett
Question Posted:
Students also viewed these Business questions
-
On October 30, 2010, the Sanchez Company acquired a piece of machinery and signed a 12-month note for $24,000. The face value of the note includes the price of the machinery and interest. The note is...
-
Simm- Mills Incorporated (SMI) acquired a piece of equipment at a total cost of $ 4,200,000. SMI uses the straight- line method for financial reporting and an accelerated method for tax purposes. The...
-
Kimm-Mills Incorporated (KMI) acquired a piece of equipment at a total cost of $ 5,400,000. KMI uses the straight- line method of depreciation for financial reporting purposes and an accelerated...
-
What personal constructs do you rely on when perceiving the people in this photo?
-
a. At one of the following ions is purple and the other is blue. Which is which? b. What would be the difference in the colors of the compounds at pH = 3? CH3)2N N(CH3)2
-
Suppose lim x4 (x) = 0 and lim x4 g(x) = -3. Find a. b. c. d. lim (g(x) + 3) x-4
-
Thermal regeneration of a fixed-bed adsorber is based on the fact that the adsorption process is exothermic; therefore, heating the saturated adsorbent will result in desorption. The dynamics of the...
-
Keyser Beverage Company reported the following items in the most recent year. Net income $40,000 Dividends paid 5,000 Increase in accounts receivable 10,000 Increase in accounts payable 7,000...
-
Explain the difference between " management controls ", which are generally the responsibility of the client's Management team and " transaction controls ", which are typically performed by...
-
The click throughs obtained for Eltronix Inc during an eight-week period are provided in the table below. Eltronix ran a branded keyword search campaign in the first four weeks at a CPC of $0.15....
-
According to IAS 16/AASB 116, an item of property, plant and equipment that qualifies for recognition must be recorded at cost, representing the fair value of any assets given up in order to acquire...
-
During your lunchtime, which you usually spend at the university canteen in the presence of other students, one particular accounting student who was having difficulty with the textbook complained...
-
Consider the transition matrix (a) If Compute x(1), x(2), x(3), and x(4) to three decimal places. (b) Show that T is regular and find its steady state vector? 0 0.2 0.01 7-10 0.3 0.3 0.5 0.7
-
Using the information from project 2 and information found on the internet, write a one-page paper on why these types of advertisements are used. Support your answer with information provided in the...
-
a. Find the eigenvalues and eigenvectors of the matrix. b. Confirm the results of (a) in MATLAB. \(\mathbf{A}=\left[\begin{array}{ll}0 & 3 \\ 3 & 0\end{array} ight]\)
-
Evaluate the function \(g(x, y)=\sin (2 x+1) \tan \left(y-\frac{1}{2} ight)\) for \(x=0.45, y=-1.17\) by: a. Using the subs command. b. Conversion into a MATLAB function.
-
Build and simulate a Simulink model that integrates a sawtooth signal (amplitude 1 and frequency \(1 \mathrm{rad} / \mathrm{sec}\) ) and displays the result, along with the sawtooth signal itself.
-
Solve the linear system \(\mathbf{A x}=\mathbf{b}\) by using Gauss elimination. \(\mathbf{A}=\left[\begin{array}{ccc}2 & 2 & -1 \\ 3 & 1 & 4 \\ -1 & 2 & 5\end{array} ight],...
-
The income statement for Regina Cleaning Services Ltd. for the year ended November 30 shows Service Revenue $126,000; Salaries Expense $65,000; Repairs and Maintenance Expense $15,000; Supplies...
-
What is a content filter? Where is it placed in the network to gain the best result for the organization?
-
Three expense recognition methods (associating cause and effect, systematic and rational allocation, and immediate recognition) were discussed in the text under the matching principle. Indicate the...
-
Three expense recognition methods (associating cause and effect, systematic and rational allocation, and immediate recognition) were discussed in the text under the matching principle. Indicate the...
-
Statement of Financial Accounting Concepts No. 5 identifies four characteristics that an item must have before it is recognized in the financial statements. What are these four characteristics?
-
A thermokinetic model for the concentration u and temperature q of a mixture consists of the following equations (Gray and Scott 1994): du dt dq = -ki-kzuek, = k4uek39-k5q. dt The initial conditions...
-
Briefly describe the connection between Income Statement and Balance Sheet.
-
Does the possession of a core competence guarantee success? If yes, explain why. If no, explain why.?
Study smarter with the SolutionInn App