Allocating Payments and Receipts to Fixed Asset Accounts The following payments and receipts are related to...
Fantastic news! We've Found the answer you've been seeking!
Question:
![image text in transcribed](https://s3.amazonaws.com/si.experts.images/answers/2024/06/665bd36ed1bb9_934665bd36e6bb2f.jpg)
Transcribed Image Text:
Allocating Payments and Receipts to Fixed Asset Accounts The following payments and receipts are related to land, land improvements, and buildings acquired for use in a wholesale ceramic business. The receipts are identified by an asterisk. a. Fee paid to attorney for title search $3,600 b. Cost of real estate acquired as a plant site: Land 382,300 Building (to be demolished). 36,300 C Delinquent real estate taxes on property, assumed by purchaser 21,500 d. Cost of tearing down and removing building acquired in (b) 6,000 e. Proceeds from sale of salvage materials from old building 3,600* Special assessment paid to city for extension of water main to the property 14,300 9. Architect's and engineer's fees for plans and supervision 52,600 h. Premium on one-year insurance policy during construction 5,100 L Cost of filling and grading land 1 Money borrowed to pay building contractor k. Cost of repairing windstorm damage during construction L Cost of paving parking lot to be used by customers 21,000 896,500* 6,600 18,200 m. Cost of trees and shrubbery planted 10,800 Cost of floodlights installed on parking lot 1,200 a Cost of repairing vandalism damage during construction 3,000 D. Proceeds from insurance company for windstorm and vandalism damage 7,200 Q Payment to building contractor for new building 955,800 f. Interest incurred on building loan during construction 44,900 L Refund of premium on insurance policy (h) canceled after 11 months Required: 425 Previous Allocating Payments and Receipts to Fixed Asset Accounts The following payments and receipts are related to land, land improvements, and buildings acquired for use in a wholesale ceramic business. The receipts are identified by an asterisk. a. Fee paid to attorney for title search $3,600 b. Cost of real estate acquired as a plant site: Land 382,300 Building (to be demolished). 36,300 C Delinquent real estate taxes on property, assumed by purchaser 21,500 d. Cost of tearing down and removing building acquired in (b) 6,000 e. Proceeds from sale of salvage materials from old building 3,600* Special assessment paid to city for extension of water main to the property 14,300 9. Architect's and engineer's fees for plans and supervision 52,600 h. Premium on one-year insurance policy during construction 5,100 L Cost of filling and grading land 1 Money borrowed to pay building contractor k. Cost of repairing windstorm damage during construction L Cost of paving parking lot to be used by customers 21,000 896,500* 6,600 18,200 m. Cost of trees and shrubbery planted 10,800 Cost of floodlights installed on parking lot 1,200 a Cost of repairing vandalism damage during construction 3,000 D. Proceeds from insurance company for windstorm and vandalism damage 7,200 Q Payment to building contractor for new building 955,800 f. Interest incurred on building loan during construction 44,900 L Refund of premium on insurance policy (h) canceled after 11 months Required: 425 Previous
Expert Answer:
Posted Date:
Students also viewed these accounting questions
-
Emphasize the complex nature of organizational change. LO1
-
King Donovan Resources Group has been in its plant facility for 15 years. Although the plant is quite functional, numerous repair costs are incurred to maintain it in sound working order. The...
-
i) Larsen's Hardware Store prepared the following analysis of cost of goods sold for the previous three years: 2001 2002 2003 Beginning inventory 1/1 $40,000$18,000$25,000 Cost of goods purchased...
-
By applying Runge-Kutta fourth order method estimate the approximate value of y(0.2) with dy = (1+ AVx + y').y=land x-0. dx h=0.1 for the initial value problem, if given that Here A = 3
-
Discuss the types of primary research and how you would apply it to a current problem or opportunity in your current position. ASAP PLEASE ...ASAP
-
Discuss the risk profile and appetite of cryptocurrency. How can governmental leaders improve their countries profiles and appetite for cryptocurrency? Minimum of 500 words and 4 peer reviewed...
-
Discuss the various acquisitions Baidu has made and how you feel these acquisitions can best be structured for overall success.Based on your analysis, including financial analysis, what suggestions...
-
Without developing and implementing public relations theories and best practices organizations will not achieve their goals. Using the best class notes and any other relevant information. Discuss...
-
What is the IE pioneer implemented Walter Shewhart's theories of process control and improvement in Japan following WWII to help them recover from the war and become a major player in international...
-
1. Each of the following is an independent Case involving the ownership of voting shares of Canadian controlled private corporations. All of the corporations have taxation years that end on De...
-
Describe the Organizational Assessment of Innovation and Creativity.
-
What does CEAI represent?
-
What alternative models to employee recruitment, selection, and retention can be utilized to foster innovation behaviors?
![Mobile App Logo](https://dsd5zvtm8ll6.cloudfront.net/includes/images/mobile/finalLogo.png)
Study smarter with the SolutionInn App