Explain the Lower of Cost and Market feature of inventory valuation

A company has Sales of $$100,000$ and the Cost of Goods Available for sale is $$80,000.$ If the Gross Profit percentage is $40\%$ what is the estimated ending inventory using the gross profit method?

What is a subsidiary ledger?

The costs of capital assets often increase with expenditures made to get the asset ready for its intended use. That is$,$ spending money on getting the asset ready to use properly. Give two examples of these costs for each of the following assets:

Land $=$

Equipment $=$

Buildings $=$

You buy property with a building on it$.$ The land has been appraised at $$750,000$ and the building has been appraised at $$500,000.$ How much will you debit Land when you buy the property for $$1,000,000?$

Give two examples of Land Improvements and explain why these expenditures are not added to the value of the Land account when they are paid for

You buy a vehicle on Jan. $12008$ for $$50,000.$ It will have a residual value of $$10,000$ in $10$ years. You depreciate it using the straight line method. You sell it on Sept. $1,2011$ for $$30,000.$

a$)$ What transaction must you do on Sept. $1$ before you record the sale transaction

b$)$ Record this journal entry

c$)$ Record the sale transaction