hello, I was wondering if any of you could help me solve these accounting questions? Question 1:
Question:
hello, I was wondering if any of you could help me solve these accounting questions?
Question 1: Land is purchased for $256,000. Additional costs include a $15,300 fee to a broker, a survey fee of $2,400, $1,750 to construct a fence, and a legal fee of $8,500. What is thecost of the land?
Question 2:The term accumulated depreciation, as used in accounting, is best defined as?
Question 3:On April 30, 2014, Tilton Products purchased machinery for $88,000. The useful life of this machinery is estimated at 8 years, with an $8,000 residual value.Assume that in its financial statements, Tilton Products uses straight-line depreciation and rounds depreciation for fractional years to the nearest month. Depreciation expense recognized on this machinery in 2014 and 2015 will be:
Question 4:Defineliabilities.Identify several characteristics that distinguish liabilities from owners' equity?