Land is purchased for $227,000. Additional costs include a $16,200 fee to a broker, a survey fee of $2,400, $2,510 to construct a fence, and a legal fee of $10,000. What is the cost of the land?

$255,710.$255,600.$258,000.$227,000.

Harvard Company purchased equipment having an invoice price of $19,900. The terms of sale were 3/10, n/30, and Harvard paid within the discount period. In addition, Harvard paid a $150 delivery charge, $220 installation charge, and $945 sales tax. The amount recorded as the cost of this equipment is:

$20,270. $19,673. $21,215. $20,618.

The Cash account in the ledger of Hensley, Inc. showed a balance of $3,850 at June 30. The bank statement, however, showed a balance of $5,650 at the same date. The only reconciling items consisted of a $600 deposit in transit, a bank service charge of $8, and a large number of outstanding checks.

16.

What is the "adjusted cash balance" at June 30?

$2,408.

$3,250.

$3,842.

$5,650.

17.

What is the total amount of the outstanding checks at June 30?

rev: 06_27_2015_QC_CS-18645

$2,400.

$2,408.

$3,250.

$2,634

A measure of a company s liquidity is:

A.Assets divided by liabilities. B.The dollar amount of liabilities that bear interest. C.The dollar amount of assets used as collateral for a loan. D.The current ratio.A revenue expenditure is deducted from revenues in determining the net income for the period. True False