Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

please help me Wildhorse Realty Company purchased a plot of ground for $1,800,000 and spent $3,700,000 in developing it for building lots. The lots were

please help me
image text in transcribed
image text in transcribed
image text in transcribed
Wildhorse Realty Company purchased a plot of ground for $1,800,000 and spent $3,700,000 in developing it for building lots. The lots were classified into Highland, Midland, and Lowland grades, to sell at $117.500, $88,125, and $58,750 each, respectively. Complete the table below to allocate the cost of the lots using a relative sales value method. No. of Lots Grade Selling Price Total Revenue % of Total Sales Highland 20 $ % Midland 40 Lowland 100 % 160 $ Presented below is selected information related to Sweet Acacia Electronics' inventory. (per unit) HDTV-50" HDTV-42" TV Stand Historical cost $521 $372 $74 Selling price 668 408 98 Cost to sell 38 19 3 Cost to complete 64 30 00 8 Determine the following: (a) the net realizable value for each item, and (b) the carrying value of each (a) NRV (b) LCNRV HDTV-50" $ $ HDTV-42" TV Stand On December 31, 2020, Oriole Company signed a $1,031,300 note to Waterway Bank. The market interest rate at that time was 11%. The stated interest rate on the note was 9%, payable annually. The note matures in 5 years. Unfortunately, because of lower sales, Oriole's financial situation worsened. On December 31, 2022. Waterway Bank determined that it was probable that the company would pay back only $618.780 of the principal at maturity. However, it was considered likely that interest would continue to be paid, based on the $1,031,300 loan (a) Your answer is incorrect Determine the amount of cash Oriole received from the loan on December places, eg, 0.52513 and final answer to decimal places, eg. 5,275.) 2020. (Round present value factors to 5 decimal Amount of cash Oriole received from the loan $

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Comparative International Accounting

Authors: Christopher Nobes, Robert B Parker

12th Edition

0273763792, 978-0273763796

More Books

Students also viewed these Accounting questions

Question

What is the difference between a revenue and a cost alternative?

Answered: 1 week ago

Question

Why are stereotypes so resistant to change?

Answered: 1 week ago