Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

pls answer The following expenditures and receipts are related to land, land improvements, and buildings acquired for use in a business enterprise. The receipts are

pls answer
image text in transcribed
image text in transcribed
The following expenditures and receipts are related to land, land improvements, and buildings acquired for use in a business enterprise. The receipts are enclosed in parentheses. $(276,500) (b) 276,500 (c) 11,220 (d) 8,340 (e) 12,060 (0) (2010) (g) 27,040 (h) 262,700 Money borrowed to pay building contractor (signed a note) Payment for construction from note proceeds Cost of land fill and clearing Delinquent real estate taxes on property assumed by purchaser Premium on 6-month insurance policy during construction Refund of 1-month insurance premium because construction completed early Architect's fee on building Cost of real estate purchased as a plant site (and $206,800 and building $55.900) Commission fee paid to real estate agency Installation of fences around property Cost of razing and removing building Proceeds from salvage of demolished building Interest paid during construction on money borrowed for construction Cost of parking lots and driveways Cost of trees and shrubbery planted (permanent in nature) Excavation costs for new building 9,620 4.030 (k) 10,130 (4.910) (m) 13,700 In) 17,690 fo) 14,080 (p) 2,950 Identify each item by letter and list the items in columnar form, using the headings shown below. All receipt amounts should be reported in parentheses. For any amounts entered in the Other Accounts column, also indicate the account title. (Enter receipt amounts using either a negative sign preceding the number eg. 45 or parentheses e-8: (45). If no entry is required in other occounts, select "No Entry for the account titles.) Item Land Improvements Building Other Account (a) 5 (b) ic) Id) le) 10 18 th) 00) ) CI) Im 3 3 fol

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access with AI-Powered 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

Students also viewed these Accounting questions