Ben Sisko Supply Company, a newly formed corporation, incurred the following expenditures related to Land, to Buildings,
Question:
Ben Sisko Supply Company, a newly formed corporation, incurred the following expenditures related to Land, to Buildings, and to Machinery and Equipment.
Instructions
Determine the amounts that should be debited to Land, to Buildings, and to Machinery and Equipment. Assume the benefits of capitalizing interest during construction exceed the cost of implementation. Indicate how any costs not debited to these accounts should berecorded.
Transcribed Image Text:
Abstract company's fee for title search Architect's fees Cash paid for land and dilapidated building thereon Removal of old building $520 2,800 87,000 $20,000 Less: Salvage Surveying before construction Interest on short-term loans during construction Excavation before construction for basement Machinery purchased (subject to 2% cash discount, which was not taken) Freight on machinery purchased Storage charges on machinery, necessitated by noncompletion of 5,500 14,500 370 7,400 19,000 55,000 1,340 building when machinery was delivered New building constructed (building construction took 6 months from 2,180 date of purchase of land and old building) Assessment by city for drainage project Hauling charges for delivery of machinery from storage to new building Installation of machinery Trees, shrubs, and other landscaping after completion of building 485,000 1,600 2,000 (permanent in nature 5,400
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 66% (15 reviews)
Land Buildings ME Other Abstract fees 520 Architects fees 2...View the full answer
Answered By
Ashington Waweru
I am a lecturer, research writer and also a qualified financial analyst and accountant. I am qualified and articulate in many disciplines including English, Accounting, Finance, Quantitative spreadsheet analysis, Economics, and Statistics. I am an expert with sixteen years of experience in online industry-related work. I have a master's in business administration and a bachelor’s degree in education, accounting, and economics options.
I am a writer and proofreading expert with sixteen years of experience in online writing, proofreading, and text editing. I have vast knowledge and experience in writing techniques and styles such as APA, ASA, MLA, Chicago, Turabian, IEEE, and many others.
I am also an online blogger and research writer with sixteen years of writing and proofreading articles and reports. I have written many scripts and articles for blogs, and I also specialize in search engine
I have sixteen years of experience in Excel data entry, Excel data analysis, R-studio quantitative analysis, SPSS quantitative analysis, research writing, and proofreading articles and reports. I will deliver the highest quality online and offline Excel, R, SPSS, and other spreadsheet solutions within your operational deadlines. I have also compiled many original Excel quantitative and text spreadsheets which solve client’s problems in my research writing career.
I have extensive enterprise resource planning accounting, financial modeling, financial reporting, and company analysis: customer relationship management, enterprise resource planning, financial accounting projects, and corporate finance.
I am articulate in psychology, engineering, nursing, counseling, project management, accounting, finance, quantitative spreadsheet analysis, statistical and economic analysis, among many other industry fields and academic disciplines. I work to solve problems and provide accurate and credible solutions and research reports in all industries in the global economy.
I have taught and conducted masters and Ph.D. thesis research for specialists in Quantitative finance, Financial Accounting, Actuarial science, Macroeconomics, Microeconomics, Risk Management, Managerial Economics, Engineering Economics, Financial economics, Taxation and many other disciplines including water engineering, psychology, e-commerce, mechanical engineering, leadership and many others.
I have developed many courses on online websites like Teachable and Thinkific. I also developed an accounting reporting automation software project for Utafiti sacco located at ILRI Uthiru Kenya when I was working there in year 2001.
I am a mature, self-motivated worker who delivers high-quality, on-time reports which solve client’s problems accurately.
I have written many academic and professional industry research papers and tutored many clients from college to university undergraduate, master's and Ph.D. students, and corporate professionals. I anticipate your hiring me.
I know I will deliver the highest quality work you will find anywhere to award me your project work. Please note that I am looking for a long-term work relationship with you. I look forward to you delivering the best service to you.
3.00+
2+ Reviews
10+ Question Solved
Related Book For
Intermediate Accounting principles and analysis
ISBN: 978-0471737933
2nd Edition
Authors: Terry d. Warfield, jerry j. weygandt, Donald e. kieso
Question Posted:
Students also viewed these Accounting questions
-
During the current year, Reddick Corporation incurred the following expenditures which must be recorded either as operating expenses or as intangible assets : a. Expenditures were made for the...
-
A company incurs the following expenditures related to currently owned fixed assets: Annual pressure washing of building, $5,000 New engine in delivery truck, $4,500 Repair of water damage caused...
-
During the current year, Black Corporation incurred the following expenditures which should be recorded either as operating expenses or as intangible assets : a. Expenditures were made for the...
-
A stock is currently priced at $39.3. Its dividend is expected to grow at a rate of 5.9% per year indefinitely. The stock's required return is 8.4%. The stock's predicted price 7 years from now, P7,...
-
You want to have $2.6 million in real dollars in an account when you retire in 40 years. The nominal return on your investment is 10.8 percent and the inflation rate is 3.7 percent. What real amount...
-
In Exercises find the indefinite integral. Is sec5 x tan x dx
-
Experiments are conducted on a washing machine agitator. The relevant dimensional parameters are the driving torque, \(\mathscr{T}\), the oscillation frequency, \(f\), the angular velocity,...
-
A 90% interest in Saxton Corporation was purchased by Palm Incorporated on January 2, 2011. The capital stock balance of Saxton Corporation was $3,000,000 on this date, and the balance in retained...
-
Discuss the socio-economic implications of decentralized renewable energy solutions, including off-grid solar PV systems, mini-grids, and community-owned energy projects, in terms of energy access,...
-
On December 31, 2020, Jen & Mink Clothing (J&M) performed the inventory count and determined the yearend ending inventory value to be $75,500. It is now January 8, 2021, and you have been asked to...
-
Alexei Urmanov Corporation operates a retail computer store. To improve delivery services to customers, the company purchases three new trucks on April 1, 2008. The terms of acquisition for each...
-
Plant acquisitions for selected companies are as follows. 1. Belanna Industries Inc. acquired land, buildings, and equipment from a bankrupt company, Torres Co., for a lump sum price of $700,000. At...
-
According to a survey reported by the Daily Mail in the United Kingdom, one in eight women has bought expensive clothes, worn them on a night out, and then returned them the next day. Nearly half of...
-
Super PB is the best-selling peanut butter on the market. A new peanut butter has come to market at half the price of Super PB and is affecting the demand for Super PB. Which determinant of demand is...
-
2x 11 8 14. Find the roots of x-2 x x-2x
-
what is the foundation of a successful virtual team?
-
What are the consequences of respiratory disorders, such as chronic obstructive pulmonary disease (COPD) and asthma, on gas exchange efficiency and overall physiological homeostasis ?
-
1. At the instant shown, the 4 lb. collar is moving up the rod at 6 ft/s. Determine the speed of the collar when it reaches point O if the spring has a stiffness k 50 lb./ft and an unstretched length...
-
From a newspaper such as The Wall Street Journal, from the business section of your local daily, or from the Internet, look up the prime interest rate, the corporate bond rate, and the interest rate...
-
A glass manufacturer produces hand mirrors. Each mirror is supposed to meet company standards for such things as glass thickness, ability to reflect, size of handle, quality of glass, color of...
-
Find d 2 y/dx 2 when y is given by (a) x(1 + x) (b) In(x + x + 1) (c) yx + y + 7x = 4 (d) xy - xy - x = 0
-
Indicate whether each of the following transactions affects an operating activity, an investing activity, a financing activity, or a non-cash investing and financingactivity. a. Cash 61,000 Common...
-
The accounting records of South Central Distributors, Inc., reveal the following: Requirement 1. Compute cash flows from operating activities by the indirect method. Use the format of the operating...
-
The accounting records of Ashby Fur Traders include theseaccounts: Cash Accounts Receivable Aug 1 80,000 Receipts 418,0 Aug 31 48,000 Aug 1 8,000 00Payments 450,000 Receipts 522,000 Collections...
-
The Clifford Corporation has announced a rights offer to raise $36 million. The stock currently sells for $28 per share and there are 18 million shares outstanding. If the subscription price is set...
-
Superman Enterprises has just completed an initial public offering. The firm sold 4,700,000 new shares at an offer price of $17.00 per share. The underwritering spread was $0.78 a share. The firm...
-
ABV is a non-dividend paying stock whose current price is $50. Its volatility is 12%. Over each of the next two 6-month periods the stock price is expected to go up by 9% or down by 8%. The risk-free...
Study smarter with the SolutionInn App