Hilltop, Inc., purchased land in January 2009 at a cost of $270,000. The estimated market value of
Question:
Required
a. Name the December 31, 2012, financial statement(s) on which the land will be shown.
b. At what dollar amount will the land be shown in the financial statement(s)?
c. Name the key concept that will be used in determining the dollar amount that will be reported for land that is shown in the financial statement(s).
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 61% (18 reviews)
a Land will be shown on the 2012 bala...View the full answer
Answered By
JAPHETH KOGEI
Hi there. I'm here to assist you to score the highest marks on your assignments and homework. My areas of specialisation are:
Auditing, Financial Accounting, Macroeconomics, Monetary-economics, Business-administration, Advanced-accounting, Corporate Finance, Professional-accounting-ethics, Corporate governance, Financial-risk-analysis, Financial-budgeting, Corporate-social-responsibility, Statistics, Business management, logic, Critical thinking,
So, I look forward to helping you solve your academic problem.
I enjoy teaching and tutoring university and high school students. During my free time, I also read books on motivation, leadership, comedy, emotional intelligence, critical thinking, nature, human nature, innovation, persuasion, performance, negotiations, goals, power, time management, wealth, debates, sales, and finance. Additionally, I am a panellist on an FM radio program on Sunday mornings where we discuss current affairs.
I travel three times a year either to the USA, Europe and around Africa.
As a university student in the USA, I enjoyed interacting with people from different cultures and ethnic groups. Together with friends, we travelled widely in the USA and in Europe (UK, France, Denmark, Germany, Turkey, etc).
So, I look forward to tutoring you. I believe that it will be exciting to meet them.
3.00+
2+ Reviews
10+ Question Solved
Related Book For
Survey of Accounting
ISBN: 978-0078110856
3rd Edition
Authors: Thomas P. Edmonds, Frances M. McNair, Philip R. Olds, Bor Yi
Question Posted:
Students also viewed these Accounting questions
-
JMD, Inc., purchased land in January 2009 at a cost of $270,000. The estimated market value of the land is $350,000 as of December 31, 2011. Required a. Name the December 31, 2011, financial...
-
Lakeside, Inc. purchased land in January 2009 at a cost of $250,000. The estimated market value of the land is $425,000 as of December 31, 2018. Required a. Name the December 31, 2018, financial...
-
Mountain View, Inc., purchased land in January 2009 at a cost of $250,000. The estimated market value of the land is $425,000 as of December 31, 2013. Required a. Name the December 31, 2013,...
-
Jen and Barry's Ice Milk Company used cash to purchase a new ice milk mixer on January 1, 2013. The new mixer is estimated to have a 20,000 - hour service life. Jen and Barry's depreciates equipment...
-
New Fashions Inc. manufactures shirts for retail chains. Andy Jorgenson, the controller, is becoming increasingly disenchanted with New Fashions' standard costing system. The budgeted and actual...
-
Compare and contrast penetration pricing and predatory pricing.
-
In 2014, these were the leading causes of death in the United States. Accidents: 136,053 Cancer: 591,699 Chronic lower respiratory disease: 147,101 Heart disease: 614,348 Stroke (cerebrovascular...
-
A store managers computer-generated list of all retail sales employees indicates that 70 percent are full-time employees, 20 percent are part-time employees, and 10 percent are furloughed or laid-off...
-
Explain the importance of thermodynamic modeling in process simulation. How do advanced equations of state, like the Peng-Robinson or Soave-Redlich-Kwong models, influence the prediction of phase...
-
A device designed to allow cleaning of walls and windows on the second floor of homes is similar to the system shown in Fig. 11.20. Determine the velocity of flow from the nozzle if the pressure at...
-
Washington Company was organized when it acquired $2,000 cash from the issue of common stock. During its first accounting period the company earned $800 of cash revenue and incurred $500 of cash...
-
Wright Company was started in 2012 when it acquired $25,000 cash by issuing common stock to Cal Wright. Required a. Was this event an asset source, use, or exchange transaction for Wright Company? b....
-
In Problem find the marginal cost function. C(x) = 640 + 12x - 0.1x 2
-
The beginning work in process inventory was 80% complete for materials and 65% complete for labor and overhead. The ending work in process inventory was 60% complete for materials and 40% complete...
-
Doctor Strange completed its first fundraising campaign in December 2019. It was successful and resulted in pledges totaling $100,000, for use at management's discretion, to be collected in March...
-
7 In 2020, a firm had current assets of $3,000, total assets of $12,000, current liabilities of $4,000, total liabilities of $7,000, and total equity of $5,000 In 2021, the same firm had current...
-
Beresford Incorporated purchased several investments in debt securities during 2023, its first year of operations. The following information pertains to these securities. The fluctuations in their...
-
A cargo plane is moving with a horizontal velocity of vx = + 2 3 1 m / s at a height of y = 1 1 7 0 m above level ground when it releases a package. Ignoring air resistance, how much time, in...
-
Why might it be that some HRM practices are best explained by the varieties of capitalism categories and some by the wider comparative capitalisms literature? Why might some exhibit country...
-
The baseball player A hits the ball from a height of 3.36 ft with an initial velocity of 34.8 ft/s. 0.14 seconds after the ball is hit, player B who is standing 15 ft away from home plate begins to...
-
Simplify each expression in Problems 722. Classify each answer by number of terms and degree. (2x - 4) - (3x + 4)
-
How are revenues and expenses reported on the income statement under? (a) The cash basis of accounting and (b) The accrual basis of accounting?
-
Is the supplies balance before the accounts have been adjusted the amount that should normally be reported on the balance sheet? Explain.
-
Is the supplies balance before the accounts have been adjusted the amount that should normally be reported on the balance sheet? Explain.
-
Answer the following questions with respect to the following Strategy pattern diagram as illustrated below 3. The relationship between StudentToSchool class and Strategy and actors with strategy?...
-
a) Design a simple relational database that captures the information required to maintain records of orders. Take into account that your design should allow a customer to order as many items as...
-
Write a procedure named AVG in assembly language which calculates and returns the average of three memory operands. Also show how this procedure will be called from main. Pass arguments (variable...
Study smarter with the SolutionInn App