The following expenditures were incurred by McCoy Company in purchasing land: cash price $50,000, accrued taxes $3,000, attorneys’ fees $2,500, real estate broker’s commission $2,000, and clearing and grading $3,500. What is the cost of the land?
Answer to relevant QuestionsRich Castillo Company incurs the following expenditures in purchasing a truck: cash price $30,000, accident insurance $2,000, sales taxes $2,100, motor vehicle license $100, and painting and lettering $400. What is the cost ...On January 1, 2014, the Morgantown Company ledger shows Equipment $32,000 and Accumulated Depreciation—Equipment $9,000. The depreciation resulted from using the straight-line method with a useful life of 10 years and ...In a recent annual report, Target reported beginning total assets of $44.1 billion; ending total assets of $44.5 billion; and net sales of $63.4 billion. Compute Target’s asset turnover.Benedict Company incurred the following costs.1. Sales tax on factory machinery purchased ........... $ 5,0002. Painting of and lettering on truck immediately upon purchase ... 7003. Installation and testing of factory ...On July 1, 2014, Friedman Inc. invested $720,000 in a mine estimated to have 900,000 tons of ore of uniform grade. During the last 6 months of 2014, 100,000 tons of ore were mined and sold.Instructions(a) Prepare the journal ...
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