Mickelson Inc. owns land that it purchased on January 1, 2000, for $450,000. At December 31, 2012,
Question:
Mickelson Inc. owns land that it purchased on January 1, 2000, for $450,000. At December 31, 2012, its current value is $770,000 as determined by appraisal. At what amount should Mickelson report this asset on its December 31, 2012, balance sheet? Explain.
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 36% (11 reviews)
The company will report the asset at its historical cos...View the full answer
Answered By
Marvine Ekina
Marvine Ekina
Dedicated and experienced Academic Tutor with a proven track record for helping students to improve their academic performance. Adept at evaluating students and creating learning plans based on their strengths and weaknesses. Bringing forth a devotion to education and helping others to achieve their academic and life goals.
PERSONAL INFORMATION
Address: , ,
Nationality:
Driving License:
Hobbies: reading
SKILLS
????? Problem Solving Skills
????? Predictive Modeling
????? Customer Service Skills
????? Creative Problem Solving Skills
????? Strong Analytical Skills
????? Project Management Skills
????? Multitasking Skills
????? Leadership Skills
????? Curriculum Development
????? Excellent Communication Skills
????? SAT Prep
????? Knowledge of Educational Philosophies
????? Informal and Formal Assessments
0.00
0 Reviews
10+ Question Solved
Related Book For
Question Posted:
Students also viewed these Business questions
-
Mickelson Inc. owns land that it purchased on January 1, 2000, for $450,000. At December 31, 2020, its current value is $770,000 as determined by appraisal. At what amount should Mickelson report...
-
Mickelson Inc. owns land that it purchased on January 1, 2000, for $450,000. At December 31, 2010, its current value is $770,000 as determined by appraisal. At what amount should Mickelson report...
-
Esplanade Inc. owns land that it purchased on January 1, 2001, for $420,000. At December 31, 2008, its current value is $770,000 as determined by appraisal. At what amount should Esplanade report...
-
Selected information from Indigo Books & Music Inc.'s income statements for three recent years follows (dollars in thousands): Instructions (a) Calculate gross profit, and profit from operations, for...
-
Drawing on your experience, give examples of two risks that one can easily hedge and two risks that one cannot hedge.
-
1. Describe the characteristic traits of leadership at GE. How would you describe Flannerys leadership style? 2. Do you believe that leadership style and connection with employees can influence...
-
Do analytical efforts, big data examinations, and textual analyses impact compliance and fraud deterrence? Provide an explanation for your opinion.
-
Consider the following four LP formulations. Using a graphical approach, determine (a) Which formulation has more than one optimal solution. (b) Which formulation is unbounded. (c) Which formulation...
-
The database contains three tables containing information about this company's sales process: Inventory, Sales, and SalesItems. Use the Relationships window to link the tables together. The...
-
1. Some have argued that higher cigarette prices do not deter smoking. While there are many arguments both for and against this view, some find the following argument to be the most persuasive of...
-
Instructions Go to the books companion website and use information found there to answer the following questions related to The Coca-Cola Company and PepsiCo, Inc. (a) What is the amount of inventory...
-
Crowe Company purchased a heavy-duty truck on July 1, 2009, for $30,000. It was estimated that it would have a useful life of 10 years and then would have a trade-in value of $6,000. The company uses...
-
How can an ERP system assist a company in its efforts to comply with the Sarbanes-Oxley Act of 2002?
-
Explain briefly how a sensitivity analysis is done and what the analysis is designed to show.
-
Mike, Nora, and Cleona are shareholders in National Business, Inc. All of the shareholders are Nationals a. owners. b. directors. c. incorporators. d. officers.
-
What is a scenario analysis? What is it designed to show, and how does it differ from a sensitivity analysis?
-
Alphonso, Kim, and Pete are partners in Northern Mines. Alphonso sells the ore extracted from the mines to Yukon Resources, Inc. Alphonso must account for the funds that he receives from Yukon for...
-
What three flaws does the regular payback have? Does the discounted payback correct all of these flaws? Explain.
-
If in the notation used in the proof of Theorem 11.1.9, we have Ix Iy show that bx = by.
-
The cash records of Holly Company show the following four situations. 1. The June 30 bank reconciliation indicated that deposits in transit total $720. During July, the general ledger account Cash...
-
What is the relationship of the asset turnover ratio to the rate of return on assets?
-
Explain the meaning of the following terms: (a) Common size analysis, (b) Vertical analysis, (c) Horizontal analysis, (d) Percentage analysis.
-
Explain the meaning of the following terms: (a) Common size analysis, (b) Vertical analysis, (c) Horizontal analysis, (d) Percentage analysis.
-
Display the total cost of "sterile gloves - small" provided by Poole's Medical supplies during 2013. display: Total cost (single value) use this code to create the database: CREATE TABLE...
-
c) How much more air can the Supra displace than the civic? a) To calculate the total displacement of the engine, you can use the formula for the displacement of a single cylinder: Displacement =...
-
Summarize the following article Federal intervention in food labeling is often proposed with the aim of achieving a social goal such as improving human health and safety, mitigating environmental...
Study smarter with the SolutionInn App