Pharoah Company was organized on January 1. During the first year of operations, the following plant asset
Fantastic news! We've Found the answer you've been seeking!
Question:
Pharoah Company was organized on January 1. During the first year of operations, the following plant asset expenditures and receipts were recorded in random order.
Transcribed Image Text:
Pharoah Company was organized on January 1. During the first year of operations, the following plant asset expenditures and receipts were recorded in random order. Expenditures 1. Excavation costs for new building $13,585 2. Architect's fees on building plans 33,040 3. Full payment to building contractor 662,000 4. Cost of real estate purchased as a plant site (land $301,500 and building $26,200) 327,700 5. Cost of parking lots and driveways 29,980 6. Accrued real estate taxes paid at time of purchase of real estate 4,130 7. Installation cost of fences around property 8,190 8. Cost of demolishing building to make land suitable for construction of new building 26,200 9. Real estate taxes paid for the current year on land 6,090 $1,110,915 Receipts 10. Proceeds from salvage of demolished building $ 11,000 Analyze the transactions using the following table column headings. Enter the amounts in the appropriate columns. For amounts in the Other Accounts column, also indicate the account title. (Enter negative amounts using either a negative sign preceding the number eg. -45 or parentheses eg. (45).) Other Accounts Item Land Building Amounts Account Title 1 $ 24 24 2 3 4 5 6 7 8. 10 $ $ > > > > > > Pharoah Company was organized on January 1. During the first year of operations, the following plant asset expenditures and receipts were recorded in random order. Expenditures 1. Excavation costs for new building $13,585 2. Architect's fees on building plans 33,040 3. Full payment to building contractor 662,000 4. Cost of real estate purchased as a plant site (land $301,500 and building $26,200) 327,700 5. Cost of parking lots and driveways 29,980 6. Accrued real estate taxes paid at time of purchase of real estate 4,130 7. Installation cost of fences around property 8,190 8. Cost of demolishing building to make land suitable for construction of new building 26,200 9. Real estate taxes paid for the current year on land 6,090 $1,110,915 Receipts 10. Proceeds from salvage of demolished building $ 11,000 Analyze the transactions using the following table column headings. Enter the amounts in the appropriate columns. For amounts in the Other Accounts column, also indicate the account title. (Enter negative amounts using either a negative sign preceding the number eg. -45 or parentheses eg. (45).) Other Accounts Item Land Building Amounts Account Title 1 $ 24 24 2 3 4 5 6 7 8. 10 $ $ > > > > > >
Expert Answer:
Related Book For
Cornerstones of Financial and Managerial Accounting
ISBN: 978-1111879044
2nd edition
Authors: Rich, Jeff Jones, Dan Heitger, Maryanne Mowen, Don Hansen
Posted Date:
Students also viewed these accounting questions
-
During the first year of operation, 2013, Ferrells Appliance recognized $261,000 of service revenue on account. At the end of 2013, the accounts receivable balance was $46,300. Even though this is...
-
During the first year of operation, 2013, Custom Appliance Co. recognized $320,000 of service revenue on account. At the end of 2013, the accounts receivable balance was $47,000. For this first year...
-
During the first year of operation, 2014, Clayton Repair Co. recognized $500,000 of service revenue on account. At the end of 2014, the accounts receivable balance was $72,000. For this first year in...
-
Solve Loe 4 (a) x (b) fo e-y/2 dy 8 X 1+x dx -6 1 ( c ) = = 14 dx (c) - 3 x -
-
Sandman repairs chips in car windshields. The company incurred the following operating costs for the month of February 2016: Salaries and wages...............$ 6,000 Windshield repair...
-
A database is being constructed to keep track of the teams and games of a sports league. A team has a number of players, not all of whom participate in each game. It is desired to keep track of the...
-
A capital investment project involves the purchase of a 3-D soldering station for $\$ 15,000$, producing an annual net benefit of $\$ 2,250$. The system has an 8-year useful life with a salvage value...
-
The demand and supply curves for gasoline are the same in Upper Slobbovia as in Lower Slobbovia. However, in Upper Slobbovia everybody's time is worth just $1 per hour, while in Lower Slobbovia...
-
Ingrid has configured one of the network segments to use a DHCP server to dynamically assign IP addresses. She knows that DHCP can also tell the clients the address of the server that they should use...
-
Mike Greenberg opened Sheffield Window Washing Inc. on July 1, 2022. During July, the following transactions were completed. July 1 Issued 12,700 shares of common stock for $12,700 cash. 1 Purchased...
-
If I ask for a 1 million loan within 3 months with 3 month maturity, which will be the difference on interest payments if I lock today the interest rate using the 3x6 month Forward Interest Rate?, 3...
-
Discuss what makes a process step value-added or non-value added. Additionally, highlight an example of an organization or process where the organization is burdened with non-value added process...
-
How do you think technology will disrupt the practice and process of financial accounting in the next five years?
-
discusses how program management governance (as it relates to projects as there are programs that exist that are not project related) needs more research to help distinguish it from project...
-
Identify successes and challenges one can experience in creating your project a plan. Identify project management strategies that you would employ in the future to address challenges and explain why...
-
"Critical Thinking is About Asking Better Questions (Based on the Article by John Coleman)"HarvardBusiness.org 2023 answer the following questions after reviewing the video: 1-Is there anything you...
-
You are making time estimates for your project plan. You ask your task expert to estimate how long the task would take if you assume you need to replace your vendor and you experience unexpected...
-
The Cholesterol Level data sets give cholesterol levels of heart attack patients. Cholesterol measures are taken 2, 4, and 14 days aft er a patient has suffered a heart attack. Is there a significant...
-
What are the initial steps in the accounting cycle and what happens in each step?
-
Refer to the information for Lata Inc. above. Lata Inc., produces aluminum cans. Production of 12- ounce cans has a standard unit quantity of 4.5 ounces of aluminum per can. During the month of...
-
The income statements for Picard Company for the three years ending in 2011 appear below. During 2011, Picard discovered that the 2009 ending inventory had been misstated due to the following two...
-
Is an oscillating object in translational equilibrium?
-
If you photograph a flock of birds taking off from ground level, some of the wings will be blurred in the photograph even though the bodies are in focus. In which wing positions are the wings least...
-
Plot kinetic energy and potential energy as a function of time for the cart in Figure 15. 2. Data from Figure 15. 2 (a) t=0 5=0 (b) 0.09 s (c) 0.18 s x=0 E (d) 0.27 s E K U K U KU KU
Study smarter with the SolutionInn App