Business, 11.03.2020 02:11 kimmi1489

10. A corporation issued debt to purchase 10 acres of land for development purposes. Expenditures related to this purchase are as follows: Description Amount Purchase price $1,000,000 Real estate taxes in arrears 15,000 Debt issuance costs 2,000 Attorney fee -- title search on land 5,000 The company should record its acquisition of the land in its financial statements at a value of a. $1,000,000 b. $1,015,000 c. $1,020,000 d. $1,022,000

Answers: 3

Show answers

Another question on Business

Business, 21.06.2019 21:00

Balance sheet the assets of dallas & associates consist entirely of current assets and net plant and equipment. the firm has total assets of $2 5 million and net plant and equipment equals $2 million. it has notes payable of $150,000, long-term debt of $750,000, and total common equity of $1 5 million. the firm does have accounts payable and accruals on its balance sheet. the firm only finances with debt and common equity, so it has no preferred stock on its balance sheet. a. what is the company's total debt? b. what is the amount of total liabilities and equity that appears on the firm's balance sheet? c. what is the balance of current assets on the firm's balance sheet? d. what is the balance of current liabilities on the firm's balance sheet? e. what is the amount of accounts payable and accruals on its balance sheet? [hint: consider this as a single line item on the firm's balance sheet.] f. what is the firm's net working capital? g. what is the firm's net operating working capital? h. what is the explanation for the difference in your answers to parts f and g?

Answers: 1

Answer

Business, 21.06.2019 22:40

Lincoln company has an accounting policy for internal reporting purposes whereby the costs of any research and development projects that are over 70 percent likely to succeed are capitalized and then depreciated over a five-year period with a full year of depreciation in the year of capitalization. in the current year, $400,000 was spent on project one, and it was 55 percent likely to succeed, $600,000 was spent on project two, and it was 65 percent likely to succeed, and $900,000 was spent on project three, and it was 75 percent likely to succeed. in converting the internal financial statements to external financial statements, by how much will net income for the current year have to be reduced? a. $180,000b. $380,000c. $720,000d. $900,000

Answers: 3

Answer

Business, 22.06.2019 11:30

Money from an allowance or job is known as .

Answers: 3

Answer

Business, 22.06.2019 20:00

What part of the rational model of decision-making does the former business executive “elliott” have a problem completing?

Answers: 2

Answer

You know the right answer?

10. A corporation issued debt to purchase 10 acres of land for development purposes. Expenditures re...