ACC 311 Lecture Notes - Lecture 10: Manny Parra, Historical Cost, Operating Expense
196 views19 pages
12 Dec 2017
School
Department
Course
Professor
Get access
Grade+20% off
$8 USD/m$10 USD/m
Billed $96 USD annually
Homework Help
Study Guides
Textbook Solutions
Class Notes
Textbook Notes
Booster Class
40 Verified Answers
Class+
$8 USD/m
Billed $96 USD annually
Homework Help
Study Guides
Textbook Solutions
Class Notes
Textbook Notes
Booster Class
30 Verified Answers
Related Documents
Related Questions
The expenditures and receipts below are related to land, landimprovements, and buildings acquired for use in a businessenterprise. The receipts are enclosed in parentheses.
(a) | Money borrowed to pay building contractor (signed a note) | $(282,800 | ) | ||
(b) | Payment for construction from note proceeds | 282,800 | |||
(c) | Cost of land fill and clearing | 11,770 | |||
(d) | Delinquent real estate taxes on property assumed bypurchaser | 7,920 | |||
(e) | Premium on 6-month insurance policy during construction | 11,460 | |||
(f) | Refund of 1-month insurance premium because constructioncompleted early | (1,910 | ) | ||
(g) | Architectâs fee on building | 26,160 | |||
(h) | Cost of real estate purchased as a plant site (land $201,700and building $54,400) | 256,100 | |||
(i) | Commission fee paid to real estate agency | 8,410 | |||
(j) | Installation of fences around property | 4,280 | |||
(k) | Cost of razing and removing building | 11,740 | |||
(l) | Proceeds from salvage of demolished building | (5,090 | ) | ||
(m) | Interest paid during construction on money borrowed forconstruction | 12,550 | |||
(n) | Cost of parking lots and driveways | 20,330 | |||
(o) | Cost of trees and shrubbery planted (permanent in nature) | 13,380 | |||
(p) | Excavation costs for new building | 3,010 |
identify each item by letter and list the items in columnarform, using the headings shown below. All receipt amounts should bereported in parentheses. For any amounts entered in the OtherAccounts column, also indicate the account title.(Enter receipt amounts using either a negative signpreceding the number e.g. -45 or parentheses e.g. (45). If no entryis required in other accounts
Item | Land | Land Improvements | Building | Other Accounts |
a
b
c
d
e
f
g
h
i
j
k
l
m
n
o
p