Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. home properties is developing a subdivision that i

Home Properties is developing a subdivision that includes...

80.2K

Verified Solution

Question

Accounting

image
image
Home Properties is developing a subdivision that includes 330 home lots. The 210 lots in the Canyon section are below a ridge and do not have views of the neighboring canyons and hills; the 120 lots in the Hillop section offer unobstructed views. The expected selling price for each Canyon lot is $50,000 and for each Hilltop lot is $92,000. The developer acquired the land for $1,900,000 and spent another $1,600,000 on street and utilities improvements. Assign the joint land and improvement costs of $3,500,000 to the Canyon section and the Hilltop section using the value basis of allocation. (Do not round your intermediate calculations.) A dairy company processed raw milk for $60,500. This raw milk can be converted into the following types of milk with listed sales values. Use the sales value basis to (1) allocate the total cost of the raw milk to each type of milk and (2) determine the gross profit for each type of milk

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Chemistry
1.2K views

Can you detect any trends in formula, mass and boiling point bp in going down this...

Physics
1.2K views

A 30 gallon cylindrical drum is filled with water and is slowly drained from its base. Let...

General Management
1.2K views

Chapter 8 discusses stimulus factors in advertising. Use Google Videos or Google Images to find examples...

Finance
1.2K views

Happy Times, Inc., wants to expand its party stores into the Southeast. In order to establish...

Basic Math
1.2K views

The figure shows the graphs of the cost and revenue functions for a company that...

Basic Math
1.2K views

In Chapter 1, we modeled the world population from 1900 to 2010 with the exponential...

Algebra
1.2K views

8 Find cos a B given cos a 45 sin B 3 2 a 90...

Algebra
1.2K views

16 4pts Use logarithm properties to expand each expression Z a log 2 1 1...

Algebra
1.2K views

The population of a county is growing at a rate of 9 per year compounded...

Accounting
1.2K views

1. If $731,190 can be invested now, what annual interest rate must be earned in...

Accounting
1.2K views

The internal rate of return for a project can be determined: ...

Finance
1.2K views

The following financial assets are commonly held by financial institutions. These assets contain differing quantity...