The expenditures and receipts below are related to land, land improvements, and buildings acquired for...
50.1K
Verified Solution
Question
Accounting
The expenditures and receipts below are related to land, land improvements, and buildings acquired for use in a business enterprise. The receipts are enclosed in parentheses.
(a) | Money borrowed to pay building contractor (signed a note) | $(286,700 | ) | ||
(b) | Payment for construction from note proceeds | 286,700 | |||
(c) | Cost of land fill and clearing | 11,670 | |||
(d) | Delinquent real estate taxes on property assumed by purchaser | 8,900 | |||
(e) | Premium on 6-month insurance policy during construction | 9,060 | |||
(f) | Refund of 1-month insurance premium because construction completed early | (1,510 | ) | ||
(g) | Architects fee on building | 27,090 | |||
(h) | Cost of real estate purchased as a plant site (land $209,800 and building $55,800) | 265,600 | |||
(i) | Commission fee paid to real estate agency | 9,710 | |||
(j) | Installation of fences around property | 4,190 | |||
(k) | Cost of razing and removing building | 9,920 | |||
(l) | Proceeds from salvage of demolished building | (5,070 | ) | ||
(m) | Interest paid during construction on money borrowed for construction | 12,120 | |||
(n) | Cost of parking lots and driveways | 17,560 | |||
(o) | Cost of trees and shrubbery planted (permanent in nature) | 14,770 | |||
(p) | Excavation costs for new building | 3,030 |
Identify each item by letter and list the items in columnar form, using the headings shown below. All receipt amounts should be reported in parentheses. For any amounts entered in the Other Accounts column, also indicate the account title. (Enter receipt amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45). If no entry is required in other accounts, select "No Entry" for the account titles.)
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!
Other questions asked by students
StudyZin's Question Purchase
1 Answer
$0.99
(Save $1 )
One time Pay
- No Ads
- Answer to 1 Question
- Get free Zin AI - 50 Thousand Words per Month
Unlimited
$4.99*
(Save $5 )
Billed Monthly
- No Ads
- Answers to Unlimited Questions
- Get free Zin AI - 3 Million Words per Month
*First month only
Free
$0
- Get this answer for free!
- Sign up now to unlock the answer instantly
You can see the logs in the Dashboard.