Questions
The following payments and receipts are related to land, land improvements, and buildings acquired for use...

The following payments and receipts are related to land, land improvements, and buildings acquired for use in a wholesale ceramic business. The receipts are identified by an asterisk.

a. Fee paid to attorney for title search $2,500
b. Cost of real estate acquired as a plant site: Land 285,000
                                                                 Building (to be demolished) 55,000
c. Delinquent real estate taxes on property, assumed by purchaser 15,500
d. Cost of razing and removing building acquired in (b) 5,000
e. Proceeds from sale of salvage materials from old building 4,000 *
f. Special assessment paid to city for extension of water main to the property 29,000
g. Architect’s and engineer’s fees for plans and supervision 60,000
h. Premium on one-year insurance policy during construction 6,000
i. Cost of filling and grading land 12,000
j. Money borrowed to pay building contractor 900,000 *
k. Cost of repairing windstorm damage during construction 5,500
l. Cost of paving parking lot to be used by customers 32,000
m. Cost of trees and shrubbery planted 11,000
n. Cost of floodlights installed on parking lot 2,000
o. Cost of repairing vandalism damage during construction 2,500
p. Proceeds from insurance company for windstorm and vandalism damage 7,500 *
q. Payment to building contractor for new building 800,000
r. Interest incurred on building loan during construction 34,500
s. Refund of premium on insurance policy (h) canceled after 11 months 500 *

Required:

1. Assign each payment and receipt to Land (unlimited life), Land Improvements (limited life), Building, or Other Accounts. Choose the correct account from the dropdown list for each letter and enter the appropriate amount. Enter receipts as negative amounts using the minus sign.

Item Account Amount
a. $
b. $
c. $
d. $
e. $
f. $
g. $
h. $
i. $
j. $
k. $
l. $
m. $
n. $
o. $
p. $
q. $
r. $
s. $

2. Determine the amount debited to Land, Land Improvements, and Building.

Land Land Improvements Building
$ $ $

3. Land used as a plant site lose its ability to provide services; thus, it depreciated. However, land improvements lose their ability to provide services as time passes and are, therefore, .

4. What would be the effect on the income statement and balance sheet if the cost of filling and grading land of $12,000 [payment (i)] was incorrectly classified as Land Improvements rather than Land? Assume Land Improvements are depreciated over a 20-year life using the double-declining-balance method.

In: Accounting

If you became the new manager in a hotel with high employee turnover, what actions would...

If you became the new manager in a hotel with high employee turnover, what actions would you take to increase retention of employees?

In: Accounting

Which of the following is a PUBLIC good? A. hotel B. congested non-toll road C. herd...

Which of the following is a PUBLIC good?

A. hotel

B. congested non-toll road

C. herd immunity

D. shared popcorn

In: Economics

As an executive housekeeper of a three (3) star hotel, explain in details with 'examples'  five (5)...

As an executive housekeeper of a three (3) star hotel, explain in details with 'examples'  five (5)
constraints on accommodation management in the housekeeping department.

In: Operations Management

Apply the concept of the product life cycle to a hotel. How does a company keep its products from going into the decline stage?

Apply the concept of the product life cycle to a hotel. How does a company keep its products from going into the decline stage?

In: Accounting

What are the consequences to a hotel operator of a customer such as Thomas Cook

What are the consequences to a hotel operator of a customer such as Thomas Cook collapsing into liquidation?  How does it affect resigning contracts with new owners? 

In: Accounting

This project is of Java OOP. Comprehensive UML Diagram of Managing customers for Hotel Management project...

This project is of Java OOP.
Comprehensive UML Diagram of Managing customers for Hotel Management project Mwith complete labelling of attributes, subclasses.

In: Computer Science

MeadowMeadow Construction, Inc. is a home builder in Arizona. MeadowMeadow uses a job order costing system...

MeadowMeadow Construction, Inc. is a home builder in Arizona. MeadowMeadow uses a job order costing system in which each house is a job. Because it constructs​ houses, the company uses an account titled Construction Overhead. The company applies overhead based on estimated direct labor costs. For the​ year, it estimated construction overhead of $1,350,000 and total direct labor cost of $3,375,000. The following events occurred during AugustAugust​:

.Requirement 1. Calculate MeadowMeadow​'s predetermined overhead allocation rate for the year.

Predetermined overhead

/

=

allocation rate

/

=

%

Requirement 2. Prepare journal entries to record the events in the general journal. ​(Record debits​ first, then credits. Exclude explanations from any journal​ entries.)

a. Purchased materials on​ account, $420,000.

Date

Accounts

Debit

Credit

a.

b. Requisitioned direct materials and used direct labor in construction. Record the materials requisitioned.

Date

Accounts

Debit

Credit

b.

c. The company incurred total wages of $260,000.

Use the data from Item b to assign the wages. ​(Assume the wages have not been​ paid.)

Date

Accounts

Debit

Credit

c.

d. Depreciation of construction​ equipment, $ 6 comma 200$6,200

Date

Accounts

Debit

Credit

d.

e. Other overhead costs​ incurred: Equipment rentals paid in​ cash, $35,000​;

Worker liability insurance​ expired, $4,000.

​(Prepare a single journal entry for this​ event.)

Date

Accounts

Debit

Credit

e.

f. Allocated overhead to jobs.

Date

Accounts

Debit

Credit

f.

g. Houses​ completed: 402, 404

Date

Accounts

Debit

Credit

g.

h. House sold on​ account: 404 $260,000 Begin by recording the revenue from the sale on account. Do not record the expense related to the sale in this journal entry. We will do that in the next step.

Date

Accounts

Debit

Credit

h.

Now record the cost of goods sold from the sale of house 404.

Date

Accounts

Debit

Credit

h.

Requirement 3. ​T-accounts for​ Work-in-Process Inventory and Finished Goods Inventory have been opened for you. Post the appropriate entries to these​ accounts, identifying each entry by letter. Determine the ending account​ balances, assuming that the beginning balances were zero.

Work-in-Process Inventory

Finished Goods Inventory

Requirement 4. Add the costs of the unfinished​ houses, and show that this total amount equals the ending balance in the​ Work-in-Process Inventory account.

Meadow Construction, Inc.

Reconciliation of Work-in-Process Inventory Subsidiary

and Control Accounts

Total WIP Balance

Unfinished houses:

Direct Materials

Direct Labor

Construction Overhead

Total cost equals Ending WIP Inventory

MORE INFO

a.

Purchased materials on​ account, $420,000

b.

Requisitioned direct materials and used direct labor in construction. Recorded the materials requisitioned.

Direct Materials

Direct Labor

House 402

$57,000

$42,000

House 403

68,000

34,000

House 404

63,000

55,000

House 405

81,000

51,000

c.

The company incurred total wages of $260,000.
Use the data from Item b to assign the wages. Wages are not yet paid.

d.

Depreciation of construction​ equipment, $6,200

e.

Other overhead costs​ incurred: Equipment rentals paid in​ cash,

$35,000​;

Worker liability insurance​ expired, $4,000.

f.

Allocated overhead to jobs.

g.

Houses​ completed: 402, 404

h.

House sold on​ account: 404 for $ 260,000

In: Accounting

Suppose that you are responsible for making arrangements for a business convention and that you have...

Suppose that you are responsible for making arrangements for a business convention and that you have been charged with choosing a city for the convention that has the least expensive hotel rooms. you have narrowed your choices to Atlanta and Houston that are consistent with the results reported by Smith travel research. Because considerable historical data on the prices of the rooms in both cities are available the population standard deviations for the prices can be assumed to be $20 in Atlanta and $25 in Houston. Based on the sample data, can you conclude that the mean price of a hotel room in Atlanta is lower than the one in Houston.

In: Statistics and Probability

- Two hotels that are in different markets and do not compete with one another noted...

- Two hotels that are in different markets and do not compete with one another noted the following data during a recent year:

Hotel E-Z Sleep
o When the nightly rate was $135 per room, 700 rooms per

month were rented
o When the nightly rate was increased to $165 per room, 600

rooms per month were rented

Hotel Nice Night
o When the nightly rate was $200 per room, 800 rooms per

month were rented
o When the nightly rate was increased to $300 per room, 500

rooms per month were rented - Do the following for each hotel:

  •  Calculate the price elasticity of demand using the midpoint method

  •  Calculate total revenue before and after the price change

  •  Determine whether demand is inelastic, elastic, or unitary elastic

  •  Was increasing price the right thing to do?

  •  What are some other factors that may have influenced the data?

  •  Should the hotels consider increasing the price in the future?

In: Economics