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

Dan Corp issues 3,000 shares of 10%, preferred stock. The Cash amount is $450,000; in this...

Dan Corp issues 3,000 shares of 10%, preferred stock. The Cash amount is $450,000; in this case the market value is: *

$10

$100

$120

$150

On July 1, 2019, Alex Company borrows $30,000 from City Bank and signs a 4- months, 5%, $30,000 interest bearing note. Interest Expense is: *

$500

$800

$30,500

$30,800

Lili Company’s products are subject to a 1-year warranty. During 2019, the company sold 300,000 units, of which the company estimates 4% will be defective. During the year, the company honored warranty contracts for 6,000 units. When honoring warranty contracts, the company must *

Debit Warranty Liability and credit Repair Parts

Debit Repair Parts and credit Warranty Liability

Debit Warranty Expense and credit Warranty Liability

Debit Warranty Liability and credit Warranty Expense

On July 1, 2019, Alex Company borrows $30,000 from City Bank and signs a 4- months, 5%, $30,000 interest bearing note. The payment date is *

October 1, 2019

November 1, 2019

December 1, 2019

January 1, 2020

Dan Corp issues 500 of 10%, $100 par value preferred stock to attorneys who helped the company organize. Attorneys valued their service at $100,000. Preferred Stock should be recorded as: *

Debit $50,000

Credit $50,000

Debit $130,000

Credit $130,000

Which of the following represents the number of shares repurchased from the market? *

Treasury shares

Issued shares

Outstanding shares

Authorized shares

The sale of common stock below par: *

Is a common occurrence

Is not permitted

Is a practice that most shareholders encourage

Requires that a liability be recorded for the difference between the sales price and the par value of the shares.

In: Accounting

You are admitting a 19-year-old female college student to the hospital for fevers. using the patients...

You are admitting a 19-year-old female college student to the hospital for fevers. using the patients provided, choose a culture unfamiliar to you and described what is essential to remember while you interview this patient discuss the health care support systems available in your community for someone of this culture if no support systems are available in your community, identify a national resource

In: Nursing

Consider some examples of successful global business. Complete either an interview with a manager doing business...

Consider some examples of successful global business. Complete either an interview with a manager doing business internationally or an analysis of global business news (your choice). Use this information to answer the following question: How might you incorporate your previous learning on the supply and demand curve to understand how exchange rates and trade embargoes influence global business?

In: Economics

Examine the following theories of development. Piaget's cognitive development Erikson's Psychosocial development Kohlberg's Moral Development please...

Examine the following theories of development.

Piaget's cognitive development

Erikson's Psychosocial development

Kohlberg's Moral Development

please compare the theory to an actual development at each stage. Interview parents, caregivers, old teachers, friends if necessary. need to provide at least one specific example of development for each stage in given theory and compare and contrast development to the theory of development.

In: Psychology

Lets say you are a person who wants to persue a career in project management but...

Lets say you are a person who wants to persue a career in project management but you are not sure if that's really what you want and you are given and chance to meet with a project manager.

Please compile 10 questions to use in an interview with a project manager. These questions must give a clear understanding whether you want to pursue this project management career or not

In: Operations Management

Respond to the following in a minimum of 175 words: Discuss what you can expect to...

Respond to the following in a minimum of 175 words:

  • Discuss what you can expect to occur in the exit interview. How would you refute a finding you disagree with? How would you handle guidance you do not necessarily plan to implement? How would you expect to work with the audit team to ensure that the guidance the audit provides is implemented?

In: Operations Management

Assume you are asked the following question during a job interview:  What is your greatest strength? How...

Assume you are asked the following question during a job interview:  What is your greatest strength? How would you answer? Come up with ONE adjective that describes your greatest strength (e.g., dependable, flexible, conscientious) and write a success story that proves you have this strength.

Begin with the statement: My greatest strength is that I am ___________________. For example.....

In: Operations Management

Peru Industries began operations on January 1, 2020.

Problem 8-6A Recording accounts receivable transactions and bad debt adjustments LO1, 2, 3

Peru Industries began operations on January 1, 2020. During the next two years, the company completed a number of transactions involving credit sales, accounts receivable collections, and bad debts (assume a perpetual inventory system). These transactions are summarized as follows:

2020

  1. Sold merchandise on credit for $2,310,000, terms n/30 (COGS = $1,276,000).

  2. Wrote off uncollectible accounts receivable in the amount of $35,200.

  3. Received cash of $1,378,000 in payment of outstanding accounts receivable.

  4. In adjusting the accounts on December 31, concluded that 1.5% of the outstanding accounts receivable would become uncollectible.


2021

  1. Sold merchandise on credit for $3,024,000, terms n/30 (COGS = $1,646,000).

  2. Wrote off uncollectible accounts receivable in the amount of $54,800.

  3. Received cash of $2,282,000 in payment of outstanding accounts receivable.

  4. In adjusting the accounts on December 31, concluded that 1.5% of the outstanding accounts receivable would become uncollectible.

Company uses the allowance method to account for uncollectible.


Required:
Prepare journal entries to record Peru’s 2020 and 2021 summarized transactions and the adjusting entries to record bad debt expense at the end of each year. (Round your intermediate calculations and final answers to nearest whole dollar.)

In: Accounting

Luther Company’s selected transactions during 2017, 2018, 2019 and 2020 are as follows: Jan. 1, 2017...

Luther Company’s selected transactions during 2017, 2018, 2019 and 2020 are as follows:

Jan. 1, 2017

Purchased a packaging machine for 24.150 TL on account. The machine has a useful life of 5 years and salvage value of 2.450 TL. The machine requires installation cost of 12.560 TL and also company paid transportation cost of 2.000 TL. Machinery will be depreciated by using double declining balance method.

March 1, 2018

Paid 314.000 TL cash for a new delivery truck and custom duties and fees of 1.635 TL are paid in cash. The truck has estimated useful life of five-years and a 31.400 TL salvage value. The truck will be depreciated by using straight line method.

Jan. 1, 2019

The company paid 10.500 TL for engine overhaul that extend the life of the machine for a total of 6 years. The new salvage value is 5.000 TL.

Aug. 31, 2020

Traded the packaging machine for a new one, priced at 98.000 TL receiving a trade in allowance of 11.000 TL paying 87,000 in cash.

Nov. 30, 2020

Traded the truck for a new one priced at 510.000 TL receiving a trade in allowance of 100.000 TL paying the balance in cash.

Required: Record the transactions and adjusting entries in general journal form.

In: Accounting