Diego Company paid $186,000 cash to acquire a group of items consisting of land appraised at $53,000 and a building appraised at $159,000. Allocate total cost to these two assets and prepare an entry to record the purchase. Complete this question by entering your answers General Total Cost Journal Prepare an entry to record the purchase. View transaction list Journal entry worksheet A Record costs of lump-sum purchase. Note: Enter debits before credits. Transaction General Journal Debit Credit 1
Q: kysong Company reports the following costs and expenses in May. Factory utilities $14,200…
A: Cost sheet is a method of allocating total cost into different categories. It helps to identify the…
Q: What are the features of final income tax?
A: Introduction:- Final tax is one of the exemptions to the extent of the regular income tax. An…
Q: A company's contribution margin per unit is $25. It the company increases its activity level from…
A: Formula: Change in units = Current units - Previous units
Q: Problem: The Company has Sales of P88,000, a Contribution Margin Ratio of 25%, and Margin of Safety…
A: Introduction: Break even point sales: At the break even point level sales there is no profit and no…
Q: assive Losses. During the current year, Juan, a single individual, before taking into account any…
A: Concept of Income Tax Passive Income from real estate rental activity
Q: 179 and 50% of self-employment ta Tish deduct under Sec. 179 for 20 over to 2022? D21 depreciation…
A: The explanation is shown below as,
Q: he common stock of Dayton Repair sells for $41.95 a share. The stock is expected to pay $1.43 per…
A: Formulas that are used:-
Q: Platinum Trophy, Inc. projects sales of 45,000 brass plaques for 201X. The estimated January 1, 201X…
A: Budgted production = Projected Sales + Ending inventory - Beginning inventory
Q: 2. On October 1, 2011, Sammy Company issued 8,000,000 of its 10-year 8% term bonds dated October 1,…
A: c. 112,471.65 Balance of Discount on Bonds Payable on December 31,2020
Q: Ali Co., a publicly traded company, has prepared its income statement for the year ending December…
A:
Q: Skysong Company reports the following costs and expenses in May. Factory utilities $14,200…
A: Product Costs mean the costs incurred directly or indirectly related to the production of a product.…
Q: An accounting transactioin simultaneously decreases assets and equity.This transaction is explained…
A: Every transaction has dual effect in the books of account. Accounting equation is: Total assets =…
Q: A company sells small motors as a component part to automobiles. The Model 101 motor sells for $850…
A: Formula: Contribution margin ratio = ( Contribution margin / Sales ) x 100
Q: On January 1, 2024, Splash City issues $400,000 of 8% bonds, due in 15 years, with interest payable…
A: Working Note: Premium on Bonds = Issue value of the bonds - Face value of the bonds =…
Q: Nolan Company's cash account shows a $28,500 debit balance and its bank statement shows $28,323 on…
A: The bank reconciliation statement is prepared to record day to day transactions of the business on…
Q: The half year results of Manhattsons Manufacturing Ltd have been completed at 31 August 2019. The…
A: A budget is a forecast of revenue and expenses for a certain future period of time that is generally…
Q: cations established the following standard price and costs for a hardcover picture book that the…
A: Flexible budget is always prepared for actual units Formula = Actual units * standard variable…
Q: Jackson Invested $ 250000 in to Electronics shop as capital Paid salaries to employees of $ 20000
A: Introduction: Journals: Recording of a business transactions in a chronological order. First step in…
Q: Carmen is a retailer of scrapbooking products. The sales forecast for the coming months is: Revenues…
A:
Q: Profit or Loss is computed by subtracting cost / expenses from – a. income/revenue c. sales b.…
A: Answer 1) Profit or Loss is computed by subtracting cost / expenses from: income/revenue: This…
Q: f c/s =25% , prime cost $140, fixed cost $4600 contribution 80 and absorption cost is40. What is the…
A: Contribution means the difference between the selling price and variable cost . Fixed cost remain…
Q: Dec. 31, 2020 Dec. 31, 2019 Assets Current assets: Cash and cashequivalents $248,005 $419,465…
A: Vertical analysis means the analysis which is done with the figures of one financial year. For…
Q: Maple Enterprises sells a single product with a selling price of $75 and variable costs per unit of…
A: Formula used: Break even point in dollars = Break even point in units x Selling price per unit
Q: Problem 20-5 (IAA) Le Compeny was organied at the begioning of the eurnt year. The entity previded…
A: Par value is the value of a single common share as set by a corporation's charter.The par value of a…
Q: 4. Cost Flow (FIFO and Moving Average). KDS Clothing sells jeans. During October 2020, its inventory…
A: The inventory can be valued using various methods such as FIFO, LIFO and moving average method.
Q: Johnson Company has two sources of funds: long-term debt and equity capital. Johnson Company has…
A: Formula: Return on investment (ROI) = Net income / Average assets Residual income = Net income -…
Q: P Company acquired an 80% interest in S Company on January 1, 2011, for an amount equal to book…
A: The parent company is the company that has acquired a controlling interest in another company which…
Q: How much may each value of the following creditors of Ardolio Inc. hope to receive? Compboy 7773…
A: Here discuss the details of the priority payment which are incurred at the time of liquidation and…
Q: 2. The company began its operation in 20X1. At the end of 20X1, the cost of inventory was…
A: We’ll answer the first question since the exact one wasn’t specified. Please submit a new question…
Q: In 2021, the Westgate Construction Company entered into a contract to construct a road for Santa…
A: Contractors that work on building and engineering projects i.e. construction work typically use…
Q: Which of the following elements is not a requirement for a plaintiff to recover damages under the…
A: A tort is an act or omission that causes hurt or harm to another person and is treated as a civil…
Q: The ledgers of Gerry's Photo Mart showed the following balances October 31, 2020: General Ledger:…
A: Trial Balance - After transferring all the transactions into Ledgers Company closes the accounts and…
Q: an employer is competitive in the labour market: It has to pay at least the going wage. The wage…
A: Market A market refers to the place where buying and selling activities of goods, products, or…
Q: selling price $40 per unit Variable cost $25 per unit Fixed…
A: Solution... Contribution margin per unit = Selling price per unit - variable cost per unit =…
Q: Volata Company began operations on January 1, 2019. In the second quarter of 2020, it adopted the…
A: Earnings per share is the ratio of total earnings to the total number of shares iutstanding.
Q: Chinese firms wishing to purchase American goods and services are ___ in the foreign exchange…
A: Foreign exchange market is that place where currency of one country exchanges with the currency of…
Q: A corporation has a taxable income of $2,564,306. At this income level, the federal income rate is…
A: Introduction: Income tax deductions of various types can be utilized to lower taxable income. Tax…
Q: The opportunity cost of obtaining human capital is: the direct cost of books, supplies, and tuition…
A: Human capital is a concept used by economists and social scientists to designate personal attributes…
Q: True or False. 1. The loan is considered fully paid and the debtor is released from the…
A:
Q: record in the table below. Calculate the change in market value OE, change in valuation equity and…
A: Change is market value is the value which has been changed during the year as compared with the…
Q: Ada is running a store to sell soft-drink and snacks. For one soft-drink, given the daily demand is…
A: The question is related to the Inventory Management. In this question first we will calculate…
Q: 21. When 'a bonus is given to the new partner, part of the entry to record the admission of new…
A: “Since you have asked multiple questions, we will solve the first question for you. If you want…
Q: ty taxes to the state government, $500 to the developer of the su real property taxes on land they…
A: House Tax: Property tax, or any other type of home tax, is normally charged by the national…
Q: On June 1, 20-, a depreciable asset was acquired for $5,040. The asset has an estimated useful life…
A: Formula: Straight line method = ( Asset cost - salvage value ) / useful life
Q: Farouk bought an electric appliance through an instalment plan which he paid RM200 down payment. He…
A: Interest means the amount charged for the loan extended by one party to another party. It is an…
Q: A select life aged 40 purchases a 10-year endowment insurance with $100,000 sum insured. Premiums…
A: An 10 years endowment insurance pays the sum assured benefit to the nominee in case the insurer died…
Q: 11. Partnership assets may bè revalued but they may value. Is allocated to the existing partners…
A: As per the norms of Bartleby, in case of multiple sub parts been asked per question, only first…
Q: a. Determine for each truck the depreciation rate per mile and the amount to be credited to the…
A: Units of activity method of Depreciation: Under this method, the asset's cost ( less any salvage…
Q: On January 1, 2019, Jericho Company purchased a patent for P7,140,000. The patent is being amortized…
A: Answer is option B) 4,896,000
Q: Iguana, Inc., manufactures bamboo picture frames that sell for $25 each. Each frame requires 4…
A: Answer - Working Note - 1. Cost per Unit Particular Amt DM 8 DL 6 Variable OH 0.3…
Trending now
This is a popular solution!
Step by step
Solved in 4 steps
- Diego Company paid $186,000 cash to acquire a group of items consisting of land appraised at $53,000 and a building appraised at $159,000. Allocate total cost to these two assets and prepare an entry to record the purchase. Complete this question by entering your answers General Total Cost Journal Allocate total cost to these two assets. Percent of Total Apportioned Cost Land Building TotalsRodriguez Company pays $395,380 for real estate with land, land improvements, and a building. Land is appraised at $157,040; land improvements are appraised at $58,890, and the building is appraised at $176,670. 1. Allocate the total cost among the three assets. 2. Prepare the journal entry to record the purchase. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Allocate the total cost among the three assets. Land Land improvements Building Totals Appraised Value 5 0 Percent of Total Appraised Value 0% Total Cost of Acquisition -Apportioned Cost Required 2 >Rodriguez Company pays $405,405 for real estate with land, land improvements, and a building. Land is appraised at $238,500; land improvements are appraised at $79,500; and the building is appraised at $212,000. 1. Allocate the total cost among the three assets. 2. Prepare the journal entry to record the purchase. Complete this question by entering your answers Required 1 Required 2 Allocate the total cost among the three assets. (Round answers to 2 decimal places.) Percent of Total Appraised Value Appraised Value x Total Cost of Acquisition = Apportioned Cost Land Land improvements Building Totals Required 1 Required 2
- Rodriguez Company pays $405,405 for real estate with land, land improvements, and a building. Land is appraised at $238,500; land improvements are appraised at $79,500; and the building is appraised at $212,000. 1. Allocate the total cost among the three assets. 2. Prepare the journal entry to record the purchase. Complete this question by entering your answers Required 1 Required 2 Prepare the journal entry to record the purchase. (Rour places.) View transaction list Journal entry worksheet A Record the costs of lump-sum purchase. Note: Enter debits before credits. Transaction General Journal Debit Credit Record entry Clear entry View generalRodriguez Company pays $358,020 for real estate with land, land improvements, and a building. Land is appraised at $164,000; land improvements are appraised at $82,000; and the building is appraised at $164,000. 1. Allocate the total cost among the three assets. 2. Prepare the journal entry to record the purchase. Complete this question by entering your answers Required 1 Required 2 Allocate the total cost among the three assets. (Round answers to 2 decimal places.) Appraised Value Percent of Total Appraised Value x Total Cost of = Apportioned Acquisition Cost Land Land improvements Building Totals Required 2Required 1 Required 2 Prepare the journal entry to record the purchase. (Round your answers to 2 decimal places.) View transaction list Journal entry worksheet < A Record the costs of lump-sum purchase. Note: Enter debits before credits. Transaction 1 General Journal Debit Credit
- Rodriguez Company pays $331,695 for real estate with land, land improvements, and a building. Land is appraised at $243,000; land improvements are appraised at $81,000; and the building is appraised at $216,000. 1. Allocate the total cost among the three assets. 2. Prepare the journal entry to record the purchase. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Allocate the total cost among the three assets. (Round your "Apportioned Cost" answers to 2 decimal places.) Appraised Value Percent of Total Appraised Value x Total Cost of = Apportioned Acquisition Cost Land Land improvements Building Totals Required 2 > Required 1Rodriguez Company pays $347,490 for real estate with land, land improvements, and a building. Land is appraised at $189,000; land improvements are appraised at $63,000; and the building is appraised at $168,000. 1. Allocate the total cost among the three assets. 2. Prepare the journal entry to record the purchase. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Allocate the total cost among the three assets. Note: Round your "Apportioned Cost" answers to 2 decimal places. Appraised Value Percent of Total Appraised Value x Total Cost of Acquisition = Apportioned Cost Land $ 189,000 45% Land improvements 63,000 15% Building 168,000 40% Totals $ 420,000 100% 0.00Rodriguez Company pays $389,610 for real estate with land, land improvements, and a building. Land is appraised at $184,500; land improvements are appraised at $61,500; and the building is appraised at $164,000. 1. Allocate the total cost among the three assets. 2. Prepare the journal entry to record the purchase. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Allocate the total cost among the three assets. Note: Round your "Apportioned Cost" answers to 2 decimal places. Percent of Total Appraised Value Appraised Value x Total Cost of Acquisition Apportioned Cost Land $ 184,500 x 389,610 Land improvements 61,500 x 389,610 Building 164,000 x 389,610 Totals $ 410,000 0% $ 0.00
- Rodriguez Company pays $336,960 for real estate with land, land improvements, and a building. Land is appraised at $216,000; land improvements are appraised at $48,000; and the building is appraised at $216,000. 1. Allocate the total cost among the three assets. 2. Prepare the journal entry to record the purchase. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Allocate the total cost among the three assets. (Round your "Apportioned Cost" answers to 2 decimal places.) Land Land improvements Building Totals Appraised Value Percent of Total x Total Cost of = Apportioned Appraised Value Acquisition CostRodriguez Company pays $342,225 for real estate with land, land improvements, and a building. Land is appraised at $220,000; land improvements are appraised at $55,000; and the building is appraised at $275,000. 1. Allocate the total cost among the three assets. 2. Prepare the journal entry to record the purchase. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Allocate the total cost among the three assets. Note: Round your "Apportioned Cost" answers to 2 decimal places. Land Land improvements Building Appraised Value Percent of Total x Total Cost of Appraised Value Acquisition = Apportioned CostRodriguez Company pays $326,430 for real estate with land, land improvements, and a building. Land is appraised at $265,000; land improvements are appraised at $79,500; and the building is appraised at $185,500. 1. Allocate the total cost among the three assets. 2. Prepare the journal entry to record the purchase. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Allocate the total cost among the three assets. Note: Round your "Apportioned Cost" answers to 2 decimal places. Land Land improvements Building Totals Appraised Value $ $ 265,000 79,500 185,500 530,000 Percent of Total x Total Cost of Appraised Value Acquisition 50% 15% 35% 100%