ABC Company bought some land for $20,000 cash. The journal entry for this transaction would include a: Group of answer choices Debit to cash Credit to Land Debit to Land Credit to accounts payable
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- For each of the following situations write the principle, assumption, or concept that justifies or explains what occurred. A. A landscaper received a customers order and cash prepayment to install sod at a house that would not be ready for installation until March of next year. The owner should record the revenue from the customer order in March of next year, not in December of this year. B. A company divides its income statements into four quarters for the year. C. Land is purchased for $205,000 cash; the land is reported on the balance sheet of the purchaser at $205,000. D. Brandys Flower Shop is forecasting its balance sheet for the next five years. E. When preparing financials for a company, the owner makes sure that the expense transactions are kept separate from expenses of the other company that he owns. F. A company records the expenses incurred to generate the revenues reported.Capstone Consulting Services acquired land 5 years ago for $200,000. Capstone recently signed an agreement to sell the land for $375,000. In accordance with the sales agreenwnt, the buyer transferred $375,000 to Capstone’s bank account on February 20. How would elements of the accounting equation be affected by the sale?Identify the letter for the principle or assumption from A through F in the blank space next to situation that it best explains or justifies: _________If $51,000 cash is paid to buy land, the land is reported on the buyer’s balance sheet at $51,000.
- On October 17, Nickle Company purchased a building and a plot of land for $750,000. The building was valued at $500,000 while the land carried a value of $250,000. Nickle paid $300,000 down in cash and signed a note payable for the balance. Required: Provide the journal entry for this transaction. Refer to the Chart of Accounts for exact wording of account titles. Provide the journal entry for the purchased building and land with cash down payment on October 17. Refer to the Chart of Accounts for exact wording of account titles. PAGE 1 JOURNAL DATE DESCRIPTION POST. REF. DEBIT CREDIT 1 2 3 4The land was purchased during the year for RO 60,000 and sold during the year for RO 25000 . The income statement reported a loss on sale of land in the amount of RO 2,000. All transactions related to land account was cash transactions. These transactions would be shown in the statement of cash flows as: Select one: a. RO 27,000 cash received by investing activities, and RO 60,000 cash paid for investing activities b. RO 25,000 cash received by investing activities, and RO 60,000 cash paid for investing activities c. RO 23,000 cash received by investing activities, and RO 60,000 cash paid for investing activities d. RO 60,000 cash received by investing activities, and RO 25,000 cash paid for investing activitiesWhat is the general journal entry for this transaction: "Paid cash to purchase a building and land on January 2, Year 3, for a total cost of $100,000. The land was appraised at $43,750 and the building was appraised at $131,250."
- Intel purchases land. Information related to this transaction is following: Purchase cost of land $ 180,000 Property taxes due on the land 5,000 Title and attorney fees 2,000 Cost of cleaning the land 4, 400 Cost of paving a parking lot 20, 000 Sales taxes on the transaction 1, 000 What amount does Intel record as the cost for the land? Group of answer choices $187, 400 $192, 400 $211, 400 $180,000The accounting records of Nikola's Delivery Service show the following assets and liabilities as of the end of 2021 and 2022: Account N ame Cash Accounts Receivable Office Supplies Computer Equipment Delivery Equipment Land Accounts Payable Loan Payable 2022 $ 20,000 60,000 25,000 120,000 61,000 650,000 30,000 520,000 2021 $ 28,000 50,000 20,000 120,000 61,000 10,000 The owner bought land for his equipment for $650,000. The business paid $130,000 cash and has a bank loan for the balance. Mr. Nikola Nowak had to invest an additional $50,000 to help pay the $130,000. The company earned a net income during 2022, which allowed Mr. Nowak to withdraw $24,000 for the year from the business for personal use. Prepare balance sheets for the business as of December 31, 2021 and 2022. How much net income was earned in 2022? Show your calculations. (Hint: Assets increased from $279,000 to $936,000 from 2021 to 2022.)a. A vacant lot acquired for $115,000 is sold for $298,000 in cash. What is the effect of the sale on the total amount of the seller’s (1) assets, (2) liabilities, and (3) owner’s equity?b. Assume that the seller owes $80,000 on a loan for the land. After receiving the $298,000 cash in (a), the seller pays the $80,000 owed. What is the effect of the payment on the total amount of the seller’s (1) assets, (2) liabilities, and (3) owner’s equity?c. Is it true that a transaction always affects at least two elements (Assets,Liabilities, or Owner’s Equity) of the accounting equation? Explain.
- Do not copy from bartleby Land is purchased by making a cash down payment of $40,000 and signing a note payable for the balance of $130,000. The journal entry to record this transaction in the accounting records of the purchaser includes:a)A credit to Land for $40,000.b)A debit to Cash for $40,000.c)A debit to Land for $170,000.d)A debit to Note Payable for $130,000.Assume a company pays delinquent property taxes totaling $3,000 as part of a new land purchase. The journal entry to record this payment should include a credit to “Cash” and a debit to: Land Property Taxes Payable Property Tax Expense Accumulated Depreciation Loss on Purchase of PropertyA vacant lot acquired for $375,500, on which there is a balance owed of $274,115, is sold for $413,050 in cash. The seller pays the $274,115 owed. What is the effect of these transactions on the total amount of the seller's (1) assets, (2) liabilities, and (3) stockholders' equity? Enter all values and positive numbers. Can you help me understand how to compute the assets? Thank you!
