Bundle: Financial & Managerial Accounting, Loose-Leaf Version, 13th + CengageNOWv2, 2 terms (12 months) Printed Access Card + Hydro Paddle Boards ... 2 terms (12 months) Printed Access Card
13th Edition
ISBN: 9781305932821
Author: Carl Warren, James M. Reeve, Jonathan Duchac
Publisher: Cengage Learning
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Question
Chapter 9, Problem 9.1APR
1.
To determine
Cost of Land: The cost of land includes the following costs:
- Purchase price of land
- Attorney fees
- Real estate agent commission
- Title
- Recording fees
- Additional expenses :
- Clearing
- Filling and leveling of land
- Removing of old buildings
To identify: each item by letter and the list the amounts in columnar form.
2.
To determine
the amount debited to Land, Land Improvements, and Building.
3.
To determine
To explain: the contradictory application of the concept of depreciation for Land and Land Improvements.
4.
To determine
To explain: the effect on the current year’s income statement and balance sheet due to wrong classification of the cost of filling and grading land.
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Allocating payments and receipts to fixed asset accountsThe 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
C.
Delonquent 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 contactor.......
900,000*
K.
Cost of…
Journal entry worksheet
<
2
Record amortization of the goodwill (an intangible asset with an indefinite life).
Note: Enter debits before credits.
Transaction
b.
Record entry
General Journal
Clear entry
Debit
Credit
View general journal
Land improvements include:
Oa. surveying fees.
Ob. sales tax.
Oc. freight.
С.
Od. outdoor lighting.
Chapter 9 Solutions
Bundle: Financial & Managerial Accounting, Loose-Leaf Version, 13th + CengageNOWv2, 2 terms (12 months) Printed Access Card + Hydro Paddle Boards ... 2 terms (12 months) Printed Access Card
Ch. 9 - ONeil Office Supplies has a fleet of automobiles...Ch. 9 - Prob. 2DQCh. 9 - Prob. 3DQCh. 9 - Distinguish between the accounting for capital...Ch. 9 - Immediately after a used truck is acquired, a new...Ch. 9 - Keyser Company purchased a machine that has a...Ch. 9 - Is it necessary for a business to use the same...Ch. 9 - a. Under what conditions is the use of an...Ch. 9 - For some of the fixed assets of a business, the...Ch. 9 - A. Over what period of time should the cost of a...
Ch. 9 - Capital and revenue expenditures On August 7,...Ch. 9 - Capital and revenue expenditures On February 14,...Ch. 9 - Prob. 9.2APECh. 9 - Straight-line depreciation A building acquired at...Ch. 9 - Prob. 9.3APECh. 9 - Units-of-activity depreciation A truck acquired at...Ch. 9 - Double declining-balance depreciation Equipment...Ch. 9 - Double-declining-balance depreciation A building...Ch. 9 - Prob. 9.5APECh. 9 - Revision of depreciation Equipment with a cost of...Ch. 9 - Sale of equipment Equipment was acquired at the...Ch. 9 - Sale of equipment Equipment was acquired at the...Ch. 9 - Prob. 9.7APECh. 9 - Prob. 9.7BPECh. 9 - Prob. 9.8APECh. 9 - Prob. 9.8BPECh. 9 - Fixed asset turnover ratio Financial statement...Ch. 9 - Prob. 9.9BPECh. 9 - Costs of acquiring fixed assets Melinda Staffers...Ch. 9 - Prob. 9.2EXCh. 9 - Prob. 9.3EXCh. 9 - Prob. 9.4EXCh. 9 - Capital and revenue expenditures Jackie Fox owns...Ch. 9 - Capital and revenue expenditures Quality Move...Ch. 9 - Nature of depreciation Tri-City Ironworks Co....Ch. 9 - Straight-line depreciation rates Convert each of...Ch. 9 - Prob. 9.9EXCh. 9 - Prob. 9.10EXCh. 9 - Depreciation by units-of-output method Prior to...Ch. 9 - Prob. 9.12EXCh. 9 - Depreciation by two methods A storage tank...Ch. 9 - Prob. 9.14EXCh. 9 - Revision of depreciation A building with a cost of...Ch. 9 - Prob. 9.16EXCh. 9 - Entries for sale of fixed asset Equipment acquired...Ch. 9 - Prob. 9.18EXCh. 9 - Prob. 9.19EXCh. 9 - Prob. 9.20EXCh. 9 - Prob. 9.21EXCh. 9 - Balance sheet presentation List the errors you...Ch. 9 - Prob. 9.23EXCh. 9 - Prob. 9.24EXCh. 9 - Asset traded for similar asset A printing press...Ch. 9 - Prob. 9.26EXCh. 9 - Prob. 9.27EXCh. 9 - Entries for trade of fixed asset On October 1,...Ch. 9 - Prob. 9.1APRCh. 9 - Prob. 9.2APRCh. 9 - Depreciation by three methods; partial years...Ch. 9 - Prob. 9.4APRCh. 9 - Transactions for fixed assets, including sale The...Ch. 9 - Amortization and depletion entries Data related to...Ch. 9 - Allocating payments and receipts to fixed asset...Ch. 9 - Prob. 9.2BPRCh. 9 - Prob. 9.3BPRCh. 9 - Prob. 9.4BPRCh. 9 - Transactions for fixed assets, including sale The...Ch. 9 - Amortization and depletion entries Data related to...Ch. 9 - Ethics and professional conduct in business Dave...Ch. 9 - Financial vs. tax depreciation The following is an...Ch. 9 - Effect of depreciation on net income Tuttle...Ch. 9 - Fixed asset turnover: three industries The...
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