A company purchased property for $100,000. The property included a building, a parking lot, and land. The building was appraised at $62,000; the land at $35,000, and the parking lot at $18,000. Land should be recorded in the accounting records with an allocated cost of:
A. $30,435.
B. $35,000.
C. $100,000.
D. $0.
E. $46,087.
Answer: A
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The assets of a company total $716,000; the liabilities, $208,000. What is the amount of equity?
A. $924,000. B. $508,000. C. $208,000. D. $716,000. E. It is impossible to determine unless the amount of the stock issuances is known.
Theft by employees is referred to as shoplifting by retailers.
Answer the following statement true (T) or false (F)
Bharrat Corporation purchased 49% of Ferris Corporation for $109,000 on January 1. On October 17 of the same year, Ferris Corporation declared total cash dividends of $21,000. At year-end, Ferris Corporation reported net income of $69,000. The balance in the Bharrat Corporation's Long-Term Investment-Ferris account at December 31 should be:
A. $109,000. B. $142,810. C. $132,520. D. $98,710. E. $85,480.
Why are organizations changing from batch (large) shipments to just-in-time (JIT) shipments?
What will be an ideal response?