Which of the following is included in the cost of constructing a building? Interest incurred during...
Which of the following is included in the cost of constructing a building?
Interest incurred during construction.
Cost of grading the land on which the building is to be constructed.
Cost of removing the demolished building that existed on the land when it was purchased.
Cost of paving a parking lot.
Homework Answers
all costs related directly to acquisition of construction are included in cost of construction of a building.
The answer is a) Interest incurred during construction
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Which of the following is included in the cost of constructing a
building?
Interest incurred during...
Question 1) Which of the following is included in the cost of constructing a building? Insurance...
Question 1) Which of the following is included in the cost of constructing a building? Insurance costs during construction The purchase of the delivery truck used to deliver construction materials Cost of repairing vandalism damage during construction Cost of removing the demolished building existing on the land when it was purchased Question 2 : Which of the following is an investing activity? Payment of dividends Purchase of inventory for cash Purchase of equipment for cash Purchase of company shares Question...
22. Which of the following is included in the cost of constructing a building? A. Cost...
22. Which of the following is included in the cost of constructing a building? A. Cost of paving parking lot. B. Cost of repairing vandalism damage during construction. C. Insurance costs during construction. D. None of the above. 23. A revenue expenditure results in a debit to A. An asset account. B. A liability account. C. A revenue account. D. An expense account. 24. Putting a new roof on a building is an example of a capital expenditure A. True....
Chapter 10 On July 1, 2018, Jekel & Hyde Inc. purchased land and incurred other costs...
Chapter 10 On July 1, 2018, Jekel & Hyde Inc. purchased land and incurred other costs relative to the construction of a new warehouse. A summary of economic activities is listed below: Purchase price $185,000 Title insurance $1,500 Legal fees to purchase land $1,000 Cost of razing old building on lot 8,500 Proceeds from sale of salvageable materials (1,200) Property taxes, January 1, 2018—June 30, 2018 3,000 Cost of grading and filling building site 9,000 Cost of building construction 620,000...
Exercise 18.1 Determining the elements that make up the cost of an asse LO 18-1 The...
Exercise 18.1 Determining the elements that make up the cost of an asse LO 18-1 The following costs were incurred by Imports Auto Parts in connection with the construction o retail store building: Cost of land, including $18,400 of legal costs Cost to demolish old building Costs of grading land for building site Costs related to building construction Legal costs relating to building permits Costs of paving parking lot $340,000 18,450 10,600 890,000 16,825 94,000 1 & 2. What are...
Identify each of the following expenditures as chargeable to Land, Land Improvements, Buildings, Machinery and Equipment,...
Identify each of the following expenditures as chargeable to Land, Land Improvements, Buildings, Machinery and Equipment, or other account. 1. Cost of paving parking area for employees and customers. 2. Insurance during construction of building. . Interest incurred on loan during construction of building. 4. Fee paid for installation of equipment. 5. Special foundation for new equipment acquired. 6. Insurance on new equipment while in transit. 7. Freight charges on new equipment. 8. Cost of repairing vandalism damage to equipment...
Land 6,100 Land 3,700 Building 14,600 Building 53,600 Land 5,200 Other Accounts 21,500 Other Accounts 914,600...
Land 6,100 Land 3,700 Building 14,600 Building 53,600 Land 5,200 Other Accounts 21,500 Other Accounts 914,600 6,700 Land Improvements Land Improvements 18,500 Land Improvements 11,000 Other Accounts 1,300 Other Accounts 3,000 Building 7,300 975,100 Building $ Building 45,800 2. Determine the amount debited to Land, Land Improvements, and Building. Land Land Improvements Building 3,000 0. Cost of repairing vandalism damage during construction Proceeds from insurance company for windstorm and vandalism damage 7,300* q. Payment to building contractor for new building...
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 apparel business. The receipts are identified by an asterisk. a. Fee paid to attorney for title search b. Cost of real estate acquired as a plant site: Land $3,600 720,000 60,000 23,400 15,000 75,000 10,000 3,400* 18,000 8,400 800,000* 13,400 3,000 2,000 14,000 21,600 Building (to be demolished) c. Finder's fee paid to real estate agency d. Delinquent real estate taxes...
On February 1, 2016, Jekel & Hyde Inc. purchased land and incurred other costs relative to...
On February 1, 2016, Jekel & Hyde Inc. purchased land and incurred other costs relative to the construction of a new warehouse. The costs related to the purchase of the land and the construction of the building are listed below: Purchase price of the land $231,250 Title insurance for the land $1,500 Legal fees to purchase land $1,000 Cost of razing an old building on the land to be used $8,500 for the construction of the warehouse Delinquent property taxes...
Allocating Payments and Receipts to Fixed Asset Accounts The following payments and receipts are related to...
Allocating Payments and Receipts to Fixed Asset Accounts The following payments and receipts are related to land, land improvements, and buildings acquired for use in a wholesale apparel business. The receipts are identified by an asterisk a. Fee paid to attorney for title search $3,600 b. 720,000 Cost of real estate acquired as a plant site: Land Building (to be demolished) 60,000 c. Finder's fee paid to real estate agency 23,400 d. Delinquent real estate taxes on property, assumed by...
Allocating Payments and Receipts to Fixed Asset Accounts The following payments and receipts are related to...
Allocating Payments and Receipts to Fixed Asset Accounts The following payments and receipts are related to land, land improvements, and buldings acquired for use in a wholesale ceramic business. The recelpts are identified an asterisk. a. Fee paid to attormey for title search $3,100 b. Cost of real estate acquired as a plant site: Land 325,200 Building (to be demolished) 30,900 Delinquent real estate taxes on property, assumed by purchaser C. 18,300 Cost of tearing down and removing building acqulred...
22. Which of the following is included in the cost of constructing a building? A. Cost of paving parking lot. B. Cost of repairing vandalism damage during construction. C. Insurance costs during construction. D. None of the above. 23. A revenue expenditure results in a debit to A. An asset account. B. A liability account. C. A revenue account. D. An expense account. 24. Putting a new roof on a building is an example of a capital expenditure A. True....
Exercise 18.1 Determining the elements that make up the cost of an asse LO 18-1 The following costs were incurred by Imports Auto Parts in connection with the construction o retail store building: Cost of land, including $18,400 of legal costs Cost to demolish old building Costs of grading land for building site Costs related to building construction Legal costs relating to building permits Costs of paving parking lot $340,000 18,450 10,600 890,000 16,825 94,000 1 & 2. What are...
Identify each of the following expenditures as chargeable to Land, Land Improvements, Buildings, Machinery and Equipment, or other account. 1. Cost of paving parking area for employees and customers. 2. Insurance during construction of building. . Interest incurred on loan during construction of building. 4. Fee paid for installation of equipment. 5. Special foundation for new equipment acquired. 6. Insurance on new equipment while in transit. 7. Freight charges on new equipment. 8. Cost of repairing vandalism damage to equipment...
Land 6,100 Land 3,700 Building 14,600 Building 53,600 Land 5,200 Other Accounts 21,500 Other Accounts 914,600 6,700 Land Improvements Land Improvements 18,500 Land Improvements 11,000 Other Accounts 1,300 Other Accounts 3,000 Building 7,300 975,100 Building $ Building 45,800 2. Determine the amount debited to Land, Land Improvements, and Building. Land Land Improvements Building 3,000 0. Cost of repairing vandalism damage during construction Proceeds from insurance company for windstorm and vandalism damage 7,300* q. Payment to building contractor for new building...
The following payments and receipts are related to land, land improvements, and buildings acquired for use in a wholesale apparel business. The receipts are identified by an asterisk. a. Fee paid to attorney for title search b. Cost of real estate acquired as a plant site: Land $3,600 720,000 60,000 23,400 15,000 75,000 10,000 3,400* 18,000 8,400 800,000* 13,400 3,000 2,000 14,000 21,600 Building (to be demolished) c. Finder's fee paid to real estate agency d. Delinquent real estate taxes...
Allocating Payments and Receipts to Fixed Asset Accounts The following payments and receipts are related to land, land improvements, and buildings acquired for use in a wholesale apparel business. The receipts are identified by an asterisk a. Fee paid to attorney for title search $3,600 b. 720,000 Cost of real estate acquired as a plant site: Land Building (to be demolished) 60,000 c. Finder's fee paid to real estate agency 23,400 d. Delinquent real estate taxes on property, assumed by...
Allocating Payments and Receipts to Fixed Asset Accounts The following payments and receipts are related to land, land improvements, and buldings acquired for use in a wholesale ceramic business. The recelpts are identified an asterisk. a. Fee paid to attormey for title search $3,100 b. Cost of real estate acquired as a plant site: Land 325,200 Building (to be demolished) 30,900 Delinquent real estate taxes on property, assumed by purchaser C. 18,300 Cost of tearing down and removing building acqulred...
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