A. blue ocean associate is looking to generate income from extra cash. The company purchased an old building, will be restored and sold at a profit. how should blue ocean classify the building on its book? B. And if blue ocean had bought a lanf for the site of a new office, what depreciation method would you, as its newly hired accountant, suggest it uses for the land?

Hi I just want to clarify the solution provided for our review material: In adjusting the capital accounts, why is under depreciated in the equipment of Francis subtracted and over depreciation added in Rinna?  Does this apply to all problems that deals with over depreciation and under depreciation? Isn't it, add when under depreciated and subtract when over depreciated?

What is the maximum price you would be willing to pay for the business? If an investor group purchased the restaurant near the campus for $255, 867 and the fair value of the assets they acquired was $202,000, identify the account along with its balance, that is used to record the additional amount paid over the fair value of the assets.

Smatter Corporation purchased land for a new building. Which of the following costs would not be included in the cost of the land? a. Purchase price of the land b. Cost of demolishing an old garage located on the land c. Cost of a new parking lot constructed on the lane d. Brokerage commission paid to the real estate agent who handled the land transaction

Depreciation is the reduction in the usable value of fixed assets due to normal wear and tear of time. Depreciation is an indirect non – cash expenditure which is provided on SLM or WDV basis. Rahul is new junior accountant with Hard Work Mills Private Limited he wants to understand normal depreciation differs from additional depreciation. As a tax adviser, guide him on the two concepts and discus the cases where additional depreciation is not allowed

A1

How many of the following statements regarding the concepts underlying the financial statements are true? The president of a sole proprietorship purchases a new recreational vehicle (RV) for personal use using their own funds. The RV would be recorded as an asset on the company's current financial statements. Large public companies often round their financial statement dollar amounts to the nearest $1,000 or $1 million. A company purchased land for $1 million in 2010. The land was recently appraised at $1.5 million. The land would be reported on the current balance sheet at $1 million.

Gallon Auto purchased a neighboring lot for a new building and parking lot. Indicate whether each of the following expenditures is properly charged to (a) Land, (b) Land Improvements, or (c) Buildings:a. Paving costsb. Architects’ fee for building designc. Cost of clearing the propertyd. Cost of the propertye. Building construction costsf. Lights around the propertyg. Building permith. Interest on the construction loan

Read the question carefully and give me right solution according to the question.

Hello, I really don't know how to deal with this question require 2, could you show me the answer procedures with an explanation?