Cullumber Chrome Bumpers bought two acres of land with an old office building on it that was deemed unusable. The cost was $403,200 of which Cullumber Chrome paid $67,200 in cash as a down payment and signed a 7% mortgage for the remainder. Cullumber Chrome immediately had the old building razed at a total cost of $7,300 and sold the salvaged materials for $1,840. Attorneys were paid $920 in connection with the purchase. The architect's fee for drawing building plans for the new building cost $5,720. Cullumber Chrome paid $2,600 in connection with permits and zoning variances necessary prior to construction of the new building. Cullumber Chrome paid the contractor $1,192,800 for construction of the new building, along with $35,280 for a parking lot and necessary walkways and driveways. Answer the following question. (a) At what amount should the land be recorded? Land be recorded $

Cullumber Chrome Bumpers bought two acres of land with an old office building on it that was deemed unusable. The cost was $403,200 of which Cullumber Chrome paid $67,200 in cash as a down payment and signed a 7% mortgage for the remainder. Cullumber Chrome immediately had the old building razed at a total cost of $7,300 and sold the salvaged materials for $1,840. Attorneys were paid $920 in connection with the purchase. The architect's fee for drawing building plans for the new building cost $5,720. Cullumber Chrome paid $2,600 in connection with permits and zoning variances necessary prior to construction of the new building. Cullumber Chrome paid the contractor $1,192,800 for construction of the new building, along with $35,280 for a parking lot and necessary walkways and driveways. Answer the following question. (a) At what amount should the land be recorded? Land be recorded $

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Zina Manufacturing Company started and completed Job 501 in December with the following Job Cost Sheet and transferred it to the warehouse. Direct Materials Date Dec 17 Dec 30 Total Direct Labor Amount Date Amount $2,000 Dec 20 $4,000 8,000 Dec 30 3,800 Total Job Cost Sheet - Job No. 501 Total Cost The journal entry to record the transaction is A) WIP Inventory FG Inventory B) Cost of Goods Sold WIP Inventory C) FG Inventory WIP Inventory D) FG Inventory WIP Inventory Debit Credit 35,800 17,800 17,800 Manufacturing Overhead Date Amount Dec 24 $10,000 Dec 30 8,000 Total 35,800 35,800 17,800 17,800 35,800
question G and f.
Num.10
excel