Not register? Register Now!
Essay Available:
You are here:
Pages:
1 page/≈275 words
Sources:
No Sources
Level:
APA
Subject:
Accounting, Finance, SPSS
Type:
Coursework
Language:
English (U.S.)
Document:
MS Word
Date:
Total cost:
\$ 5.62
Topic:

# Taylor Computer Services Track of Purchases (Coursework Sample)

Instructions:

Taylor Computer Services purchased a tract of land and contracted with a builder to build an office building, a parking lot, and landscaping. The following transactions resulted from the contractor's activities. Determine the total costs allocated to the land, building, and land improvements accounts.
Purchased land for \$135,000
Paid a demolition company \$40,000 to remove an old structure on the property
Paid \$14,000 in delinquent taxes on the property
Paid the contractor \$333,000 to design and build the office building
Paid \$34,700 for fencing
Paid \$39,500 for paving
Paid an electrical contractor \$14,900 for outdoor lighting
Calculate:
a. Cost of land?
b. Cost of building?
c. Cost of land improvements?

source..
Content:

QUESTION1
Taylor Computer Services purchased a tract of land and contracted with a builder to build an office building, a parking lot, and landscaping. The following transactions resulted from the contractor's activities. Determine the total costs allocated to the land, building, and land improvements accounts.
Purchased land for \$135,000
Paid a demolition company \$40,000 to remove an old structure on the property
Paid \$14,000 in delinquent taxes on the property
Paid the contractor \$333,000 to design and build the office building
Paid \$34,700 for fencing
Paid \$39,500 for paving
Paid an electrical contractor \$14,900 for outdoor lighting
Calculate:
a. Cost of land?
b. Cost of building?
c. Cost of land improvements?
Step 1 Introduction
Cost of land: The cost of land comprises the purchase price (cash plus any notes due), brokerage commissions, survey costs, legal fees, back property taxes, and expenses for grading and clearing the site as well as the removal of undesirable structures.
Cost of Building: The cost of the land, title fees, legal expenses, survey charges, and zoning fees are all included in these expenditures. Site preparation expenses, like as grading and drainage, as well as the cost of razing an existing structure, are also included. All of these expenses might be deemed normal and essential for preparing the land for its intended purpose.
Cost of land improvement: All expenses connected with getting the improvements suitable for use are included in the cost of land improvements.

...
Get the Whole Paper!
Not exactly what you need?
Do you need a custom essay? Order right now:

### Other Topics:

• Sold Items on Credit to Pikea
Description: Sold items on credit to Pikea. Some of these items were previously ordered on 13 January, Customer PO#2426. Forwarded Invoice #3145 and delivered the following items to Pikea: 6 units BG90 plasma televisions for \$2,310 each (includes 10% GST) 13 units MePod multimedia players for \$1,870 each (includes ...
1 page/≈275 words| No Sources | APA | Accounting, Finance, SPSS | Coursework |
• Analyzing the Amazon's Digital Business Report
Description: Amazon is a multinational company founded in 1994 and located in Seattle, United States. The company business model is pretty diversified, with specialization in digital streaming, artificial intelligence, e-commerce, and cloud computing. The company has rapid growth to be one of the leading companies...
10 pages/≈2750 words| 11 Sources | APA | Accounting, Finance, SPSS | Coursework |
• Growth Rate of Cash Flow, Prevailing Interest, Yield Maturity, and Yield to Call
Description: The discount rate is higher than cash flow to avoid having a negative terminal value. The increase in growth rate cannot supersede the economy's overall growth as the fluctuations in growth rates lead to terminal value; hence, the effect will be greater as the rate of growth approaches the discount rate applied...
1 page/≈275 words| 2 Sources | APA | Accounting, Finance, SPSS | Coursework |
Need a Custom Essay Written?
First time 15% Discount!