Chapter_7

# Chapter_7 - MGT120 Self Study Problems Chapter 7(5-10 min E...

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MGT120 Self- Study Problems Chapter 7 (5-10 min.) E 7-1 Land: \$150,000 + \$100,000 + \$5,000 + \$3,000 + \$10,000 = \$268,000 Land improvements: \$100,000 + \$12,500 + \$18,000 = \$130,500 Building: \$65,000 + \$3,500,000 = \$3,565,000

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P 7-1B Req. 1 ITEM LAND LAND IMPROVEMENTS SALES BUILDING STORAGE BUILDING FURNITURE (a) \$220,000 \$55,000 (b) 1,000 (c) \$18,760 (d) 3,100 (e) 7,500 (f) \$ 950 (g) 10,200 (h) 234,000 (i) 810,000 (j) 38,100 (k) 9,700 (l) 56,700 (m) 21,980 (n) 6,600 50,400 3,000 (o) 9,600* (p) \$112,700 (q) 2,600 Totals \$238,700 \$104,460 \$1,117,330 \$96,100 \$115,300 Computations: (a) Land: \$280,000 / \$350,000 × \$275,000 = \$220,000 Garage building: \$ 70,000 / \$350,000 × \$275,000 = \$ 55,000 (m) Land improvements: \$ 60,000 × 0.11 = \$ 6,600 Sales building: \$ 60,000 × 0.84 = \$50,400 Storage building: \$ 60,000 × 0.05 = \$ 3,000 _____ *Some accountants would debit this cost to the Land account. (continued)
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Chapter_7 - MGT120 Self Study Problems Chapter 7(5-10 min E...

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