Oriole co. purchased land as a factory site for $520,000. the process of tearing down two old buildings on the site and constructing the factory required 6 months.
the company paid $54,600 to raze the old buildings and sold salvaged lumber and brick for $8,190. legal fees of $2,405 were paid for title investigation and drawing the purchase contract. oriole paid $2,860 to an engineering firm for a land survey, and $88,400 for drawing the factory plans.
the land survey had to be made before definitive plans could be drawn. title insurance on the property cost $1,950, and a liability insurance premium paid during construction was $1,170.
the contractor’s charge for construction was $3,562,000. the company paid the contractor in two installments: $1,560,000 at the end of 3 months and $2,002,000 upon completion. interest costs of $221,000 were incurred to finance the construction.
determine the cost of the land and the cost of the building as they should be recorded on the books of oriole co.
assume that the land survey was for the building.

Miko willingly admits that she is not an accountant by training. she is concerned that her balance sheet might not be correct. she has provided you with the following additional information. 1. the boat actually belongs to miko, not to skysong, inc.. however, because she thinks she might take customers out on the boat occasionally, she decided to list it as an asset of the company. to be consistent, she also listed as a liability of the corporation her personal loan that she took out at the bank to buy the boat. 2. the inventory was originally purchased for $27,500, but due to a surge in demand miko now thinks she could sell it for $39,600. she thought it would be best to record it at $39,600. 3. included in the accounts receivable balance is $11,000 that miko loaned to her brother 5 years ago. miko included this in the receivables of skysong, inc. so she wouldn’t forget that her brother owes her money. (b) provide a corrected balance sheet for skysong, inc.. (hint: to get the balance sheet to balance, adjust stockholders’ equity.) (list assets in order of liquidity.)

Schonhardt corporation's relevant range of activity is 2,500 units to 5,500 units. when it produces and sells 4,000 units, its average costs per unit are as follows: averagecost per unitdirect materials $ 7.60direct labor $ 2.90variable manufacturing overhead $ 1.65fixed manufacturing overhead $ 2.90fixed selling expense $ 0.95fixed administrative expense $ 0.65sales commissions $ 0.75variable administrative expense $ 0.65if 4,500 units are produced, the total amount of fixed manufacturing cost incurred is closest to: multiple choicea $16,800b $11,400c $11,600d $15,400

Which of the following is one of the advantages primarily associated with a performance appraisal? (a) it protects employees against discrimination on the basis of race. (b) it motivates employees to work on their shortcomings. (c) it encourages employees to play the role of the whistle-blower. (d) it accurately measures the resources of the firm.