The market farms purchased a parcel of land six years ago for $200,000. at that time, the firm invested $75,000 grading the site so that it would be usable. since the firm wasn't ready to use the site itself at that time, it decided to lease the land for $40,000 a year. the market farms is now considering building a hotel on the site as the rental lease is expiring. the current value of the land is $225,000. the firm has no loans or mortgages secured by the property. what value should be included in the initial cost of the hotel project for the use of this land? multiple choice

a. $0
b. $200,000
c. $225,000
d. $229,000
e. $101,900

Sye chase started and operated a small family architectural firm in 2016. the firm was affected by two events: (1) chase provided $25,000 of services on account, and (2) he purchased $2,800 of supplies on account. there were $250 of supplies on hand as of december 31, 2016. record the two transactions in the accounts. record the required year-end adjusting entry to reflect the use of supplies and the required closing entries. post the entries in the t-accounts and prepare a post-closing trial balance.

Taking commercial paper means the holder acts honestly

Costco wholesale corporation operates membership warehouses selling food, appliances, consumer electronics, apparel and other household goods at 471 locations across the u.s. as well as in canada, mexico and puerto rico. as of its fiscal year-end 2005, costco had approximately 21.2 million members. selected fiscal-year information from the company's balance sheets follows. ($ millions). selected balance sheet data 2005 2004 merchandise inventories $4,015 $3,644 deferred membership income (liability) 501 454 (a) during fiscal 2005, costco collected $1,120 cash for membership fees. use the financial statement effectstemplate to record the cash collected for membership fees. (b) in 2005, costco recorded $46,347 million in merchandise costs (that is, cost of goods sold). record thistransaction in the financial statement effects template. (c) determine the value of merchandise that costco purchased during fiscal-year 2005. use the financial statementeffects template to record these merchandise purchases. assume all of costco's purchases are on credit.