n fiscal 2023, Swifty Realty Corporation purchased unimproved land for $57,000. The land was improved and subdivided into building ots at an additional cost of $35,100. These building lots were all the same size but, because of differences in location, were offered for sale at different prices, as follows: Group 1 2 3 Number of Lots Group 1 Group 2 Group 3 10 16 24 5 lots Operating expenses that were allocated to this project totalled $19,300 for the year. At year end, there were also unsold lots remaining, as follows: 7 lots Price per Lot $3,410 4 lots 4,400 Year-end inventory. $ 2,350 Determine the year-end inventory and net income of Swifty Realty, Ignore income taxes. (Do not round intermediate calculations. Round final answers to O decimal places, eg. 5,275) Net income/(Loss) $ 29472 49500

n fiscal 2023, Swifty Realty Corporation purchased unimproved land for $57,000. The land was improved and subdivided into building ots at an additional cost of $35,100. These building lots were all the same size but, because of differences in location, were offered for sale at different prices, as follows: Group 1 2 3 Number of Lots Group 1 Group 2 Group 3 10 16 24 5 lots Operating expenses that were allocated to this project totalled $19,300 for the year. At year end, there were also unsold lots remaining, as follows: 7 lots Price per Lot $3,410 4 lots 4,400 Year-end inventory. $ 2,350 Determine the year-end inventory and net income of Swifty Realty, Ignore income taxes. (Do not round intermediate calculations. Round final answers to O decimal places, eg. 5,275) Net income/(Loss) $ 29472 49500

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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BCareful incurred the following expenditures in 2020: Purchase of land P15,600,000 Land survey 208,000 Fees for search of title for land 24,000 Building construction permit fee 140,000 Temporary quarters for construction workers 430,000 Payments to tenants of the old building 184,000 Cost to raze the old building 940,000 Excavation of land 400,000 Special assessment of the government for road projects 80,000 Dividends that should have been earned had the money used for construction been invested in equity instruments 200,000 Damages awarded to injuries sustained in construction where no insurance is carried 336,000 Cost of construction 78,000,000 Cost of paving parking lot, driveway and sidewalks 1,600,000 Profit on construction, as the difference between the appraised value of the asset after construction and actual costs incurred 1,900,000 List price of machinery and equipment purchased…
BCareful incurred the following expenditures in 2020: Purchase of land P15,600,000 Land survey 208,000 Fees for search of title for land 24,000 Building construction permit fee 140,000 Temporary quarters for construction workers 430,000 Payments to tenants of the old building 184,000 Cost to raze the old building 940,000 Excavation of land 400,000 Special assessment of the government for road projects 80,000 Dividends that should have been earned had the money used for construction been invested in equity instruments 200,000 Damages awarded to injuries sustained in construction where no insurance is carried 336,000 Cost of construction 78,000,000 Cost of paving parking lot, driveway and sidewalks 1,600,000 Profit on construction, as the difference between the appraised value of the asset after construction and actual costs incurred 1,900,000 List price of machinery and equipment purchased…