Examlex
Gagner Clinic purchases land for $175000 cash. The clinic assumes $1500 in property taxes due on the land. The title and attorney fees totaled $1000. The clinic has the land graded for $2200. What amount does Gagner Clinic record as the cost for the land?
Par Value
The face value of a bond or stock as stated by the issuing company.
Consolidated Inventories
Inventories of a consolidated entity that are reported as a combined total from all subsidiaries and the parent company.
Date of Acquisition
The specific date on which control of assets is transferred from the seller to the buyer, marking the point at which the buyer assumes ownership and accounting for the assets.
Common Stock
A type of equity security that represents ownership in a corporation, carrying voting rights and potential for dividends.
Q13: Under the direct write-off method of accounting
Q20: If an account is collected after having
Q39: The allowance method of accounting for uncollectible
Q50: Other receivables include nontrade receivables such as
Q87: Using the percentage-of-receivables basis, the uncollectible accounts
Q148: In order to accelerate the receipt of
Q193: The cost of land includes all of
Q209: The holder of a convertible bond can
Q244: When an asset is purchased during the
Q252: Land improvements are generally charged to the