Maurice Tutor

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About Maurice Tutor

Levels Tought:
Elementary,Middle School,High School,College,University,PHD

Expertise:
Algebra,Applied Sciences See all
Algebra,Applied Sciences,Biology,Calculus,Chemistry,Economics,English,Essay writing,Geography,Geology,Health & Medical,Physics,Science Hide all
Teaching Since: May 2017
Last Sign in: 402 Weeks Ago
Questions Answered: 66690
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Education

  • MCS,PHD
    Argosy University/ Phoniex University/
    Nov-2005 - Oct-2011

Experience

  • Professor
    Phoniex University
    Oct-2001 - Nov-2016

Category > Accounting Posted 19 Aug 2017 My Price 8.00

Reliable Repair Service

5.     On July 12, Reliable Repair Service extended an offer of $150,000 for  land  that  had  been  priced  for  sale at $185,000. On September 3, Reliable Repair Service accepted the seller’s counteroffer of $167,500. Describe how Reliable Repair Service should record the land.

6.     a. Land with an assessed value of $750,000 for property tax purposes is acquired by  a  busi- ness for $900,000. Ten years later, the plot of land has an assessed value  of  $1,200,000 and the business receives an offer of $2,000,000 for it. Should the monetary amount assigned to the land in the business records now be increased?

b. Assuming that the land acquired in (a) was sold for $2,125,000, how would the various elements of the accounting equation be   affected?

7.     Describe the difference between an account receiv- able and an account payable.

8.     A business had revenues of $679,000 and operating expenses of $588,000. Did the business (a) incur a net loss or (b) realize net income?

Answers

Maurice Tutor
(5)
Status NEW Posted 19 Aug 2017 07:08 PM My Price 8.00

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