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Category > Management Posted 04 Feb 2018 My Price 7.00

Mooney Sounds

Exercise 7-31 COST OF FIXED  ASSETS

Mooney Sounds, a local stereo retailer, needed a new store because it had outgrown the leased space it had used for several years. Mooney acquired and remodeled a former gro- cery store. As a part of the acquisition, Mooney incurred the following costs:

 

 

Cost of grocery store

$350,000

Cost of land (on which the grocery store is  located)

65,000

New roof for building

74,000

Lumber used for  remodeling

23,200

Paint

515

Wire and electrical supplies

4,290

New doors

6,400

New windows

3,850

Wages paid to workers for remodeling

12,500

Additional inventory purchased for grand opening   sale

45,300

 

Required:

Determine the cost of the land and the building.

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Maurice Tutor
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Status NEW Posted 04 Feb 2018 10:02 PM My Price 7.00

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