Maurice Tutor

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    Argosy University/ Phoniex University/
    Nov-2005 - Oct-2011

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    Phoniex University
    Oct-2001 - Nov-2016

Category > Accounting Posted 02 Aug 2017 My Price 8.00

Phil Collins Realty Corporation

Phil Collins Realty Corporation purchased a tract of unimproved land for $52,000. This land was improved and subdivided into building lots at an additional cost of $30,000. These building lots were all of the same size but owing to differences in location were offered for sale at different prices as follows.

Group   No. of Lots   Price per Lot
1   9     $4,050  
2   17     5,400  
3   20     2,700  


Operating expenses for the year allocated to this project total $16,300. Lots unsold at the year-end were as follows.

Group 1   5 lots
Group 2   7 lots
Group 3   4 lots


At the end of the fiscal year Phil Collins Realty Corporation instructs you to arrive at the net income realized on this operation to date. (Round ratios for computational purposes to 1 decimal place, e.g 78.7% and final answer to 0 decimal places, e.g. 5,845.)

 

Net Income $________

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Maurice Tutor
(5)
Status NEW Posted 02 Aug 2017 12:08 AM My Price 8.00

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