On march 1, 2017, wildhorse co. acquired real estate, on which it planned to construct a small office building, by paying $85,500 in cash. an old warehouse on the property was demolished at a cost of $9,300; the salvaged materials were sold for $1,920. additional expenditures before construction began included $1,420 attorney’s fee for work concerning the land purchase, $5,050 real estate broker’s fee, $8,920 architect’s fee, and $15,100 to put in driveways and a parking lot. (a) determine the amount to be reported as the cost of the land. cost of land $

Following are the transactions for valdez services. the company paid $2,000 cash for payment on a 6-month-old account payable for office supplies. the company paid $1,200 cash for the just completed two-week salary of the receptionist. the company paid $39,000 cash for equipment purchased. the company paid $800 cash for this month’s utilities. the company paid $4,500 cash in dividends to the owner (sole shareholder). examine the above transactions and identify those that create expenses for valdez services. prepare general journal entries to record those transactions that created expenses in the above given order.

Pam is a low-risk careful driver and fran is a high-risk aggressive driver. to reveal their driver types, an auto-insurance company a. refuses to insure high-risk drivers b. charges a higher premium to owners of newer cars than to owners of older cars c. offers policies that enable drivers to reveal their private information d. uses a pooling equilibrium e. requires drivers to categorize themselves as high-risk or low-risk on the application form

Describe what fixed costs and marginal costs mean to a company.