Which of the following are large investments, typically in land, machinery, and/or buildings? Multiple Choice Administrative expenses Capital expenditures Bonds Utility expenditures
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C & M Securities made several expenditures during the current fiscal year, including the following: (a) For each of the items listed below, indicate whether the cost should be debited to land, buildings, equipment, land improvements, or an expense account. Amount Description of Expenditure 1. $150,000 Acquisition of a piece of land to be used as a building site 2. $3,000 Demolition of a small building on the land, to make way for the new building 3. $7,500 Leveling of the land to prepare it for construction of the new building 4. $290,000 Construction of the new building 5. $12,000 Paving of a parking lot beside the building 6. $6,000 Addition of decorative landscaping around the building (such as planting flowers and ornamental shrubs) 7. $80,000 Purchase of a new piece of equipment 8. $6,000 Sales taxes on the new equipment (If non-recoverable) 9. $3,000 Installation of the new equipment 10. $1,500 Testing and adjustment of the new equipment prior to its use 11. $1,000 Minor repairs to some old equipment 12. $7,000 Major overhaul of an old piece of equipment, extending its useful life by three years 13. $1,200 Routine maintenance of equipment 14. $2,000 Replacement of windows broken by disgruntled employees during a labor dispute
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Which of the following would NOT be considered a long-term asset under the Investing Activities section of the statement of cash flows? a. Equipment b. Building c. Land d. inventory
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Which of the following would be typically added to the Adjustments column on a worksheet? A. Depreciation B. Supplies C. Cash D. Utilities
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