Author Question: Determine the total assets at the end of the current year for Scott ... (Read 22 times)

Marty · **on:** Jul 5, 2018

Determine the total assets at the end of the current year for Scott Industries.

Question 2

The city's new tax collector foreclosed on a piece of land. The fair market value of the land at the time of foreclosure was 9,000 . The taxpayer had acquired the property at a cost of 11,000 . The past due taxes on the property totaled 4,000 .

The city plans to retain the land for its use. The land should be recorded in the General Capital Assets accounts in the amount of
A. 0.
B. 4,000.
C. 9,000.
D. 11,000.

Kjones0604 · **Reply #1 on:** Jul 5, 2018

Answer to Question 1

110,000
(30,000 Cash + 14,000 Accounts Receivable + 64,000 Equipment + 2,000 Prepaid Rent = 110,000)

Answer to Question 2

B