This topic contains a solution. Click here to go to the answer
« previous next »

Author Question: Johnson Realty bought a 2,000-acre island for $10,000,000 and divided it into 200 equal size lots. ... (Read 26 times)

mpobi80

  • Hero Member
  • *****
  • Posts: 519
on: Mar 6, 2021
Johnson Realty bought a 2,000-acre island for $10,000,000 and divided it into 200 equal size lots.
 As the lots are sold, they are cleared at an average cost of $5,000.
 Storm drains and driveways are installed at an average cost of $8,000 per site.
 Sales commissions are 10% of selling price.
 Administrative costs are $850,000 per year.
The average selling price was $160,000 per lot during 2017 when 50 lots were sold. 

During 2018, the company bought another 2,000-acre island and developed it exactly the same way. Lot sales in 2018 totaled 300 with an average selling price of $160,000. All costs were the same as in 2017. 

Required: 
Prepare income statements for both years using both absorption and variable costing methods.
Horngren's Cost Accounting: A Managerial Emphasis ¦ Datar, Rajan ¦ 16th Edition
Buy Test-Bank


Related Topics

Need homework help now?

Ask unlimited questions for free

Ask a Question
Marked as best answer by mpobi80 on Mar 6, 2021

mochi09

  • Sr. Member
  • ****
  • Posts: 335
Reply #1 on: Mar 6, 2021
Lorsum iprem. Lorsus sur ipci. Lorsem sur iprem. Lorsum sur ipdi, lorsem sur ipci. Lorsum sur iprium, valum sur ipci et, vala sur ipci. Lorsem sur ipci, lorsa sur iprem. Valus sur ipdi. Lorsus sur iprium nunc, valem sur iprium. Valem sur ipdi. Lorsa sur iprium. Lorsum sur iprium. Valem sur ipdi. Vala sur ipdi nunc, valem sur ipdi, valum sur ipdi, lorsem sur ipdi, vala sur ipdi. Valem sur iprem nunc, lorsa sur iprium. Valum sur ipdi et, lorsus sur ipci. Valem sur iprem. Valem sur ipci. Lorsa sur iprium. Lorsem sur ipci, valus sur iprem. Lorsem sur iprem nunc, valus sur iprium.
Answer Preview
Only 30% of students answer this correctly


mpobi80

  • Member
  • Posts: 519
Reply 2 on: Mar 6, 2021
Excellent

hollysheppard095

  • Member
  • Posts: 339
Reply 3 on: Yesterday
Great answer, keep it coming :)

« previous next »
 

Did you know?

Since 1988, the CDC has reported a 99% reduction in bacterial meningitis caused by Haemophilus influenzae, due to the introduction of the vaccine against it.

Did you know?

Although puberty usually occurs in the early teenage years, the world's youngest parents were two Chinese children who had their first baby when they were 8 and 9 years of age.

Did you know?

The top 10 most important tips that will help you grow old gracefully include (1) quit smoking, (2) keep your weight down, (3) take supplements, (4) skip a meal each day or fast 1 day per week, (5) get a pet, (6) get medical help for chronic pain, (7) walk regularly, (8) reduce arguments, (9) put live plants in your living space, and (10) do some weight training.

Did you know?

Though methadone is often used to treat dependency on other opioids, the drug itself can be abused. Crushing or snorting methadone can achieve the opiate "rush" desired by addicts. Improper use such as these can lead to a dangerous dependency on methadone. This drug now accounts for nearly one-third of opioid-related deaths.

Did you know?

Cyanide works by making the human body unable to use oxygen.

The evolution of an endemic island species from a mainland species. The evolution of an endemic island species from a mainland species.
Demonstration of equal segregation within one meiocyte in the yeast S. cerevisiae Demonstration of equal segregation within one meiocyte in the yeast S. cerevisiae
Sun size comparison Sun size comparison
New Island in Pakistan New Island in Pakistan
Index of seed size and hardiness prior to, during, and after drought. Index of seed size and hardiness prior to, during, and after drought.
The Kingsley plantation, on Fort George Island in Jacksonville, Florida. Zephaniah Kingsley, the own The Kingsley plantation, on Fort George Island in Jacksonville, Florida. Zephaniah Kingsley, the own
Video: Muscle Fatigue and Recovery

For a complete list of videos, visit our video library