RELATED GROUP paid $2,660,000 cash for land to be used to construct condominiums. At the time of purchase, the land had a list price of $3,000,000. When the balance sheet was prepared, the appraised fair value of the land was $2,900,000 and the market value used for tax purposes was $2,800,000. At what amount should the land be reported on the balance sheet of the company?

On January 1, 2025, TERRA Developers purchased land to construct office buildings by paying $7,000,000 cash . At the time of purchase, the land had a list price of $7,250,000 When the balance sheet was prepared, the appraised fair value of the land was $7,500,000 and the market value used for tax purposes was $7,100,000. At what amount should the land be reported on the balance sheet of TERRA?

If you travel 120 miles in 3 hours, then your average speed for the trip is and the units are .

Exam 4 Point distribution: Total points = 110 Q1 Q2 Q3 Q4 Q5 Q6 Q7 Q8 5 9 12 9 8 18 25 24 Question 1-5 multiple choice questions Question 6-8 free response question 9 points Extra Credit CLICK Here to preview the Periodic table and other relevant information for Exams 

CALIX Company sold $25,000 of merchandise to a customer in cash and recorded the sale by debiting Accounts Receivable and crediting Sales. That entry needs to be corrected by:                                

JOHNSON Enterprises began operating its consumer goods business on January 1, 2025. During 2025, JOHNSON sold merchandise totaling $5,670,000, of which $3,622,500 was collected in cash immediately and $2,047,500 was sold on account. Of the $2,047,500 sold on account, 65% was collected in cash after the sales date but before the end of the period. The company incurred expenses of $2,677,500 and made related cash payments of $2,735,000 in 2025.   Compute Net Income (Loss) under (a) cash basis accounting and (b) the accrual basis accounting:  

8. The nurse is providing education to an 12 year old boy with hemophilia. Which of the following activities should the nurse tell the patient to avoid? 

The assets of BANDIT Companies decreased by $200,000 during the year and its liabilities increased by $70,000 during the same year. The change in stockholder’s equity of the company during the year must have been:  

Shining Star Company (6):The cost of work-in-process at the end of this period is $__________________.

Samantha’s Office Supplies (7):  The cost of work-in-process at the end of this period is $__________________.