Answer:
A house lot. (Landlords)
Explanation:
You can hold houses for people to live in while they pay a monthly fee.
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Answer:
undervalued assets an liabilities by 50,000
Explanation:
The financial statement for the fiscal year ended on December 31th, 2012
will have the following mistake:
Liabilities are undervalued by 50,000
Cash wll be undervalued by 50,000
As the note payable is not recorded neither the cash receipts from the loan.
Because this transaction is missing, we are not doing a correct representation of reality. This account will be undervalued.
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Answer:
4) recorded as a reduction of the cost of the land.
Explanation:
When you are calculating the cost of any land purchased, you must start with the purchase price and add all the expenditures necessary for getting the land ready, e.g. legal fees, taxes, real estate commissions, land grading, clearing the trees, etc., and subtract any revenue obtained, e.g. from the sale of salvaged materials or timber.
total cost of land = purchase price + (fees, commissions, grading, clearance expenses, taxes, etc.) - revenue (salvaged materials, scrap, timber, etc.)