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Posted by Real Estate Investor on Jul 01 | Real Estate Investing Chatter
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and Need sales channels to sell land ready for development? i need help, does anyone know some sales channels in which i can sell my land that is ready for development. might be in the way of property funds, developers, property trusts? any advice would be great, and if anyone has any experiences with this?, more
and what generally happens when you brake your lease with an apartment complex? My fiance are wanting to buy a home before the tax credit expires November 1st. But our lease is up in March of 2010, more
My fiance and I are looking into buying our first home. We are getting married in Sept.? We want to buy this house now. But my name is still my maiden name. Is it wise to buy the house before we get married and i change my name? I heard there is a lot of paperwork and fees to pay if I had to change my last name since we will both be jointly owning the home.
Oral- whats the address and maybe I will look at it.
But my name will be changed to his last name… isn’t illegal to have my maiden name on the house?, more
and What effect if any will the error have on net income and owner's equity in 2004? Problem Description:
Following are condensed income statements for Uncle Bill’s Home Improvement Center, for the years ended
December 31, 2003, and 2002.
20032002
Sales . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $541,200 $523,600
Cost of Goods Sold:
Beginning inventory. . . . . . . . . . . . . . . . . . . . . . . . . . . . $91,400 $85,300
Cost of goods purchased . . . . . . . . . . . . . . . . . . . . . . . 393,000 366,500
Cost of goods available for sale . . . . . . . . . . . . . . . . . . $484,400 $451,800
Less: Ending inventory . . . . . . . . . . . . . . . . . . . . . . . . . (79,800) (91,400)
Cost of goods sold . . . . . . . . . . . . . . . . . . . . . . . . . . . . 404,600 360,400
Gross profit. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $136,600 $163,200
Operating expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . (103,700) (94,700)
Net income (ignoring income taxes) . . . . . . . . . . . . . . . $32,900 $68,500
Uncle Bill was concerned about the operating results for 2003 and has asked his recently hired accountant, “If sales
increased in 2003, why was income less than half of what it was in 2002?” In February of 2004, Uncle Bill got his
answer, “The ending inventory reported in 2002 was overstated by $23,500 for merchandise that we were holding
on consignment on behalf of Kirk’s Servistar. We still keep some of their appliances in stock, but the value of these
items was not included in the 2001 inventory count because we don’t own them.”, more
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