Problem 4 Big Lots Realty purchased a tract of undeveloped land for $500,000. Costs of...
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Problem 4 Big Lots Realty purchased a tract of undeveloped land for $500,000. Costs of subdividing the land amounted to an additional $70,000. The lots vary in price as follows: Lots sold at December 31, 2019 were as follows: \begin{tabular}{cc} Tye & Hoflets Sold \\ \hline 1 & 6 \\ 2 & 6 \\ 3 & 4 \end{tabular} Complete the spreadsheet calculations below and using the condensed Income Statement, compute the value of Net Income assuming Operating Expenses are $20,500. Type Af of Lots Sales Price Total Sales Sales Price \% Total Cost Cost Allocated Cost Per Lot Price Te Lots Type \# of Lots Sold Sales Price Total Sales Cost Per Lot Total Cost Per Lot Price \begin{tabular}{|l|l|l|l|l|l|} \hline & & & & & \\ \hline & & & & & \\ \hline & & & & & \\ \hline & & & & & \\ \hline \end{tabular} Big Lots Realty Condensed Income Statement For the year ended December 31, 2019 \begin{tabular}{|c|c|} \hline Sales & \\ \hline Cost of Goods Sold & \\ \hline Gross Profit & \\ \hline Operating Expenses & \\ \hline Net Income & \\ \hline \end{tabular}
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