Business, 25.11.2021 14:00 mallorykay44

Jack MacLean has entered into a real estate development partnership with Bill Lyons and June Reese. Bill owns one-fifth of the partnership, while June has a one-fourth interest. The partners will divide all profits on the basis of their fractional ownership. The partnership bought 900 acres of land and plans to subdivide each lot into 212 acres. Homes in the area have been selling for $250,000. By time of completion, Jack estimates the price of each home will increase by 15 of the current value. The partners sent a survey to 21,000 potential customers to see whether they should heat the homes with oil or gas. One-fifth of the customers responded by indicating a 5-to-1 preference for oil. From the results of the survey, Jack now plans to install a 270-gallon oil tank at each home. He estimates that each home will need five fills per year. The current price of home heating fuel is $3 per gallon. The partnership estimates its profit per home will be 110 the selling price of each home. Required:
a. Calculate the number of homes to be built.
b. Calculate the selling price of each home.
c. Calculate the number of people responding to survey.
d. Calculate the number of people desiring oil.
e. Calculate the average monthly cost per house to heat using oil. (Round your answer to 2 decimal places.)
f. Calculate the amount of profit Jack will receive from the sale of homes.

Answers: 3

Show answers

Another question on Business

Business, 22.06.2019 08:40

During january 2018, the following transactions occur: january 1 purchase equipment for $20,600. the company estimates a residual value of $2,600 and a five-year service life. january 4 pay cash on accounts payable, $10,600. january 8 purchase additional inventory on account, $93,900. january 15 receive cash on accounts receivable, $23,100 january 19 pay cash for salaries, $30,900. january 28 pay cash for january utilities, $17,600. january 30 firework sales for january total $231,000. all of these sales are on account. the cost of the units sold is $120,500. the following information is available on january 31, 2018. depreciation on the equipment for the month of january is calculated using the straight-line method. the company estimates future uncollectible accounts. at the end of january, considering the total ending balance of the accounts receivable account as shown on the general ledger tab, $4,100 is now past due (older than 90 days), while the remainder of the balance is current (less than 90 days old). the company estimates that 50% of the past due balance will be uncollectible and only 3% of the current balance will become uncollectible. record the estimated bad debt expense. accrued interest revenue on notes receivable for january. unpaid salaries at the end of january are $33,700. accrued income taxes at the end of january are $10,100

Answers: 2

Answer

Business, 22.06.2019 11:40

Vendors provide restaurants with what? o a. cooked items ob. raw materials oc. furniture od. menu recipes

Answers: 1

Answer

Business, 22.06.2019 17:40

Because the demand for wheat tends to be inelastic. true or false

Answers: 1

Answer

Business, 22.06.2019 19:20

Sanibel autos inc. merged with its competitor vroom autos inc. this allowed sanibel autos to use its technological competencies along with vroom autos' marketing capabilities to capture a larger market share than what the two entities individually held. what type of integration does this scenario best illustrate? a. vertical b. technological c. horizontal d. perfect

Answers: 2

Answer

You know the right answer?

Jack MacLean has entered into a real estate development partnership with Bill Lyons and June Reese....

Questions