Select the proper accounting treatment. Nonlease Components Capitalize or Expense? 1. Hazard insurance 2. Maintenance 3....
|
Select the proper accounting treatment. |
||||||||||||||||
|
Homework Answers
| Nonlease Components | Capitalize or Expense? | |
| 1. | Hazard insurance | Expense |
| 2. | Maintenance | Expense |
| 3. | Property taxes | Expense |
| 4. | Service contract | Expense |
Add Answer to:
Select the proper accounting treatment.
Nonlease Components
Capitalize or Expense?
1.
Hazard insurance
2.
Maintenance
3....
M9-3 Deciding Whether to Capitalize or Expense [LO 9-2, LO 9-6] For each of the following...
M9-3 Deciding Whether to Capitalize or Expense [LO 9-2, LO 9-6] For each of the following items, select whether the cost should be capitalized or expensed. Transactions 1. Purchased a machine, $70,000: gave long-term note. 2. Paid $600 for ordinary repairs. 3. Purchased a patent, $45,300 cash. 4. Paid cash, $200,000, for addition to old building 5. Paid $20,000 for monthly salaries. 6. Paid $250 for routine maintenance. 7. Paid $16.000 for extraordinary repairs
1. The Hsu Manufacturing Company has two service departments: Maintenance and Accounting. The Maintenance Department's costs...
1. The Hsu Manufacturing Company has two service departments: Maintenance and Accounting. The Maintenance Department's costs of $792,000 are allocated on the basis of machine hours. The Accounting Department's costs of $171,600 are allocated on the basis of the number of employees within a specific department. The direct departmental costs for A and B are $250,000 and $450,000, respectively. Maint Acctg A B Machine hours 590 100 3,600 360 Number of employees 2 2 8 4 What is the Maintenance...
1. Plastic for casing-$17,889 2. Wages of assenbly workers-$82,888 3. Property taxes on factory-$5,888 4. Accounting...
1. Plastic for casing-$17,889 2. Wages of assenbly workers-$82,888 3. Property taxes on factory-$5,888 4. Accounting staff salaries-$35,888 S. Drum stands (1,888 stands purchased)-$26,888 6. Rent cost of equipnent for sales staff-$19,868 7.Upper management salaries-$125,889 8. Annual flat fee for factory maintenance service-$19,82e 9. Sales comnissions-$15 per unit 19. Machinery depreciation, straight-line $48,888 Problem 14-1A Part 1 Required: 1. Classify each cost and its amount as (a) elther varlable or fixed and (b) elther product or perlod. (The first cost...
B C С D A 1 Expenses: 2 Wages expense 3 Rent expense 4 Insurance expense...
B C С D A 1 Expenses: 2 Wages expense 3 Rent expense 4 Insurance expense 5 Utilities expense 6 Total expenses 7 $8,000 2,000 800 300 Which formula in cell C6 would continue to be accurate after a row was inserted between rent expense and insurance expense? Multiple Choice =+B2+B5 =SUM(B2:35) =SUM(B2:07) +B2-B3+B4+B5
Problem 21-2 Your answer is partially correct. Try again. Pearl Inc. leased a new crane to...
Problem 21-2 Your answer is partially correct. Try again. Pearl Inc. leased a new crane to Martinez Construction under a 5-year noncancelable contract starting January 1, 2017. Terms of the lease require payments of $29,900 each January 1, starting January 1, 2017. Pearl will pay insurance, taxes, and maintenance charges on the crane, which has an estimated life of 12 years, a fair value of $232,000, and a cost to Pearl of $232,000. The estimated fair value of the crane...
ACCT 2100 - Campbell Chapter 2-Accrual Accounting Practice Problem - Expense On May 1, 2017, ABC...
ACCT 2100 - Campbell Chapter 2-Accrual Accounting Practice Problem - Expense On May 1, 2017, ABC Company signed a contract to provide 1 year of marketing research services to Anderson Company starting on May 1. Anderson Company paid the full year's price of $12,000 in cash on May 1. Prepare the entry that Anderson Company should make on May 1" to record this event. + 12 000 1. cash 5/1/11 2. Record this event/entry in the Horizontal Financial Statement format...
Part II. Write Journal Entries in proper form for the following economic transactions: 1. Paid Insurance...
Part II. Write Journal Entries in proper form for the following economic transactions: 1. Paid Insurance Expense of $1,200 for the current month. 2. Accrued Utilities Expense on account, $450. 3. Performed a service job and billed the client $135. 4. Purchased Equipment for $4,500, putting 15% down and financing the remaining amount with a 5% Note Payable due in 2 years. 5. Record the entry to show Equipment is being depreciated $1,000. 6. Accrued $5,600 of Wages expense at...
Part II. Write Journal Entries in proper form for the following economic transactions: 1. Paid Insurance...
Part II. Write Journal Entries in proper form for the following economic transactions: 1. Paid Insurance Expense of $1,200 for the current month. 2. Accrued Utilities Expense on account, $450. 3. Performed a service job and billed the client $135. 4. Purchased Equipment for $4,500, putting 15% down and financing the remaining amount with a 5% Note Payable due in 2 years. 5. Record the entry to show Equipment is being depreciated $1,000. 6. Accrued $5,600 of Wages expense at...
Grade: Chapter 3: Accrual Basis of Accounting 1. Fred Company paid $48,000 for a two-year insurance...
Grade: Chapter 3: Accrual Basis of Accounting 1. Fred Company paid $48,000 for a two-year insurance policy on October 1 and recorded the $48,000 as a debit to Prepaid Insurance and a credit to Cash. What adjusting entry should Fred make on December 31, the end of the accounting period (no previous adjustment has been made)? 2. As of the beginning of 2016, the Let's Move Company had equipment totaling $1,800,000 which was depreciated at $150,000 per year. If Let's...
A B C D 1 Expenses: 2 Wages expense 3 Rent expense 4. Insurance expense 5...
A B C D 1 Expenses: 2 Wages expense 3 Rent expense 4. Insurance expense 5 Utilities expense 6 Total expenses $8,000 2,000 800 300 7 Which formula in cell C6 would continue to be accurate after a row was inserted between rent expense and insurance expense? Multiple Choice =+B2+B3+B4+B5 =+B2+B5 =SUM(B2:B5) =SUM(B2:07) B с Trial Balance December 31 Credit Debit $5,700 1,400 11,100 3,800 27,400 A 1 2 3 4 Cash 5 Accounts receivable 6 Notes receivable 7 Prepaid...
M9-3 Deciding Whether to Capitalize or Expense [LO 9-2, LO 9-6] For each of the following items, select whether the cost should be capitalized or expensed. Transactions 1. Purchased a machine, $70,000: gave long-term note. 2. Paid $600 for ordinary repairs. 3. Purchased a patent, $45,300 cash. 4. Paid cash, $200,000, for addition to old building 5. Paid $20,000 for monthly salaries. 6. Paid $250 for routine maintenance. 7. Paid $16.000 for extraordinary repairs
1. Plastic for casing-$17,889 2. Wages of assenbly workers-$82,888 3. Property taxes on factory-$5,888 4. Accounting staff salaries-$35,888 S. Drum stands (1,888 stands purchased)-$26,888 6. Rent cost of equipnent for sales staff-$19,868 7.Upper management salaries-$125,889 8. Annual flat fee for factory maintenance service-$19,82e 9. Sales comnissions-$15 per unit 19. Machinery depreciation, straight-line $48,888 Problem 14-1A Part 1 Required: 1. Classify each cost and its amount as (a) elther varlable or fixed and (b) elther product or perlod. (The first cost...
B C С D A 1 Expenses: 2 Wages expense 3 Rent expense 4 Insurance expense 5 Utilities expense 6 Total expenses 7 $8,000 2,000 800 300 Which formula in cell C6 would continue to be accurate after a row was inserted between rent expense and insurance expense? Multiple Choice =+B2+B5 =SUM(B2:35) =SUM(B2:07) +B2-B3+B4+B5
Problem 21-2 Your answer is partially correct. Try again. Pearl Inc. leased a new crane to Martinez Construction under a 5-year noncancelable contract starting January 1, 2017. Terms of the lease require payments of $29,900 each January 1, starting January 1, 2017. Pearl will pay insurance, taxes, and maintenance charges on the crane, which has an estimated life of 12 years, a fair value of $232,000, and a cost to Pearl of $232,000. The estimated fair value of the crane...
ACCT 2100 - Campbell Chapter 2-Accrual Accounting Practice Problem - Expense On May 1, 2017, ABC Company signed a contract to provide 1 year of marketing research services to Anderson Company starting on May 1. Anderson Company paid the full year's price of $12,000 in cash on May 1. Prepare the entry that Anderson Company should make on May 1" to record this event. + 12 000 1. cash 5/1/11 2. Record this event/entry in the Horizontal Financial Statement format...
Part II. Write Journal Entries in proper form for the following economic transactions: 1. Paid Insurance Expense of $1,200 for the current month. 2. Accrued Utilities Expense on account, $450. 3. Performed a service job and billed the client $135. 4. Purchased Equipment for $4,500, putting 15% down and financing the remaining amount with a 5% Note Payable due in 2 years. 5. Record the entry to show Equipment is being depreciated $1,000. 6. Accrued $5,600 of Wages expense at...
Part II. Write Journal Entries in proper form for the following economic transactions: 1. Paid Insurance Expense of $1,200 for the current month. 2. Accrued Utilities Expense on account, $450. 3. Performed a service job and billed the client $135. 4. Purchased Equipment for $4,500, putting 15% down and financing the remaining amount with a 5% Note Payable due in 2 years. 5. Record the entry to show Equipment is being depreciated $1,000. 6. Accrued $5,600 of Wages expense at...
Grade: Chapter 3: Accrual Basis of Accounting 1. Fred Company paid $48,000 for a two-year insurance policy on October 1 and recorded the $48,000 as a debit to Prepaid Insurance and a credit to Cash. What adjusting entry should Fred make on December 31, the end of the accounting period (no previous adjustment has been made)? 2. As of the beginning of 2016, the Let's Move Company had equipment totaling $1,800,000 which was depreciated at $150,000 per year. If Let's...
A B C D 1 Expenses: 2 Wages expense 3 Rent expense 4. Insurance expense 5 Utilities expense 6 Total expenses $8,000 2,000 800 300 7 Which formula in cell C6 would continue to be accurate after a row was inserted between rent expense and insurance expense? Multiple Choice =+B2+B3+B4+B5 =+B2+B5 =SUM(B2:B5) =SUM(B2:07) B с Trial Balance December 31 Credit Debit $5,700 1,400 11,100 3,800 27,400 A 1 2 3 4 Cash 5 Accounts receivable 6 Notes receivable 7 Prepaid...
Most questions answered within 3 hours.
-
Propose an efficient synthesis of 2-Bromo-5-nitrotoluene from
benzene. Hint: 3 steps. Consider directing effects of substituents....
asked 2 hours ago -
Name the following coordination compounds using systematic
nomenclature.
1. [Co(H2O)6]Cl2:
2. [Cr(NH3)6](NO3)3:
3. K4[Fe(CN)6]:
4. Na[Au(CN)4]:...
asked 15 minutes ago -
This assignment will explore the impact of corporate decisions
on a local versus a global perspective....
asked 1 hour ago -
Given the function below, F(w,x,y,z)= x’z+w’z’+w’y
a) draw a logic diagram for an implementation which uses...
asked 1 hour ago -
The sandwich maker of the EE-Cole-Eye Sandwich Truck was just
fired (for a reason described below)...
asked 40 minutes ago -
Most political philosophers believe we have a duty to obey laws,
even if the laws in...
asked 2 hours ago -
Which of the following are common negotiation outcome
mistakes?
a. Leave money on the table b....
asked 2 hours ago -
Convert the following quantities:
a) 0.819 atm to torr b) 512 mmHg to bar c) 11.2...
asked 2 hours ago -
C ++ Implement cat command
The purpose of this assignment is to provide practice using the...
asked 2 hours ago -
we
convert sugars into another form of stored potential energy. This
is called?
asked 3 hours ago -
The manufacturers of Oriental Spice Sauce are concerned that the
sodium levels in their product vary...
asked 3 hours ago -
PLEASE DON'T ANSWER IF YOU CAN'T ANSWER ALL OF THE QUESTIONS. I
DESPERATELY NEED HELP
Consider...
asked 4 hours ago