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Invoice price | 34000 |
Applicable sales tax | 2000 |
Less: Cash discount taken for prompt payment | -400 |
Freight paid | 260 |
Cost of insurance coverage on machine while in transit | 125 |
Installation costs | 2000 |
Testing and adjusting costs | 475 |
Acquisition cost | 38460 |
Please help me find the answer with work if possible! Thanks in advance! Acquisition Cost of...
400 Acquisition Cost of Long-Lived Asset The following data relate to a firm's purchase of a machine used in the manufacture of its product: Invoice price $34,000 Applicable sales tax 2,000 Cash discount taken for prompt payment Freight paid Cost of insurance coverage on machine while in transit Installation costs Testing and adjusting costs Repair of damages to machine caused by the firm's employees Prepaid maintenance contract for first year of machine's use 400 Determine the acquisition cost of the...
Preparation of Balance Sheet Ari Company's December 31 post-closing trial balance contains the following normal balances: Cash $19,000 Accounts payable 20,000 Building 439,500 Long-term notes payable 785,000 Common stock 950,000 Retained earnings 75,000 Accumulated depreciation-Equipment 180,000 Land 877,000 Accounts receivable 22,500 Accumulated depreciation-Building 135,000 Wages payable 6,000 Patent (net of amortization) 120,000 Notes payable (short term) 131,000 Inventory 206,000 Equipment 600,000 Allowance for doubtful accounts 2,000 Required Prepare a December 31 classified balance sheet for Ari Company. Question Answer saved...
8-2 Determining the Acquisition Cost and the Financial Statement Effects of Depreciation, Extraordinary Repairs, and Asset Disposal (AP8-1 LO8-1, 8-2, 8-3, 8-5 On January 2, 2015, Athol Company bought a machine for use in operations. The machine has estimated useful life of eight years and an estimated residual value of $2,600. The company provided the following information a. Invoice price of the machine, $82,000 b. Freight paid by the vendor per sales agreement, $1,000 c. Installation costs, $2,400 cash d...
Acquisition Cost of Long-Lived Asset The following data relate to Derrick Construction's purchase of a front-end loader: $32,000 31,360 240 Invoice price, terms 2/10, n/30 F.O.B shipping point, freight collect Sent a check for the front loader, one week later Cost of printing company logo on machine Freight paid Cost of insurance coverage for one year New Battery (needed to prepare the machine for its intended use) Hired new employee to operate it at $20 per hour; the employee spent...
$32,000 31,360 Acquisition Cost of Long-Lived Asset The following data relate to Derrick Construction's purchase of a front-end loader: Invoice price, terms 2/10, n/30 F.O.B shipping point, freight collect Sent a check for the front loader, one week later Cost of printing company logo on machine Freight paid Cost of insurance coverage for one year New Battery (needed to prepare the machine for its intended use) Hired new employee to operate it at $20 per hour; the employee spent one...
Question 8 Tries remaining Marked out of 2.00 P a question $32.000 312360 Acquisition Cost of Long-Lived Asset The following data relate to Derrick Construction's purchase of a front-end loader: Invoice price, terms 2/10, 1/30 FOB shipping point freight collect Sent a check for the front loader, one week later Cost of printing company logo on machine Freight paid Cost of insurance coverage for one year New Battery needed to prepare the machine for its intended use) Hired new employee...
help me asap 534 Chapter 10 Acquisition and Disposition of Property, Plant,, and Equipment Purchase Cash paid for equipment, including sales tax of $5,000 Freight and insurance cost while in transit Cost of moving equipment into place at factory Wage cost for technicians to test equipment Insurance premium paid during first year of operation on this equipment Special plumbing fixtures required for new equipment Repair cost incurred in first year of operations related to this equipment $105,000 2,000 3,100 4,000...
Please help me!! thank you! QUESTION 1 Step 1 You work for Thunderduck Custom Tables Inc. This is the first month of operations. The company designs and manufactures the customer. This month, you have been asked to develop and manufacture two new tables for customers. You will design and build the tables. This is a no nail, no screw, and no glue manufacturing (no indirect materials used). You will be keeping track of the costs incurred to manufacture the tables...
SECTION A (40 marks): Answer ALL Questions in this section. QUESTION ONE a) Aseda Ltd incurred the following cost in its manufacturing operations GH¢ Cost of material purchase 20,000 Import duties 400 Trade discount @10% of purchase cost Cash discount 500 Irrecoverable taxes 1,000 Salary of factory plant operator 2,500 Direct labour 5,000 Salary of factory supervisor 4,000 Cost of expected production losses 800 Administrative overhead (Note) 16,000 Cost of storage of raw material for further processing 2,000 Marketing cost...