Homework Answers
Total cost of the new equipment = Net price + Sales tax + Installation charges + Payment for concrete slab
= [$100,000 - ($100,000*2%)] + $3,000 + $1,500 + $3,000
= $105,500
----------------------------------------------------
Cost of the equipment = Price paid + Freight charges + payment for building foundation
= $150,500 + $3,500 + $22,000
= $176,000
Depreciation under Straight line method = (Cost - Salvage value) / Estimated useful life
= ($176,000 - $34,000) / 5
= $28,400
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equipment was purchased for $86,300 on January 1, 2016. Freight charges amounted yo $3,800 and there...
equipment was purchased for $86,300 on January 1, 2016.
Freight charges amounted yo $3,800 and there was a cost of $12,000
for building a foundation and installing the equipment. It is
estimated that the equipment will have $22,000 salvage value at the
end of its 5 year useful life. What is the amount of accumulated
depreciation at December 31, 2017, if the straight-line method of
depreciation is used?
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Sandhill Co. purchased machinery on January 1 at a list price of $410000, with credit terms 2/10, n/30. Payment was made within the discount period. Sandhill paid $75500 sales tax on the machinery, and paid installation charges of $5400. Prior to installation, Sandhill paid $11300 to pour a concrete slab on which to place the machinery. What is the total cost of the new machinery? O $502200 O $494000. O $477300. O $482700. Sunland Company bought equipment for $280000 on...
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Kimmel, Accounting, 6e S OF ACCOUNTING (ACCT 2101, 2102, Assignment Gradebook ORION Downloadable eTextbook Question 15 Equipment was purchased for $1405oo. Freight charges amounted to $7000 and there was a cost of $17000 for building a foundation and installing the equipment. It s estimated that the equipment will have a $34000 salvage value at the end of its S-year useful life. Depreciation Expense each year using the straight-line method will be D $32800. D $21200...
equipment was purchased for $86,300 on January 1, 2016.
Freight charges amounted yo $3,800 and there was a cost of $12,000
for building a foundation and installing the equipment. It is
estimated that the equipment will have $22,000 salvage value at the
end of its 5 year useful life. What is the amount of accumulated
depreciation at December 31, 2017, if the straight-line method of
depreciation is used?
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