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Aggie Company purchased a piece of equipment with an invoice price of $80,000 on March 1,...
4. Watmore Ltd. purchased, for cash, factory equipment with an invoice price of $80,000. Other costs...
4. Watmore Ltd. purchased, for cash, factory equipment with an invoice price of $80,000. Other costs incurred were freight costs, $1,600; installation, wiring and foundation, $13,500; material and labour costs in testing equipment, $500; oil lubricants and supplies to be used while operating the equipment, $750; fire insurance policy covering equipment, $1,400. The equipment is estimated to have a $10,000 residual value at the end of its 8-year useful service life. (8 marks) Instructions (a) Calculate the cost of the...
Colt Company purchased a machine for use in it operations that had an invoice price of...
Colt Company purchased a machine for use in it operations that had an invoice price of $70,000, excluding sales tax. A 6% sales tax was levied on the sale. Terms were net 30. the company paid a total cost of $4,600 for hauling the machine from the dealer's warehouse to the company's plant Company, and this $4,600 included a fine of $600 for failure to secure the proper permits to use city streets in transporting the machine. In delivering the...
Help Save&Exit Submit Quique purchased and installed a new machine in their factory with an invoice...
Help Save&Exit Submit Quique purchased and installed a new machine in their factory with an invoice cost of $180,000. The electrical work required for the installation costs $18,000. Additional costs are $3,600 for delivery and $12,900 for sales tax. During moving the machine from Quique's receiving dock to the factory assembly line for installation, one of Quique's workers carelessly dropped the machine of the forklift and the machine was damaged when it hit the floor. The cost of repairing the...
Hunt Company purchased factory equipment with an invoice price of $90,000. Other costs incurred were freight...
Hunt Company purchased factory equipment with an invoice price of $90,000. Other costs incurred were freight costs, $1,100; installation wiring and foundation, $2,200; material and labor costs in testing equipment, $700; oil lubricants and supplies to be used with equipment, $500; fire insurance policy covering equipment, $1,400. The equipment is estimated to have a $5,000 salvage value at the end of its 8-year useful service life. Compute the annual depreciation expense of the factory equipment using the straight-line method.
Question Completion Status: QUESTION 20 Mary purchased on office property in March 2019. She paid $15,550,000...
Question Completion Status: QUESTION 20 Mary purchased on office property in March 2019. She paid $15,550,000 and incurred closing costs of $50,000. She made a $1,000,000 down payment and financed the rest of the purchase with a non-recourse loan. The municipality accessed the land and building at $3,000,000 and $12,000,000, respectively. During the year Mary incurred repairs expense of $2,250. What is Mary's basis in the land? QUESTION 21 Mary purchased on office property in March 2019. She paid $15,550,000...
On March 1, Wright Company purchased new equipment for $50,500 by paying cash. Other costs associated...
On March 1, Wright Company purchased new equipment for $50,500 by paying cash. Other costs associated with the equipment were: transportation costs, $1,100; sales tax paid $3,100; and installation cost, $2,600. At what amount will the equipment be recorded on a balance sheet? Multiple Choice $57,300. $50,500. $51,600. $54,700.
On March 1, Wright Company purchased new equipment for $50,000 by paying cash. Other costs associated...
On March 1, Wright Company purchased new equipment for $50,000 by paying cash. Other costs associated with the equipment were: transportation costs, $1,000; sales tax paid $4,000; and installation cost, $2,500. At what amount will the equipment be recorded on a balance sheet? O $51,000 O $53,500. O $54,000 $57,500.
Johnson Company purchased factory equipment with an invoice price of $150,000. Other costs incurred were freight...
Johnson Company purchased factory equipment with an invoice price of $150,000. Other costs incurred were freight costs, $1,200; installation wiring and foundation, $2,100; material and labor costs in testing equipment, $700; oil lubricants and supplies to be used with equipment, $500; fire insurance policy covering equipment, $1,400. The equipment is estimated to have a $5,000 salvage value at the end of its 10-year useful service life. Requirements: 1) Compute the acquisition cost of the equipment. Clearly identify each element of...
Blossom Company purchased factory equipment with an invoice price of $81,900. Other costs incurred were freight cos...
Blossom Company purchased factory equipment with an invoice price of $81,900. Other costs incurred were freight costs, $1,040; installation wiring and foundation, $2,500; material and labor costs in testing equipment, $800; oil lubricants and supplies to be used with equipment, $680; fire insurance policy covering equipment, $1,710. The equipment is estimated to have a $6,000 salvage value at the end of its 8-year useful service life. Compute the acquisition cost of the equipment. Acquisition cost of the equipment (Round answer...
On March 1 Bartholomew Company purchased a new stamping machine with a list price of $76,000....
On March 1 Bartholomew Company purchased a new stamping machine with a list price of $76,000. The company paid cash for the machine, therefore, It was allowed a 5% discount. Other costs associated with the machine were: transportation costs, $1,900: sales tax paid, $4,320; Installation costs, $1,300; routine maintenance during the first month of operation, $1,800. The cost recorded for the machine was: Multiple Choice o влаа. o Sm2,200. o o setseo < Prey 7 of 10 Ney >
Colt Company purchased a machine for use in it operations that had an invoice price of $70,000, excluding sales tax. A 6% sales tax was levied on the sale. Terms were net 30. the company paid a total cost of $4,600 for hauling the machine from the dealer's warehouse to the company's plant Company, and this $4,600 included a fine of $600 for failure to secure the proper permits to use city streets in transporting the machine. In delivering the...
Help Save&Exit Submit Quique purchased and installed a new machine in their factory with an invoice cost of $180,000. The electrical work required for the installation costs $18,000. Additional costs are $3,600 for delivery and $12,900 for sales tax. During moving the machine from Quique's receiving dock to the factory assembly line for installation, one of Quique's workers carelessly dropped the machine of the forklift and the machine was damaged when it hit the floor. The cost of repairing the...
Question Completion Status: QUESTION 20 Mary purchased on office property in March 2019. She paid $15,550,000 and incurred closing costs of $50,000. She made a $1,000,000 down payment and financed the rest of the purchase with a non-recourse loan. The municipality accessed the land and building at $3,000,000 and $12,000,000, respectively. During the year Mary incurred repairs expense of $2,250. What is Mary's basis in the land? QUESTION 21 Mary purchased on office property in March 2019. She paid $15,550,000...
On March 1, Wright Company purchased new equipment for $50,000 by paying cash. Other costs associated with the equipment were: transportation costs, $1,000; sales tax paid $4,000; and installation cost, $2,500. At what amount will the equipment be recorded on a balance sheet? O $51,000 O $53,500. O $54,000 $57,500.
Blossom Company purchased factory equipment with an invoice price of $81,900. Other costs incurred were freight costs, $1,040; installation wiring and foundation, $2,500; material and labor costs in testing equipment, $800; oil lubricants and supplies to be used with equipment, $680; fire insurance policy covering equipment, $1,710. The equipment is estimated to have a $6,000 salvage value at the end of its 8-year useful service life. Compute the acquisition cost of the equipment. Acquisition cost of the equipment (Round answer...
On March 1 Bartholomew Company purchased a new stamping machine with a list price of $76,000. The company paid cash for the machine, therefore, It was allowed a 5% discount. Other costs associated with the machine were: transportation costs, $1,900: sales tax paid, $4,320; Installation costs, $1,300; routine maintenance during the first month of operation, $1,800. The cost recorded for the machine was: Multiple Choice o влаа. o Sm2,200. o o setseo < Prey 7 of 10 Ney >
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