accounting
1-Apple company purchases furniture’s at a cash price of $16,000. Related
expenditures are sales taxes $1,500, Insurance after the installation is $250,
Installation and testing $200. The furniture’s estimated useful life of is 5 years
and the salvage value is $1,500
a. Determine the cost component of the furniture.
b. Compute the total costs of the furniture.
c. Using straight line method, how much will be the annual depreciation cost?
d. What is the book value of the machine at the end of the 4th year?
e. What is the book value of the machine at the end of the 5th year?
2-XYZ purchases factory machine at a cash price of $70,000 . Related
expenditures are sales taxes $2000, Insurance after the installation is $1,500,
Installation and testing $500, Salvage value is $500. Useful life of the machine is
5 years.
a. Compute the component costs of the machine
b. Compute the total costs of the machine
c. Using straight line method, how much will be the annual depreciation cost?
d.
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accounting
1-Apple company purchases furniture’s at a cash price of $16,000. Relatedexpenditures are sales taxes $1,500, Insurance after the installation is $250,Installation and testing $200. The furniture’s estimated useful life of is 5 yearsand the salvage value is $1,500 a. Determine the cost component of the furniture.b. Compute the total costs of the furniture. c. Using straight line method, how much will be the annual depreciation cost? d. What is the book value of the machine at the end of the 4th...
PART 4.ARAMCO company purchases factory machine at a cash price of $100,000. Related expenditures are sales...
PART 4.ARAMCO company purchases factory machine at a cash price of $100,000. Related expenditures are sales taxes $3000, Insurance after the installation is $6000 and Installation and testing $1,500. The machine has an estimated useful life of 6 years and salvage value is $2,000. 1. Determine the cost component of the machine. Marking Scheme: .5 mark for every cost component x 4 = 2 Marks 2. Compute the total costs of the machine. Marking Scheme: Correct formula & answer =...
Ch.9 3. On Septernber 1, 2017, Mettock Company purchased the following machine for use its production...
Ch.9 3. On Septernber 1, 2017, Mettock Company purchased the following machine for use its production process. The cash price of this machine was $49,500. Related expenditures included: sales tax $3,400, shipping costs $100, insurance during shipping $110, installation and testing costs $90, and $100 of oil and Jubricants to be used with the machinery during its first year of operation Metlock estimates that the useful life of the machine is 5 years with a $4,050 sa remaining at the...
On January 1, 2015, Zidan Company purchased the following Two Machines for use in its production...
On January 1, 2015, Zidan Company purchased the following Two Machines for use in its production process. Machine A: The cash price of this machine was Tk.55,000. Related expenditures included: sales tax Tk.2,750, shipping costs Tk.100, insurance during shipping Tk.75, installation and testing costs Tk.75, and Tk.90 of oil and lubricants to be used with the machinery during its first year of operation. Zidan estimates that the useful life of the machine is 4 years with a Tk.5,000 salvage value...
Bramble Corp. purchased factory equipment with an invoice price of $79,100. Other costs incurred were freight...
Bramble Corp. purchased factory equipment with an invoice price of $79,100. Other costs incurred were freight costs, $1,130; installation wiring and foundation, $2,120; material and labor costs in testing equipment, $880; oil lubricants and supplies to be used with equipment, $820; fire insurance policy covering equipment, $1,500. The equipment is estimated to have a $6,000 salvage value at the end of its 10-year useful service life. Compute the acquisition cost of the equipment. Acquisition cost of the equipment (Round answer...
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.
On January 1, 2020, Riverbed Company purchased the following two machines for use in its production...
On January 1, 2020, Riverbed Company purchased the following two machines for use in its production process. Machine A: The cash price of this machine was $52,000. Related expenditures included: sales tax $1,900, shipping costs $200, insurance during shipping $60, installation and testing costs $90, and $200 of oil and lubricants to be used with the machinery during its first year of operations. Riverbed estimates that the useful life of the machine is 5 years with a $5,200 salvage value...
Can you please provide step by step instructions? On January 1, 20ff, Bourgeois Company purchased the...
Can you please provide step by step instructions?
On January 1, 20ff, Bourgeois Company purchased the following two machines for use in its production process. Machine A: The cash price of this machine was $58,000. Related expenditures included: sales tax $2,750, shipping costs $100, insurance during shipping $75, installation and testing costs $75, and $90 of oil and lubricants to be used with the machinery during its first year of operation. Dill estimates that the useful life of the machine...
On January 1, 2020, Martinez Company purchased the following two machines for use in its production...
On January 1, 2020, Martinez Company purchased the following
two machines for use in its production process.
Machine A:
The cash price of this machine was $54,500. Related
expenditures included: sales tax $2,050, shipping costs $100,
insurance during shipping $110, installation and testing costs $80,
and $100 of oil and lubricants to be used with the machinery during
its first year of operations. Martinez estimates that the useful
life of the machine is 5 years with a $4,100 salvage value...
Problem 10-03A a-c (Part Level Submission) On January 1, 2020, Flint Company purchased the following two...
Problem 10-03A a-c (Part Level Submission) On January 1, 2020, Flint Company purchased the following two machines for use in its production process Machine A: The cash price of this machine was $46,000. Related expenditures included: sales tax $3,250, shipping costs $200, insurance during shipping $110, installation and testing costs $90, and $100 of oil and lubricants to be used with the machinery during its first year of operations. Flint estimates that the useful life of the machine is 5...
PART 4.ARAMCO company purchases factory machine at a cash price of $100,000. Related expenditures are sales taxes $3000, Insurance after the installation is $6000 and Installation and testing $1,500. The machine has an estimated useful life of 6 years and salvage value is $2,000. 1. Determine the cost component of the machine. Marking Scheme: .5 mark for every cost component x 4 = 2 Marks 2. Compute the total costs of the machine. Marking Scheme: Correct formula & answer =...
Ch.9 3. On Septernber 1, 2017, Mettock Company purchased the following machine for use its production process. The cash price of this machine was $49,500. Related expenditures included: sales tax $3,400, shipping costs $100, insurance during shipping $110, installation and testing costs $90, and $100 of oil and Jubricants to be used with the machinery during its first year of operation Metlock estimates that the useful life of the machine is 5 years with a $4,050 sa remaining at the...
Bramble Corp. purchased factory equipment with an invoice price of $79,100. Other costs incurred were freight costs, $1,130; installation wiring and foundation, $2,120; material and labor costs in testing equipment, $880; oil lubricants and supplies to be used with equipment, $820; fire insurance policy covering equipment, $1,500. The equipment is estimated to have a $6,000 salvage value at the end of its 10-year useful service life. Compute the acquisition cost of the equipment. Acquisition cost of the equipment (Round answer...
On January 1, 2020, Riverbed Company purchased the following two machines for use in its production process. Machine A: The cash price of this machine was $52,000. Related expenditures included: sales tax $1,900, shipping costs $200, insurance during shipping $60, installation and testing costs $90, and $200 of oil and lubricants to be used with the machinery during its first year of operations. Riverbed estimates that the useful life of the machine is 5 years with a $5,200 salvage value...
Can you please provide step by step instructions?
On January 1, 20ff, Bourgeois Company purchased the following two machines for use in its production process. Machine A: The cash price of this machine was $58,000. Related expenditures included: sales tax $2,750, shipping costs $100, insurance during shipping $75, installation and testing costs $75, and $90 of oil and lubricants to be used with the machinery during its first year of operation. Dill estimates that the useful life of the machine...
On January 1, 2020, Martinez Company purchased the following
two machines for use in its production process.
Machine A:
The cash price of this machine was $54,500. Related
expenditures included: sales tax $2,050, shipping costs $100,
insurance during shipping $110, installation and testing costs $80,
and $100 of oil and lubricants to be used with the machinery during
its first year of operations. Martinez estimates that the useful
life of the machine is 5 years with a $4,100 salvage value...
Problem 10-03A a-c (Part Level Submission) On January 1, 2020, Flint Company purchased the following two machines for use in its production process Machine A: The cash price of this machine was $46,000. Related expenditures included: sales tax $3,250, shipping costs $200, insurance during shipping $110, installation and testing costs $90, and $100 of oil and lubricants to be used with the machinery during its first year of operations. Flint estimates that the useful life of the machine is 5...
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