Homework Answers
| Particulars | $ |
| Purchase cost | 54200 |
| Add: Sales Tax | 4400 |
| Add: Painting cost | 1600 |
| Add: Safety testing costs | 350 |
| Cost of New Truck | 60550 |
| Therefore, the right answer is option (a) $ 60550 | |
| Truck license cost should not be included as it is recurring in nature | |
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a new delivery truck for $54200?The sales taxes are $4400. The logo of the company is...
Question 21 Blossom Company purchases a new delivery truck for $45000. The sales taxes are $2000....
Question 21 Blossom Company purchases a new delivery truck for $45000. The sales taxes are $2000. The logo of the company is painted on the side of the truck for $1000. The truck's annual license is $100. The truck undergoes safety testing for $210. What does Blossom record as the cost of the new truck? $48310. 48210 $47000 $46210 Click If you would like to show Work for this question: Open Show. Work
20. Which of the following plant assets does not decline in service potential over the course...
20. Which of the following plant assets does not decline in service potential over the course of its useful life? a. Land Improvement b. Building c. Land d. Equipment 21. Concord Company purchases a new delivery truck for $54,300. The sales taxes are $3.700. The logo of the company is painted on the side of the truck for $1,600. The truck license is $170. The truck undergoes safety testing for $270. What does Concord record as the cost of the...
ignment CALCULATOR FULL SCREEN PRINTER VERSION BACK NE Multiple Choice Question 66 Wildhorse Co. purchases a...
ignment CALCULATOR FULL SCREEN PRINTER VERSION BACK NE Multiple Choice Question 66 Wildhorse Co. purchases a new delivery truck for $74000. The sales taxes a $2000. The logs of the company is painted on the side of the truck for $1600. The truck's annual license is $140. The truck undergoes safety testing for $270. What does Wildhorse record as the cost of the new truck O $77870 $75870 $78010 $76000 TO TEXT Question Attempts of weed
A company incurred the following costs for a new delivery truck: Purchase price Sales tax Delivery...
A company incurred the following costs for a new delivery truck: Purchase price Sales tax Delivery charge from seller's location Special racks for storage Normal repairs to the truck before it was used for the first time Signs painted on the truck Insurance on truck before it was used for the first time What is the cost of the delivery truck? $120,000 7,200 1,500 3,000 1,100 2,000 3,000 O A. $128,700 OB. $130,700 O c. $133,700 OD. $137,800
N a m e s ahew N utor $45.000. The sales taxes are $2.500. The of...
N a m e s ahew N utor $45.000. The sales taxes are $2.500. The of the company is painted on the side of the truck for $1.200. The trick's annual Horses $123. The undergoes sately testing for $220. What does Amold record as 4. Mitchell Corporation bought equipment on January 1, 2017. The equipment cost $300,000 and had an expected salvage value of $50,000. The life of the equipment was estimated to be 6 years. The book value of...
On January 1, 2014, Jose Company purchased a building for $280,000 and a delivery truck for...
On January 1, 2014, Jose Company purchased a building for
$280,000 and a delivery truck for $36,000. The following
expenditures have been incurred during 2016:
•
The building was painted at a cost of $7,500.
•
To prevent leaking, new windows were installed in the building
at a cost of $9,700.
•
To improve production, a new conveyor system was installed in
the building at a cost of $57,500.
•
The delivery truck was repainted with a new company logo...
Accounting for Plant Assets Stellar Delivery Service had the following transactions related to its delivery truck:...
Accounting for Plant Assets Stellar Delivery Service had the following transactions related to its delivery truck: Year 1 Mar. 1 Purchased for $81,250 cash a new delivery truck with an estimated useful life of five years and a $17,125 salvage value. Mar. 2 Paid $1,500 for painting the company name and logo on the truck. Dec. 31 Recorded depreciation on the truck for the year. Year 2 July 1 Installed air conditioning in the truck at a cost of$4,520 cash....
On December 1, 2007, Fiene Company acquired a new delivery truck in exchange for an old...
On December 1, 2007, Fiene Company acquired a new delivery truck in exchange for an old delivery truck that it had acquired in 2004. The old truck was purchased for $35,000 and had a book value of $13,300. On the date of the exchange, the old truck had a market value of $14,000. In addition, Fiene paid $45,500 cash for the new truck, which had a list price of $63,000. The exchange had commercial substance. At what amount should Fiene...
Economic Life The Scampini Supplies Company recently purchased a new delivery truck. The new truck cost...
Economic Life The Scampini Supplies Company recently purchased a new delivery truck. The new truck cost $22,500, and it is expected to generate net after-tax operating cash flows, including depreciation, of $6,250 per year. The truck has a 5-year expected life. The expected salvage values after tax adjustments for the truck are given below. The company's cost of capital is 11 percent. Year Annual Operating Cash Flow Salvage Value 0 -$22,500 $22,500 1 6,250 17,500 2 6,250 14,000 3 6,250...
QUESTION 2 On July 1, 2016, a company purchased a new delivery truck. The truck has...
QUESTION 2 On July 1, 2016, a company purchased a new delivery truck. The truck has a cost of $37,000, an estimated useful life of 5 years, and salvage value of $7,000. Assume that the company uses the double-declining balance method of depreciation, what is depreciation expense for 2019 OASO OB S 992 OC.$ 3,197 OD.$ 3,656 OE4,262
Question 21 Blossom Company purchases a new delivery truck for $45000. The sales taxes are $2000. The logo of the company is painted on the side of the truck for $1000. The truck's annual license is $100. The truck undergoes safety testing for $210. What does Blossom record as the cost of the new truck? $48310. 48210 $47000 $46210 Click If you would like to show Work for this question: Open Show. Work
20. Which of the following plant assets does not decline in service potential over the course of its useful life? a. Land Improvement b. Building c. Land d. Equipment 21. Concord Company purchases a new delivery truck for $54,300. The sales taxes are $3.700. The logo of the company is painted on the side of the truck for $1,600. The truck license is $170. The truck undergoes safety testing for $270. What does Concord record as the cost of the...
ignment CALCULATOR FULL SCREEN PRINTER VERSION BACK NE Multiple Choice Question 66 Wildhorse Co. purchases a new delivery truck for $74000. The sales taxes a $2000. The logs of the company is painted on the side of the truck for $1600. The truck's annual license is $140. The truck undergoes safety testing for $270. What does Wildhorse record as the cost of the new truck O $77870 $75870 $78010 $76000 TO TEXT Question Attempts of weed
A company incurred the following costs for a new delivery truck: Purchase price Sales tax Delivery charge from seller's location Special racks for storage Normal repairs to the truck before it was used for the first time Signs painted on the truck Insurance on truck before it was used for the first time What is the cost of the delivery truck? $120,000 7,200 1,500 3,000 1,100 2,000 3,000 O A. $128,700 OB. $130,700 O c. $133,700 OD. $137,800
N a m e s ahew N utor $45.000. The sales taxes are $2.500. The of the company is painted on the side of the truck for $1.200. The trick's annual Horses $123. The undergoes sately testing for $220. What does Amold record as 4. Mitchell Corporation bought equipment on January 1, 2017. The equipment cost $300,000 and had an expected salvage value of $50,000. The life of the equipment was estimated to be 6 years. The book value of...
On January 1, 2014, Jose Company purchased a building for
$280,000 and a delivery truck for $36,000. The following
expenditures have been incurred during 2016:
•
The building was painted at a cost of $7,500.
•
To prevent leaking, new windows were installed in the building
at a cost of $9,700.
•
To improve production, a new conveyor system was installed in
the building at a cost of $57,500.
•
The delivery truck was repainted with a new company logo...
QUESTION 2 On July 1, 2016, a company purchased a new delivery truck. The truck has a cost of $37,000, an estimated useful life of 5 years, and salvage value of $7,000. Assume that the company uses the double-declining balance method of depreciation, what is depreciation expense for 2019 OASO OB S 992 OC.$ 3,197 OD.$ 3,656 OE4,262
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