Homework Answers
1. Sales tax on factory machinery purchased $5,000 - Factory Machinery
2. Painting of and lettering on truck immediately upon purchase 700 - Truck
3. Installation and testing of factory machinery 2,000 - Factory Machinery
4. Real estate broker’s commission on land purchased 3,500 - Land
5. Insurance premium paid for first year’s insurance on new truck 880 -Prepaid Insurance
6. Cost of landscaping on property purchased 7,200 -Land Improvements
7. Cost of paving parking lot for new building constructed 17,900 - Land Improvements
8. Cost of clearing, draining, and filling land 13,300 - Land
9. Architect’s fees on self-constructed building 10,000 - Building
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d E9.2 (LO 1) Benedict Company incurred the following costs. $ 5,000 1. Sales tax on...
Determine property, plant, and equipment costs. (LO 1) E10-2 Benedict Company incurred the following costs. 1....
Determine property, plant, and equipment costs. (LO 1) E10-2 Benedict Company incurred the following costs. 1. Sales tax on factory machinery purchased 2. Painting of and lettering on truck immediately upon purchase 3. Installation and testing of factory machinery 4. Real estate broker's commission on land purchased Insurance premium paid for first year's insurance on new truck 6. Cost of landscaping on property purchased 7. Cost of paving parking lot for new building constructed 8. Cost of clearing, draining, and...
Indicate to which account Trudy would debit each of the costs.
E9-2 Trudy Company incurred the following costs.1. Sales tax on factory machinery purchased $ 5,0002. Painting of and lettering on truck immediately upon purchase 7003. Installation and testing of factory machinery 2,0004. Real estate broker’s commission on land purchased 3,5005. Insurance premium paid for first year’s insurance on new truck 8806. Cost of landscaping on property purchased 7,2007. Cost of paving parking lot for new building constructed 17,9008. Cost of clearing, draining, and filling land 13,3009. Architect’s fees on self-constructed...
Help me please. #1: Benedict Company incurred the following costs. 1. Sales tax on factory machinery...
Help me please. #1: Benedict Company incurred the following costs. 1. Sales tax on factory machinery purchased $ 5,000 2. Painting of and lettering on truck immediately upon purchase 700 3. Installation and testing of factory machinery 2,000 4. Real estate broker’s commission on land purchased 3,500 5. Insurance premium paid for fi rst year’s insurance on new truck 880 6. Cost of landscaping on property purchased 7,200 7. Cost of paving parking lot for new building constructed 17,900 8....
Benedict Company incurred the following costs. Indicate to which account Benedict would debit each of the...
Benedict Company incurred the following costs. Indicate to which
account Benedict would debit each of the costs.
No.
Transactions
Account
1.
Sales tax on factory
machinery purchased
$ 5,000
select one from the following: Insurance Expense or Land or
Buildings or Equipment or Architect’s Fees or Tax Expense or
Repairs and Maintenance Expense or Advertising Expense or Land
Improvements or Prepaid Insurance
2.
Painting of and lettering on
truck immediately upon purchase
700
select
one from the following: Insurance Expense...
E10.5 (LO 1, 2) (Tre tion, incurred the fol 1.2) (Treatment of Various Costs) Ben Sisko...
E10.5 (LO 1, 2) (Tre tion, incurred the fol 1.2) (Treatment of Various Costs) Ben Sisko Supply Company, a newly formed corpora rred the following expenditures related to Land, to Buildings, and to Machinery and Equipment. Abstract company's fee for title search Architect's fees $ 520 Cash paid for land and dilapidated building thereon 3,170 Removal of old building 87,000 $20,000 Less: Salvage 5,500 14,500 Interest on short-term loans during construction 7,400 Excavation before construction for basement 19,000 Machinery purchased...
S (LO1.. Exec zon, Incurred the (LO 1, 2) (Treatment of Various Costs) Ben Sisko Supply...
S (LO1.. Exec zon, Incurred the (LO 1, 2) (Treatment of Various Costs) Ben Sisko Supply Company, a newly formed corpora incurred the following expenditures related to Land, to Buildings, and to Machinery and Equipment Abstract company's fee for title search Exer $ 520 3,170 87,000 5,500 Architect's fees Cash paid for land and dilapidated building the con Removal of old building Less: Salvage $20.000 Interest on short-term loans during construction Excavation before construction for basement Machinery purchased (subject to...
Sheridan Supply Company, a newly formed corporation, incurred the following expenditures related to Land, to Bulldings,...
Sheridan Supply Company, a newly formed corporation, incurred the following expenditures related to Land, to Bulldings, and to Machinery and Equipment. Abstract company's fee for title search Architet's fees Cash paid for land and dilapidated building thereon Removal of old building $1,014 6,182 169,650 $39,000 Less: Salvage Interest on short-term loans during construction Excavation before construction for basement Machinery purchased (subject to 2% cash discount, which was not taken) Freight on machinery purchased Storage charges on machinery, necessitated by noncompletion...
borden company incurred the following costs to acquire and prepare land for a new parking lot...
borden company incurred the following costs to acquire and
prepare land for a new parking lot purchase price for land cost to
clear the land cost of paving lighting for the parking lot and
landscaping for the parking lot how should the company determine
which cost to be recorded as land improvement in which should be
recorded as land
Borden Company incurred the following costs to acquire and prepare land for a new parking lot purchase price for land, cost...
CALCULATOR PRINIER VERSION BACK NEX $24,000 Exercise 10-05 Waterway Supply Company, a newly formed corporation, incurred...
CALCULATOR PRINIER VERSION BACK NEX $24,000 Exercise 10-05 Waterway Supply Company, a newly formed corporation, incurred the following expenditures related to Land, to Buildings, and to Machinery and Equipment Abstract company's fee for title search 5624 Architect's fees 3,304 Cash paid for land and dilapidated building thereon 104,400 Removal of old building Lass: Salvage 5.600 17,400 Interest on short-term loans during construction 8,880 Excavation before construction for basement 22.300 Machinery purchased (subject to 2% cash discount, which was not taken)...
Question 1) A company purchased land adjacent to its existing property to build a warehouse. The...
Question 1) A company purchased land adjacent to its existing property to build a warehouse. The company's maintenance crew and additional temporary employees built the warehouse. In addition, the company took out a $40,000 construction loan, which was repaid with a new loan after construction was completed. Which of the following statements is true? All costs associated with building the warehouse should be expensed as incurred. Materials costs should be capitalized to the building account, but all labor and interest...
Determine property, plant, and equipment costs. (LO 1) E10-2 Benedict Company incurred the following costs. 1. Sales tax on factory machinery purchased 2. Painting of and lettering on truck immediately upon purchase 3. Installation and testing of factory machinery 4. Real estate broker's commission on land purchased Insurance premium paid for first year's insurance on new truck 6. Cost of landscaping on property purchased 7. Cost of paving parking lot for new building constructed 8. Cost of clearing, draining, and...
Benedict Company incurred the following costs. Indicate to which
account Benedict would debit each of the costs.
No.
Transactions
Account
1.
Sales tax on factory
machinery purchased
$ 5,000
select one from the following: Insurance Expense or Land or
Buildings or Equipment or Architect’s Fees or Tax Expense or
Repairs and Maintenance Expense or Advertising Expense or Land
Improvements or Prepaid Insurance
2.
Painting of and lettering on
truck immediately upon purchase
700
select
one from the following: Insurance Expense...
E10.5 (LO 1, 2) (Tre tion, incurred the fol 1.2) (Treatment of Various Costs) Ben Sisko Supply Company, a newly formed corpora rred the following expenditures related to Land, to Buildings, and to Machinery and Equipment. Abstract company's fee for title search Architect's fees $ 520 Cash paid for land and dilapidated building thereon 3,170 Removal of old building 87,000 $20,000 Less: Salvage 5,500 14,500 Interest on short-term loans during construction 7,400 Excavation before construction for basement 19,000 Machinery purchased...
S (LO1.. Exec zon, Incurred the (LO 1, 2) (Treatment of Various Costs) Ben Sisko Supply Company, a newly formed corpora incurred the following expenditures related to Land, to Buildings, and to Machinery and Equipment Abstract company's fee for title search Exer $ 520 3,170 87,000 5,500 Architect's fees Cash paid for land and dilapidated building the con Removal of old building Less: Salvage $20.000 Interest on short-term loans during construction Excavation before construction for basement Machinery purchased (subject to...
Sheridan Supply Company, a newly formed corporation, incurred the following expenditures related to Land, to Bulldings, and to Machinery and Equipment. Abstract company's fee for title search Architet's fees Cash paid for land and dilapidated building thereon Removal of old building $1,014 6,182 169,650 $39,000 Less: Salvage Interest on short-term loans during construction Excavation before construction for basement Machinery purchased (subject to 2% cash discount, which was not taken) Freight on machinery purchased Storage charges on machinery, necessitated by noncompletion...
borden company incurred the following costs to acquire and
prepare land for a new parking lot purchase price for land cost to
clear the land cost of paving lighting for the parking lot and
landscaping for the parking lot how should the company determine
which cost to be recorded as land improvement in which should be
recorded as land
Borden Company incurred the following costs to acquire and prepare land for a new parking lot purchase price for land, cost...
CALCULATOR PRINIER VERSION BACK NEX $24,000 Exercise 10-05 Waterway Supply Company, a newly formed corporation, incurred the following expenditures related to Land, to Buildings, and to Machinery and Equipment Abstract company's fee for title search 5624 Architect's fees 3,304 Cash paid for land and dilapidated building thereon 104,400 Removal of old building Lass: Salvage 5.600 17,400 Interest on short-term loans during construction 8,880 Excavation before construction for basement 22.300 Machinery purchased (subject to 2% cash discount, which was not taken)...
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