ent Saved Exercise 8-14 Ordinary repairs, extraordinary repairs, and betterments LO C3 Oki Company pays $270,250 for equipment expected to last four years and have a $30,000 salvage value. Prepare journal entries to record the following costs related to the equipment. 1. During the second year of the equipment's life, $28,900 cash is paid for a new component expected to...
KB Machine Limited is considering investing $3 million in new machinery, Model X. If the new model is acceptable, the old machine will be disposed at $500,000 immediately. A feasibility study, completed by consultants at a cost of $300,000, has confirmed that the equipment will help increase output and improve quality. The expected sales so generated amount to $1 million...
Chapter 4 Problem 1 Please use the following information to answer questions a-e: Gateway had only one job in process during August (Job 2922) and had no finished goods inventory on August 1. Job 2922 was started in July and finished during August. Data pertaining to the job is as follows: Job 2922 Beginning WIP balance on August 1 28,975...
Internal Rate of Return Method for a Service Company The Riverton Company, a ski resort, recently announced a $596,771 expansion to lodging properties, lifts, and terrain. Assume that this investment is estimated to produce $133,000 in equal annual cash flows for each of the first eight years of the project life. Present Value of an Annuity of $1 at Compound...
Help ! Required information 3 (The following information applies to the questions displayed below.) University Car Wash built a deluxe car wash across the street from campus. The new machines cost $210,000 including installation. The company estimates that the equipment will have a residual value of $19,500. University Car Wash also estimates it will use the machine for six years...
6. If Job Q included 30 units, what was its unit product cost? (Do not round intermediate calculations. Round your final answer to nearest whole dollar.) 7. Assume that Sweeten Company used cost-plus pricing (and a markup percentage of 80% of total manufacturing cost) to establish selling prices for all of its jobs. What selling price would the company have...
as L $6,500. Laughter recorded this amount several months to complete, a nd Laughter estimates that the company has 40% of the total revenue during the current year e. At December 31, Laughter had earned $3,000 for landscape services complet t Deprecation for the current year includes Equipment, $3,000, and Trucks, $22 & Laughter has incurred $250 of interest expense...
2019 $ 3,583 X 2020 $ 4,550 - For each method, what is the book value of the machine at the end of 2019? At the end of 2020? (Round your answers to the nearest dollar.) a. Straight-line method 2019 $ 38,800 x 2020 34,600 b. Sum-of-the-years-digits method 2019 $ 35,364 x 2020 $ 28,491 X c. Double-declining-balance method 2019...
Problem 1 The Mayhem Company uses a job-order costing system. The following data relate to October, the first month of the company's fiscal year: Raw materials purchased on account, P210,000. Raw materials issued to production, P190,000 (P178,000 direct materials and P12,000 indirect materials). a. b. c. Direct labor cost incurred, P90,000; and indirect labor cost incurred, d. Depreciation recorded on...
please show details. thank you Use the information below to answer the following two questions: Chamomile Inc. is a manufacturing company whose total manufacturing overhead costs fluctuate somewhat from month to month according to the number of machine-hours worked in its production facility. These costs for the last four months in 2019 are given helow. September October November December Machine-hours...