A company purchased new equipment for $62,000. The company paid cash for the equipment. Other costs associated wi the equipment were: transportation costs, $1,100; sales tax paid $3,400; and installation cost, $2,700. The cost recorded fa the equipment was: Multiple Cholce $69,200. $66,500. $62,000. $63,100.

A company purchased new equipment for $62,000. The company paid cash for the equipment. Other costs associated wi the equipment were: transportation costs, $1,100; sales tax paid $3,400; and installation cost, $2,700. The cost recorded fa the equipment was: Multiple Cholce $69,200. $66,500. $62,000. $63,100.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Carla Vista Corp. purchased land as a factory site for $330000. They paid $10400 to tear down two buildings on the land, and the salvage from these old buildings was sold for $1330. Legal fees of $840 were paid for title investigation and making the purchase. Architect's fees were $10490. Title insurance cost $620, and liability insurance during construction cost $650. Excavation costs were $3430. A contractor was paid $657000 to construct the new building. An assessment made by the city for pavement was $1690. Interest costs during construction were $43000. The cost of the land should be recorded at Select answer from the options below $342930. $344620. $340530. $342220.
AI Maha Company purchased equipment and had the following costs: Repairing of roof RO 14,750 Insurance during transit 570 Sales taxes 2,870 Cash price 25,250 New parking lot 23,000 Property taxes 4,500 Installation and testing 960 AI Maha will record the acquisition cost of the equipment as: Select one: O a. RO 34,150. O b. None of the answers are correct O c RO 67,850. O d. RO 29,620. O e. RO 44,850.
Orion Flour Mills purchased a new machine and made the following expenditures: Purchase price $ 66,000 Sales tax 5,550 Shipment of machine 910 Insurance on the machine for the first year 610 Installation of machine 1,820 The machine, including sales tax, was purchased on account, with payment due in 30 days. The other expenditures listed above were paid in cash. Required: Record the above expenditures for the new machine. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.)
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Wildhorse Company purchased a delivery truck. The total cash payment was $36,270, including the following items. Negotiated purchase price Installation of special shelving Painting and lettering Motor vehicle license Annual insurance policy Sales tax Total paid $31,200 1,430 1,170 130 650 1,690 $36,270 Calculate the cost of the truck and the operating costs of the truck.
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