Attempt in Pro Splish Co. both purchases and constructs various equipment it uses in its operations. The following items for two different types of equipment were recorded in random order during the calendar year 2020. Purchase Cash paid for equipment, including sales tax of $5,600 Freight and insurance cost while in transit Cost of moving equipment into place at factory Wage cost for technicians to test equipment Insurance premium paid during first year of operation on this equipment Special plumbing fixtures required for new equipment Repair cost incurred in first year of operations related to this equipment Construction Material and purchased parts (gross cost $224,000: failed to take 2% cash discount) Imputed interest on funds used during construction (stock financing) Labor costs Allocated overhead costs (fixed-$22.400; variable-$33,600) Profit on self-construction Cost of installing equipment Compute the total cost to be capitalized for each of these two pieces of equipment Purchase equipment Construction equipment eTextbook and Media S S $117.600 2,240 3,472 4,480 1.680 8,960 1,456 $224,000 15,680 212.800 56,000 33,600 4,928

Attempt in Pro Splish Co. both purchases and constructs various equipment it uses in its operations. The following items for two different types of equipment were recorded in random order during the calendar year 2020. Purchase Cash paid for equipment, including sales tax of $5,600 Freight and insurance cost while in transit Cost of moving equipment into place at factory Wage cost for technicians to test equipment Insurance premium paid during first year of operation on this equipment Special plumbing fixtures required for new equipment Repair cost incurred in first year of operations related to this equipment Construction Material and purchased parts (gross cost $224,000: failed to take 2% cash discount) Imputed interest on funds used during construction (stock financing) Labor costs Allocated overhead costs (fixed-$22.400; variable-$33,600) Profit on self-construction Cost of installing equipment Compute the total cost to be capitalized for each of these two pieces of equipment Purchase equipment Construction equipment eTextbook and Media S S $117.600 2,240 3,472 4,480 1.680 8,960 1,456 $224,000 15,680 212.800 56,000 33,600 4,928

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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Enola Enterprises Income Statement Year Ended Ended June 30, 2020 Sales Revenue Cost of Goods Sold Gross Profit Operating Expenses: Salaries Expense 42,000 Advertising Expense 12,000 Depreciation Expense-Plant Assets 28,000 Total Operating Expenses Income From Operations Other Income (Expenses) Dividend Revenue Interest Expense Total Other Income (Expenses) Net Income Before Income Taxes Income Tax Expense Net Income 10,800 -3,100 229,000 104,000 125,000 82,000 43,000 7,700 50,700 8,000 42,700 Additional data follow: a) Collections from customers are $13,000 more than sales. b) Dividend revenue, interest expense, and income tax expense equal their cash amounts. c) Payments to suppliers are the sum of cost of goods sold plus advertising expense. d) Payments to employees are $1,700 more than salaries expense. e) Cash payment for the acquisition of plant assets is $108,000.
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