Boone Company purchased a piece of machinery by paying $18,000 cash. In addition to the purchase price, the company incurred $800 freight charges. The machine has an estimated useful life of 5 years and will require $600 for insurance over that period. Boone Company would record the cost of the machine at: a. $18,000 b. $18,800 c. $19,400 d. $18,200
Q: What is the cost formula for maintenance for this general accounting question?
A: Step 1:First calculate the variable cost per unit using high-low method: Variable cost per unit =…
Q: None
A: Step 1: Define Average Collection PeriodAverage collection period means the number of days which the…
Q: Need help with this question solution general accounting
A: Step 1: Computation of adjusted book valueBook value = $620,000The value of equipment needs to be…
Q: None
A: Let's break down the steps to solve each part of the problem. Part (a): Expected Annual Savings and…
Q: I don't need ai answer accounting questions
A: Formula:Capital Gains Yield=Selling Price−Purchase Price/Purchase Price×100 Identify ValuesPurchase…
Q: Sunland's financial statements contained the following selected data (in millions). Current assets…
A: (a) Current RatioThe current ratio is calculated as:Current Ratio=Current Assets/Current Liabilities…
Q: The white flour company mills solve this general accounting question
A: Step 1: Calculation of Beginning equivalent unitsBeginning equivalent units = Units × Degree of…
Q: Frederickson Office Supplies recently reported $12,500 of sales, $7,250 of operating costs other…
A: Step 1: Key DataSales: $12,500Operating costs (excluding depreciation): $7,250Depreciation:…
Q: Calculate the roe solve this accounting questions
A: Based on the given data, we can use the DuPont formula to compute the Return on Equity (ROE).ROE =…
Q: Subject = General Account
A: Step 1: Key DataCost per unit (FIFO): $19Market Value (Net Realizable Value, NRV): $16Inventory…
Q: Financial A..question please provide correct answer
A: Step 1: Define Pre-determined Overhead RateBusinesses use a pre-determined overhead application rate…
Q: Give me answer the general accounting question
A: Step 1:Calculate EBIT (Earnings Before Interest and Taxes)Step 2:Plugging in the Given ValuesStep…
Q: I need this question financial accounting
A: Step 1: Define Company ValuationThere are various methods used by analysts to value companies and…
Q: Provide correct answer general accounting
A: Detailed explanation:Question : Days to collect outstanding accounts receivable during year 2Given :…
Q: I need this general account question provide answer
A: Step 1: Highest and lowest points The highest point is April: 90,000 miles at $195,000The lowest…
Q: Need help me give you answer general accounting
A: Detailed Explanation : Formula: Average Number of Days' Sales in Accounts Receivable = (average…
Q: I don't need ai answer accounting questions
A: Degree of Operating Leverage (DOL)DOL = Contribution margin / Net operating incomeDOL = $77,400 /…
Q: Provide correct answer
A: Step 1: Define Net Income or LossNet income or loss is determined in the income statement by taking…
Q: Cara Industries incurred the following costs for 50,000 units: Variable costs: $90,000 Fixed costs:…
A: We have given, Variable cost for 50,000 units = $90,000 So, Variable cost per unit = 50,000$90,000…
Q: Hastings company has purchased a group solve this accounting questions
A: Step 1: Define AssetsAssets are classified as both financial and non-financial resources in…
Q: The controller of hall industries has collected the following solve this accounting questions
A: Step 1: Define High-Low MethodHigh low method is a method in managerial accounting which aims to…
Q: Prepare journal entries to record these transactions. (List all debit entries before credit entries.…
A: Required A: Derecognition of the fully depreciated delivery equipment The original cost of $52,980…
Q: Please solve this question
A: Step 1: Define Gross Profit Gross Profit is calculated as sale minus cost of goods sold. The cost of…
Q: Expert of general account subject answer me please
A: 1. Understanding the Question and Key InformationParticularsValuesSales price per unitRs. 15Variable…
Q: Please given answer
A: Step 1: Define AssetsAssets are the items presented in the Balance sheet of a company to which the…
Q: Using the following data for Marigold, Inc., compute its asset turnover and the return on assets…
A: Asset Turnover Ratio:The asset turnover ratio measures how efficiently a company uses its assets to…
Q: I don't need ai answer accounting questions
A: Step 1: Define Total AssetsA company's total assets are presented in the first section of its…
Q: Financial Account
A: To determine the impact on profits if Black Corporation accepts the special order, we analyze the…
Q: The cost of replacing a high-definition television production line in 6 years is estimated to be…
A: To determine the uniform deposit required every 6 months into a sinking fund, we use the Future…
Q: General Account tutor/expert please help
A: To determine the relationship between net operating income (NOI) under variable costing and…
Q: Please provide correct answer general accounting question not use chart gpt
A: Step 1:As per the accounting equation, the total assets are always equal to the sum of total…
Q: What is the cost of goods manufacturerd solution this general accounting question
A: Step 1: Definition of Cost of Goods Manufactured (COGM)Cost of Goods Manufactured (COGM) is the…
Q: Help me to solve this financial account problems
A: Given Information:Sales = $100,000 for 1,000 units → Selling price per unit: Selling Price…
Q: TAGGING @ Financial Account
A: Step 1: Identify the Given DataNumber of rooms: 300Average daily room rent (price per room):…
Q: Give answer. subject is general account
A: Step 1: Key InformationInventory CategoryCost ($)Market Value…
Q: Given answer accounting questions
A: What is the Maturity Value?The maturity value is the total amount that will be paid by the customer…
Q: Gain or Loss?
A: Explanation of Straight-Line Depreciation:Straight-line depreciation is a method of allocating the…
Q: Right Answer
A: Explanation of Revenue Recognition:Revenue recognition is the accounting principle that dictates…
Q: Need answer
A: c. Recognize when reasonable assurance existsWhen it is quite likely that business interruption…
Q: ??
A: Explanation of SalesSales represent the total revenue generated by a company from selling goods or…
Q: Question:Cost Account Freeze Frame Camera Shop uses the lower-of-cost-or-net realizable value for…
A: To determine the ending inventory using the lower-of-cost-or-net realizable value (LCNRV) basis, we…
Q: James bought shares at $78.45 provide answer accounting questions
A: Formula:Capital Gains Yield=Selling Price−Purchase Price/Purchase Price×100 Identify ValuesPurchase…
Q: Ingram company manufactures sole this general Accounting question
A: Identify the high and low points.High point:Units = 3,552 desksTotal cost = $83,771Low point:Units =…
Q: Use the following information from dragon corporation sokve this accounting questions
A: Step 1: Define Owners EquityShareholders equity is the net value a company will return to the…
Q: Hoe much equity does Taylor Bikes have on these accounting question?
A: Step 1: Define Debt-to-Equity RatioThe Debt-to-Equity Ratio is a financial metric that measures a…
Q: Accounting: Question
A: Explanation of Transaction Pattern Analysis:Transaction pattern analysis involves reviewing and…
Q: Financial Account Questions Answer me please
A: (b) What is its marginal tax rate?Assuming a standard corporate tax bracket structure:Typically, for…
Q: Hi someone tutor can you solve it? subject is account
A: To determine the write-down required using the Lower of Cost or Market (LCM) rule on the basis of…
Q: Cianci accounting services had solve this accounting questions
A: Step 1: Define Gross IncomeGross income can be defined as the difference between sales and cost.…
Q: Which basis applies to accounting for dividend-in-kind distributions?
A: Explanation of Dividend-in-Kind:A dividend-in-kind refers to a distribution made by a corporation to…
I need answer of this question solution general accounting
Step by step
Solved in 2 steps
- Garcia Co. owns equipment that costs $76,800, with accumulated depreciation of $40,800. Garcia sells the equipment for cash. Record the journal entry for the sale of the equipment if Garcia were to sell the equipment for the following amounts: A. $47,000 cash B. $36,000 cash C. $31,000 cashColquhoun International purchases a warehouse for $300,000. The best estimate of the salvage value at the time of purchase was $15,000, and it is expected to be used for twenty-five years. Colquhoun uses the straight-line depreciation method for all warehouse buildings. After four years of recording depreciation, Colquhoun determines that the warehouse will be useful for only another fifteen years. Calculate annual depreciation expense for the first four years. Determine the depreciation expense for the final fifteen years of the assets life, and create the journal entry for year five.Steele Corp. purchases equipment for $25,000. Regarding the purchase, Steele recorded the following transactions: Paid shipping of $1,000 Paid installation fees of $2,000 Pays annual maintenance cost of $200 Received a 5% discount on $25,000 sales price Determine the acquisition cost of the equipment.
- ABC Ltd. Incurred the following costs related to the purchase of a machine: $10,500 Invoice price Insurance during transit Pouring cement slab on which the machine must be mounted Interest expense on debt used to buy the asset Shipping costs Annual service contract cost ö $14,600 $12,100 What is the amount capitalized to the balance sheet for the machine? $11,800 200 $13,600 1,000 2,500 100 300SolveGRACE Co. recently acquired two items of equipment. Acquired a press at an invoice price of P5,000,000 subject to a 5% cash discount which was taken. Costs of freight and insurance during shipment were P50,000 and installation cost amounted to P200,000. The cost of testing the equipment is P50,000 while the administration cost has amounted to P30,000. Acquired a welding machine at an invoice price of P3,000,000 subject to a 10% cash discount which was not taken. Additional welding supplies were acquired at a cost of P100,000. Required: What is the total increase in the equipment account as a result of the transactions?
- OweJamela Company acquired a welding machine on account with an invoice price of P5,000,000 subject to a cash discount of 10% which was not taken. Jamela Company incurred freight and insurance during shipment of P50,000 and testing and installation cost of P150,000. Welding supplies were acquired at a cost of P80,000. The residual value is 10% of its total cost while its estimated useful life is 5 years. What is the cost of the new welding machine? How much is the depreciable amount of the new welding machine? How much is the annual depreciation using the straight line method? Please include an explanation. Thank you!ALPHA Company purchased equipment on 1/1/N with an invoice price of $80,000. Purchase taxes $16,000. Other costs incurred were freight costs, $1,100; installation wiring and foundation, $2,200; material and labor costs in testing equipment, $700; fire insurance policy for the factory is, $1,400. The equipment is estimated to have a $5,000 salvage value at the end of its 5-year useful service life. Required: (a)Compute the acquisition cost of the equipment. (b)If the double-declining-balance method of depreciation was used for the machine, prepare the depreciation schedule for the full period. (c) Based on which criteria companies choose the depreciation methods for their depreciable assets?
- ALPHA Company purchased equipment on 1/1/N with an invoice price of $80,000. Purchase taxes $16,000. Other costs incurred were freight costs, $1,100; installation wiring and foundation, $2,200; material and labor costs in testing equipment, $700; fire insurance policy for the factory is, $1,400. The equipment is estimated to have a $5,000 salvage value at the end of its 5-year useful service life. Required: (b) If the double-declining-balance method of depreciation was used for the machine, prepare the depreciation schedule for the full period. Answer: Depreciation schedule: Year Beginning book value Declining balance rate Annual depreciation expenses Accumulated depreciation Book value 2017 2018 2019 2020 2021Jamela Company acquired a welding machine on account with an invoice price of P5,000,000 subject to a cash discount of 10% which was not taken. Jamela Company incurred freight and insurance during shipment of P50,000 and testing and installation cost of P150,000. Welding supplies were acquired at a cost of P80,000. The residual value is 10% of its total cost while its estimated useful life is 5 years. Question: What is the cost of the new welding machine? Please include explanation in each capitalizable costs.Lax Company recently acquired two items of equipment. The transactions are described as follows: * * Acquired a press at an invoice price of P3,000,000 subject to a 5% cash discount which was taken. Costs of freight and insurance during shipment were P50,000 and installation cost amounted to P200,000. Acquired a welding machine at an invoice price of P2,000,000 subject to a 10% cash discount which was not taken. Additional welding supplies were acquired at a cost of P100,000. The increase in the equipment account as a result of the above transactions should be a. 4,900,000 b. 5,000,000 c. 5,100,000 d. 5,200,000.
