General Accounting Question pls need answer Chocolate Supreme purchased new baking equipment for $15,000 subject to terms 4/10, n/45.The discount was taken. Additional costs included sales tax of $900 and installation of $300.The total cost to be added to the machinery account is:A. $15,000B. $15,900C. $15,300D. $15,600E. none of the above

Step 1: Define Credit TermsCredit terms are conditions indicated on an invoice which specify both…

Answered: Chocolate Supreme purchased new baking…

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter8: Current And Contingent Liabilities

Section: Chapter Questions

Problem 7MCQ

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Glam company offers customers a pottery cereal bowl if they send in three boxtops from its products and P10. The entity estimated that 60% of the boxtops will be redeemed. During the current year, the entity sold 675,000 boxes and customers redeemed 330,000 boxtops receiving 110,000 bowls. The cost of each bowl is P25. 1a. What is the premium expense for the current year? a. 1,650,000 b. 2,025,000 c. 4,550,000 d. 6,075,000 1b. What is the liability for outstanding premiums at year-end? a. 250,000 b. 375,000 c. 625,000 d. 875,000
Rizio company purchases a machine for 10,100, terms 1/10, n/60, FOB shipping point
A lumber mill bought a shipment of logs for $49,000. When cut, the logs produced a million board feet of lumber in the following grades. Compute the cost to be allocated to Type 1 and Type 2 lumber, respectively, if the value basis is used. (Do not round your intermediate calculations.) Type 1-600,000 bd. ft. priced to sell at $0.20 per bd. ft. Type 2- 400,000 bd. ft. priced to sell at $0.08 per bd. ft. Type 3- 200,000 bd. ft. priced to sell at $0.04 per bd. ft. Multiple Choice O $24,00o; $24,000. $36,750; $9,800. $32,000; $8,000. $10,944;$2,450. $49,000: $32.000.
1. On 1 April 20x1, ABC Co. bought a new lorry and made the following payments in relation to it: Costs as per supplier’s list $120,000 Less: Agreed discount 10,000 110,000 Delivery charge 1,000 Installation charge 4,000 Maintenance charge 4,000 An additional component to increase capacity 3,000 Spare parts 3,500 Total 125,500 The lorry is depreciated on a straight-line basis over a four-year life and the estimated residual value $38,000. ABC Co. prepares their accounts on 31 December each year, the company policy is to charge depreciation on a month for month basis. After exactly two years and three months, the lorry is out of…
A commercial company bought 250 units of a certain material at a price of 50,000 dinars per unit, and the purchase expenses were until the material reached the company's stores Commission expebses=1250000 Tax expenses=1875000 Transportation, loading and unloading expenses=900000 Insurance expenses=600000 it is required to calculate the cost of the material purchased
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Need help with this general accounting question
A vacuum is priced at $396 with an allowed trade-in of $115 on an old unit. If sales tax of 6(3)/(4)% is charged on the price of the new vacuum unit before the trade-in, find the total cost to the customer after receiving the trade-in.
Thompson table company purchased assembly machine. The invoice price of the machine was $3,000 plus freight of $150. Terms of the purchase granted a discount of $60 if Thompson paid in cash within 10 days, but the firm was short of cash and decided to wait until the bill was due and pay the full amount. The new machine recorded at a cost of...... a. $3,000 b. $3,150 c. $3,090 d.$2,940
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