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wellco paid $14,500 in cash for a delivery truck
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- Carley Company purchases a new delivery truck for $45,000. The sales taxes are $3,000. The logo of the company is painted on the side of the truck for $1,200. The annual truck license is $120. The truck undergoes safety testing for $220. What does Carley record as the cost of the new truck?1 Ross Company incurs these expenditures in purchasing a truck: cash price $25,000, accident insurance (during use) $2,000, sales taxes $1,080, motor vehicle license $400, and painting and lettering $2,800. What is the cost of the truck?Steve's Outdoor Company purchased a new delivery van on January 1 for $62,000 plus $5,300 in sales tax. The company paid $14,300 cash on the van (including the sales tax), signing an 8 percent note for the $53,000 balance due in nine months (on September 30). On January 2, the company paid cash of $600 to have the company name and logo painted on the van. On September 30, the company paid the balance due on the van plus the interest. On December 31 (the end of the accounting period). Steve's Outdoor recorded depreciation on the van using the straight-line method with an estimated useful life of 5 years and an estimated residual value of $6.200 3. Compute the depreciation expense to be reported for Year 1. Depreciation expense
- Kegler Bowling buys scorekeeping equipment with an invoice cost of $190,000. The electrical work required for the installation costs $20,000. Additional costs are $4,000 for delivery and $13,700 for sales tax. During the installation, the equipment was damaged and the cost of repair was $1,850. What is the total recorded cost of the scorekeeping equipment?Steve’s Outdoor Company purchased a new delivery van on January 1 for $58,000 plus $4,900 in sales tax. The company paid $13,900 cash on the van (including the sales tax), signing an 8 percent note for the $49,000 balance due in nine months (on September 30). On January 2, the company paid cash of $750 to have the company name and logo painted on the van. On September 30, the company paid the balance due on the van plus the interest. On December 31 (the end of the accounting period), Steve’s Outdoor recorded depreciation on the van using the straight-line method with an estimated useful life of 5 years and an estimated residual value of $5,800. 1. Indicate the effects of each transaction on the accounting equation. (Enter decreases to account categories as negative amounts. If the transaction does not impact the accounting equation choose "No effect" in the first column under "Assets".) 2. Compute the acquisition cost of the van. 3. Compute the depreciation expense to be reported for…Steve’s Outdoor Company purchased a new delivery van on January 1 for $58,000 plus $4,900 in sales tax. The company paid $13,900 cash on the van (including the sales tax), signing an 8 percent note for the $49,000 balance due in nine months (on September 30). On January 2, the company paid cash of $750 to have the company name and logo painted on the van. On September 30, the company paid the balance due on the van plus the interest. On December 31 (the end of the accounting period), Steve’s Outdoor recorded depreciation on the van using the straight-line method with an estimated useful life of 5 years and an estimated residual value of $5,800. 1. Indicate the effects of each transaction on the accounting equation. (Enter decreases to account categories as negative amounts. If the transaction does not impact the accounting equation choose "No effect" in the first column under "Assets".) 2. Compute the acquisition cost of the van. 3. Compute the depreciation expense to be reported for…
- Steve’s Outdoor Company purchased a new delivery van on January 1 for $58,000 plus $4,900 in sales tax. The company paid $13,900 cash on the van (including the sales tax), signing an 8 percent note for the $49,000 balance due in nine months (on September 30). On January 2, the company paid cash of $750 to have the company name and logo painted on the van. On September 30, the company paid the balance due on the van plus the interest. On December 31 (the end of the accounting period), Steve’s Outdoor recorded depreciation on the van using the straight-line method with an estimated useful life of 5 years and an estimated residual value of $5,800. Not sure why my interest amount is wrong.. Please see pic IntereSheridan Company incurs the following costs in purchasing equipment: invoice price, $40,500; shipping, $1,025; installation and testing, $1,600; one-year insurance policy, $2,750.What is the cost of the equipment?Grab Manufacturing Co. purchased a ten-ton draw press at a cost of $180,000. Since the company made a cash payment, a discount of $9,000 is received in the purchase. Shipping costs were $4,600, which included $200 for insurance in transit. Installation costs totaled $12,000, which included $4,000 for taking out a section of a wall and rebuilding it because the press was too large for the doorway. Insurance expenses paid for the first year is $10,000. The capitalized cost of the ten-ton draw press is:
- DD Company purchases a delivery truck at a cash price of Rs=840,000. Related expenditures are sales taxes Rs= 26,400, painting and lettering Rs=10,000, motor vehicle license Rs= 1200, and a three-year accident insurance policy Rs=30,000. Compute the cost of the delivery truck?Dorothea Company acquired several fixtures for its new building, including display cases, shelves and hanging racks. The invoice price of the fixtures was P700,000. The entity received a 2% cash discount by paying within the discount period. Freight and insurance during shipment totaled P3,000. Costs of assembling and installing fixtures were 5,000. While installing a display case, a new employee carelessly broke a glass top. This top was replaced at a cost of P2,000. What total amount should be recorded as cost of the fixtures?Wildhorse Company incurs these expenditures in purchasing a truck: cash price $46,000, accident insurance (during use) $2,200, sales taxes $4,400, motor vehicle license $300, and painting and lettering $1,700 What is the cost of the truck? Cost of the truck $