Lots of Fun Pty Ltd purchased a new motor vehicle costing $20,000 with a bank loan from CIBC Account Motor Vehicles Bank Loan - CIBC Dr Cr
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- May 21st Transaction: Bought a laptop, paying $15751 cash as a down payment and signed a 8 month $52501, 7% note payable for the balance. The company paid $901 to have its company logo painted on the side of the van. The residual value is $12001. The old laptop was sold for $12001; it cost $67501 and accumulated depreciation until the date of disposal was $60001. Produce a journal entry for this transaction.HanshabenPlease only answer the amount fields. Thanks
- Saved Help Save & Exit Submit TB MC Qu. 07-124 (Algo) Valley Spa purchased... Valley Spa purchased $11,200 in plumbing components from Tubman Company. Valley Spa signed a 90-day, 7% promissory note for $11,200. If the note is dishonored, what is the amount due on the note? (Use 360 days a year.) Multiple Choice $11,200 $11,450 $196 $11.396 1,069 15 étv MacBook Air 80 888 DII DE F3 F4 F5 F6 F7 F8 %23 24 2 3 7 8 W E RThe following costs pertain to a new delivery truck that was purchased on March 31, 2020. All costs were paid in cash. Calculate how much the truck will be capitalized as an asset for the truck. How much will be expensed? You are not required to prepare a journal entry. Cost of Truck $30,000 Delivery charges $1,300 Ongoing gasoline purchases each week $ 200 Sales Tax $2,100i need the answer quickly
- Borrowing cost (IAS-23) If the acquisition/construction of asset is financed through borrowings then any interest paid on such debt would be capitalized in the value of asset. Test your understanding.3 Acquisition Costs of Realty: Pollachek Co. purchased land as a factory site for $450,000. Process of tearing down two old buildings on the site and constructing the factory required 6 months, The company paid $42,000 to raze the old buildings and sold salvaged lumber and brick for $6,300. Legal fees of $1,850 were paid for title investigation and drawing the purchase contract. Pollachek paid $2,200 to an engineering firm for a land survey, and $65,000 for drawing the factory plans. The land survey had to be made before definitive plans could be drawn. Title insurance on the property cost $1,500, and a liability insurance premium paid during construction was $900. The contractor's charge for construction was $2,740,000. The company paid the contractor in two installments: $1,200,000 at…2. A vehicle is purchased by ABC Co. The vehicle cost $35,000 and has a useful life of 5 years or 100,000 miles with a salvage value of $3,000 at the end of its useful life. There is a 6 percent sales tax due on the vehicle upon registration with the Registry of Motor Vehicles, and the registration fee is $120 in order to get new plates. Every year a $75 dollar license renewal fee is charged by the Registry. After six months, the vehicle is brought to the dealer for a $75.00 oil and filter change. In its six months of operation, it has a flat tire that cost $35 to repair. Two years down the road, the engine of the truck seizes and an engine replacement is performed, which cost $3,000. With regard to the above example, which of these expenditures are capitalized, and which are expensed? The cost of the vehicle The sales tax The plate and registration fee Annual registration fee The oil and filter change The flat tire repair The engine replacementBought a van, paying $11550 cash as a down payment and signed a 10 month $38500, 9% note payable for the balance. The company paid$770 to have its company logo painted on the side of the van. The residual value is $6050. The old van was sold for $8800; it cost $49500 and acculumated depreciation up to the date of disposal was $44000. what is the journal entry and how did you calculate it?
- Problem 4 The Bay View Restaurant has purchased a new dishwasher for its own use. Required: Using the following information, determine the proper amount to be capitalized in the asset account Equipment. $8,000 Invoice price of equipment Cash discount allowed: 2% of invoice ol 160 300 Freight-in paid Speeding ticket given to our truck driver while the driver was delivering equipment 25 Installation costs 150 308 Sales tax on purchase Repair of damages due to equipment being dropped off truck 200oHh2. Account Hart Company sells and delivers office furniture across Western Canada. The costs associated with the acquisition and annual operation of a delivery truck are given below: Insurance $ 2,780 Licences $ 200 Taxes (vehicle) $ 120 Garage rent for parking (per truck) $ 1,200 Depreciation ($25,000 ÷ 5 years) $ 5,000 Gasoline, oil, tires, and repairs $ 0.19 /km Required: 1. Assume that Hart Company owns one truck that has been driven 31,000 kilometres during the first year. Compute the averageBought a van, paying $4200 cash as a down payment and signed a 7 month $9000, 6% note payable for the balance. The company paid$270 to have its company logo painted on the side of the van. The residual value is $3000. The old van was sold for $6000; it cost $19200and acculumated depreciation up to the date of disposal was $18000. what is the journal entry and how did you calculate it?
