Mountain Restaurant purchased a commercial pizza oven for $12,000 cash. The oven's fair market value was $15,000. The restaurant paid $800 for shipping, $1,200 for professional installation, and $400 for the first year's equipment insurance. What amount should Mountain Restaurant record as the cost of the pizza oven?
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- What does?Sandhill Co. purchases a new delivery truck for $78000. The sales taxes are $4400. The logo of the company is painted on the side of the truck for $1000. The truck’s annual license is $100. The truck undergoes safety testing for $240. What does Sandhill record as the cost of the new truck?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?
- 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?The cost of new truck!Eddie’s Precision Machine Shop is insured for $700,000. The present yearly insurance premium is $1.00 per $100 of coverage. A sprinkler system with an estimated life of 20 years and no salvage value can be installed for $20,000. Annual maintenance costs for the sprinkler system are $400. If the sprinkler system is installed, the system must be included in the shop’s value for insurance purposes, but the insurance premium will reduce to $0.40 per $100 of coverage. Eddie uses a MARR of 15 %/year. Solve, a. What is the present worth of this investment? b. What is the decision rule for judging the attractiveness of investments based on present worth? c. Is the sprinkler system economically justified?
- Icicle Inc. buys and sells photocopy equipment that are used in businesses across Ontario. The company follow IFS. Unit selling prices range from $10,000 to $100,000. O • Icicle Inc. sells a printing machine to Frosty Inc. on June 14th, 2020. The selling price for the machine is usually $120,000. Icicle Inc. will also install the machine. The estimated fair value of installing the photocopy system is $5,000. Icicle Inc. sold the machine and installation to Frosty Inc. for $122,000. The machine cost Icicle Inc. $58,000. Frosty Inc. is obligated to pay Icicle Inc. $50,000 upon delivery of the machine and the balance on August 15th. O O O O Icicle Inc. delivers the machine on July 1st, 2020, and completes the installation of the machine on July 15th, 2020. On August 15 Frosty Inc. informs Icicle Inc. that they will be not be able to pay their account that is due. The two parties enter into an agreement that the account will be converted into a non-interest bearing promissory note to be…Wildhorse Co. purchased equipment on January 1 at a list price of $155000, with credit terms 3/10, n/30. Payment was made within the discount period. Wildhorse paid $6500 sales tax on the equipment, and paid installation charges of $2100. Prior to installation, Wildhorse paid $3500 to pour a concrete slab on which to place the equipment. What is the total cost of the new equipment?A company purchases a 10,020-square-foot commercial building for $325,000 and spends an additional $50,000 to divide the space into two separate rental units and prepare it for rent. Unit A, which has the desirable location on the corner and contains 3,340 square feet, will be rented for $1.00 per square foot. Unit B contains 6,680 square feet and will be rented for $0.75 per square foot. How much of the joint cost should be assigned to Unit B using the value basis of allocation?
- Hoot Enterprises buys a warehouse for $590,000 to use for its East Coast distributionoperations. On the date of the purchase, a professional appraisal shows a value of $650,000for the warehouse. The seller had originally purchased the building for $480,000. Hoothas a similar warehouse on the West Coast that has a book value of $603,000. Under thehistorical cost principle, Hoot should record the building fora. $650,000.b. $480,000.c. $590,000.d. $603,000.Caramel Spa Company sells prefabricated pools that cost $80,000 to customers for $144,000. The sales price includes an installation fee, which is valued at $20,000. The fair value of the pool is $128,000. The installation is considered a seperate performance obligation and is expected to take 3 months to complete. The transaction price allocated to the pool and the installation isFinch, Inc., has purchased a new server and must decide what to do with the old one. The cost of the old server was originally $60,000 and has been depreciated $45,000. The company has received two offers. One offer was to lease the equipment for $7,000 for the next five years, but the company will be required to provide maintenance and insurance totaling $3,000 per year. The other offer was made to purchase the equipment outright for $18,500 less a 5% sales commission. Prepare a differential analysis. If required, use a minus sign to indicate a loss. Differential AnalysisLease (Alternative 1) or Sell (Alternative 2) Server Lease Server(Alternative 1) Sell Server(Alternative 2) DifferentialEffects(Alternative 2) Revenues $fill in the blank 1 $fill in the blank 2 $fill in the blank 3 Costs fill in the blank 4 fill in the blank 5 fill in the blank 6 Profit (loss) $fill in the blank 7 $fill in the blank 8 $fill in the blank 9 Which offer should Finch, Inc., accept?