On 1/1, the CIF Farm bought equipment by paying $8,000 cash. They also incurred a freight and taxes of $485 to get the equipment to their farm. The market value of this equipment is $12,000. What amount should be recorded in the equipment account on 1/1? Fill in the blank with your calculated number. DO NOT include commas, $ signs, period, decimal points, etc., just enter the raw number. Webcourses will add commas to your answer automatically. For example, if you calculated the answer to be $24,123, you would only input: 24123

On 1/1, the CIF Farm bought equipment by paying $8,000 cash. They also incurred a freight and taxes of $485 to get the equipment to their farm. The market value of this equipment is $12,000. What amount should be recorded in the equipment account on 1/1? Fill in the blank with your calculated number. DO NOT include commas, $ signs, period, decimal points, etc., just enter the raw number. Webcourses will add commas to your answer automatically. For example, if you calculated the answer to be $24,123, you would only input: 24123

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

Please help me
The company sells goods to Jason. The company agreed to have the goods shipped to London with an additional $5,000 in transportation costs (fees) Jason paid. Record the shipping costs in the Buyer's book and the Seller's book.
! Required information [The following information applies to the questions displayed below.] Steve's Outdoor Company purchased a new delivery van on January 1 for $56,000 plus $4,800 in sales tax. The company paid $13,800 cash on the van (including the sales tax), signing an 8 percent note for the $47,000 balance due in nine months (on September 30). On January 2, the company paid cash of $900 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 $5,600. 5. What would be the net book value of the van at the end of Year 2? (Amounts to be deducted should be indicated by a minus sign.) Net book value of van at end of Year 2 Net book value at end of year 2 0
How do I create a new fixed asset account with an account type: Fixed Asset, detail type: Machinery & Equipment, name: Equipment and track deprecciation of this asset in QuickBooks? When I go to the Chart of Accounts to create a new account, I get the attached photo. There's no where to check the "track depreciation" check box.
Please see below. I need to make sure that what I have included details 2 accrual and 2 deferral transactions correctly. Please let me know if I need to correct something.
Southwest Milling Company purchased a front-end loader to move stacks of lumber. The loader had a list price of $118,810. The selleragreed to allow a 6.00 percent discount because Southwest Milling paid cash. Delivery terms were FOB shipping point. Freight costamounted to $2,840. Southwest Milling had to hire a specialist to calibrate the loader. The specialist’s fee was $800. The loader operatoris paid an annual salary of $29,210. The cost of the company’s theft insurance policy increased by $2,180 per year as a result ofacquiring the loader. The loader had a four-year useful life and an expected salvage value of $13,500.Requireda. Determine the amount to be capitalized in an asset account for the purchase of the loader.b. Record the purchase in general journal format. Required A Required B Complete this question by entering your answers in the tabs below.
! Required information [The following information applies to the questions displayed below.] During Year 1, Ashkar Company ordered a machine on January 1 at an invoice price of $28,000. On the date of delivery, January 2, the company paid $7,000 on the machine, with the balance on credit at 9 percent interest due in six months. On January 3, it paid $1,500 for freight on the machine. On January 5, Ashkar paid installation costs relating to the machine amounting to $2,700. On July 1, the company paid the balance due on the machine plus the interest. On December 31 (the end of the accounting period), Ashkar recorded depreciation on the machine using the straight-line method with an estimated useful life of 10 years and an estimated residual value of $3,400. Required: 1. Indicate the effects of each transaction on the accounting equation. Note: Enter decreases to account categories as negative amounts. If the transaction does not impact the accounting equation choose "No effect" in the…