On April 29, Welllington Co. paid $3,230 to install a hydraulic lift and $46 for an air filter for one of its delivery trucks. Journalize the entries for the new lift. Journalize the entry for air filter expenditures.

On April 29, Welllington Co. paid $3,230 to install a hydraulic lift and $46 for an air filter for one of its delivery trucks. Journalize the entries for the new lift. Journalize the entry for air filter expenditures.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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MOC Construction Company started work on three job sites during the current year. Any costs incurred are expected to be recoverable. Data relating to the three jobs are given below (image): If the company records revenue at a point in time, how much must be shown as current asset in the balance sheet of MOC Construction Company as of December 31? A. 5,100,000 B. 500,000 C. 250,000 D. 100,00
(b) The following costs were incurred in 2016 in the design and construction of a new office building over a nine-month period during 2016: GH . Feasibility study- . Architects' fees W . . . Site clearance (by external demolition professionals). Construction materials Cost of own inventories used in the construction (net realizable value if sold outside the company GH24,000) Internal construction staff salaries during period of construction External contractor costs Income from renting out part of site as storage depot during early phase of construction (12) 10,000 5,000 70,000 5,000 30,000 3,600 340,000 300,000 Required: In accordance with IAS 16 Property, plant and equipment, calculate the amount that should be capitalised as property in the financial statements for the year ending 31 December 2016.
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A manufacturing company used $400 of indirect materials and $2,000 of indirect labor during the month. The company also incurred $1,200 for depreciation on factory equipment, $500 for depreciation on office equipment, and $300 for factory utilities. Prepare the necessary journal entries.
Please help me by showing your solution in good accounting form. Thank you! MOC Construction Company started work on three job sites during the current year. Any costs incurred are expected to be recoverable. Data relating to the three jobs are given below: Site Contract Price Cost Incurred Estimated Costs to Complete Billings on Contract Collections on Billings 1 5 000 000 3 750 000 - 5 000 000 5 000 000 2 7 000 000 1 000 000 4 000 000 900 000 900 000 3 2 500 000 1 000 000 1 000 000 1 500 000 1 000 000 If the company records revenue over time, how much must be shown as a current asset in the balance sheet of MOC Construction Company as of December 31?A. 5,500,000 C. 250,000B. 500,000 D. 100,000 If the company records revenue at a point in time, how much must be shown as a current asset in the balance sheet of MOC Construction Company as of December 31?A. 5,100,000 C. 250,000B. 500,000 D. 100,000
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Poehling Medical Center has a single operating room that is used by local physicians to perform surgical procedures. The cost of using the operating room is accumulated by each patient procedure and includes the direct materials costs (drugs and medical devices), physician surgical time, and operating room overhead. On January 1 of the current year, the annual operating room overhead is estimated to be:Disposable supplies $299,600Depreciation expense 75,000Utilities 32,000Nurse salaries 278,500Technician wages 126,900Total operating room overhead $812,000The overhead costs will be assigned to procedures based on the number of surgical room hours. Poehling Medical Center expects to use the operating room an average of eight hours per day,…
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