Pacific Corp purchased equipment having an invoice price of $25,000. The terms of sale were 3/10, n/30, and Pacific paid within the discount period. In addition, Pacific paid a $250 delivery charge, $350 installation charge, and $1,325 sales tax. The amount recorded as the cost of this equipment is A) $26,925 B) $25,600 C) $24,250 D) $26,175
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- Salman and Adnan Corporation purchased typesetting equipment having a list price of Rs. 306,000 from a manufacturing in the Z area. Credit terms for the transaction were 2/10, n/30. Salman and Adnan Corporation paid the invoice within the discount period, as well as an additional 7% sales tax on the net price. Other payments relating to the acquisition of the equipment were a freight bill of Rs. 3,894 and a labor cost for installing the equipment of Rs. 6,315. During the installation process, an accident caused damage to the equipment, which was repaired at cost of Rs. 7,500. As soon as the equipment was in place, the company obtained insurance on it for a premium of Rs. 2,700. Required: Compute the Cost of Equipment. Calculate the depreciation for first three years using declining method at twice the normal rate, assume that the machine has 6 years useful life and have an estimated value of Rs. 38,000. At the time of disposal (after 6 years) cash Rs. 45,000 were received from Ahmed…Saad Company is planning to purchase a machine having an invoice price of Rs. 49,000. The terms of sale were 2/10, n/30, and Harvard paid within the discount period. In addition, Company paid a Rs. 500 delivery charge, Rs. 400 installation charge, and Rs.1000 sales tax. The amount recorded as the cost of this equipment is:MCSQ1:Harvard Company purchased equipment having an invoice price of $11,500. The terms of sale were 2/10, n/30, and Harvard paid within the discount period. In addition, Harvard paid a $160 delivery charge, $185 installation charge, and $931 sales tax. The amount recorded as the cost of this equipment is: A. $11,845.B. $12,776.C. $11,615.D. $12,546.MCQS2:To understand and use accounting information in making economic decisions, you must understand?(a) The nature of economic activities that accounting information describes(b) The assumptions and measurement techniques involved in developing accounting infrmation(c) Which information is relevant for a particular type of decision that is being made?(d) All of AboveMCQS3:Significant noncash transactions would not includea)conversion of bonds into common stock.b)asset acquisition through bond issuance.c)treasury stock acquisition.d)exchange of plant assets.
- Steele Corp. purchases equipment for $23,000. Regarding the purchase, Steele recorded the following transactions: • Paid shipping of $800. • Paid installation fees of $1,600. • Pays annual maintenance cost of $220. • Received a 5% discount on $23,000 sales price. Determine the acquisition cost of the equipment. $fill in the blank 1Bataan Company, a VAT-registered business, purchased imported goods from Finland Company with the following related information: List price (Terms: 20%; 2/10, n/30), P 300,000 Shipping cost to acquire the inventory, P 15,000 Special handling charges, P 8,000 Purchase returns, P 3,000 Bataan Company paid 100% custom duty taxes based on the invoice cost, its directly related incidental costs and the related VAT based on the total invoice cost plus incidental costs and custom duty taxes. QUESTION: What is the cost of inventory?ABC Manufacturing Corp. consigned 10 refrigerators to XYZ Sales Company. These refrigerators had a cost of P180,000 each. Freight on the shipment was paid by QWE in the amount of P120,000. XYZ Sales Company submitted an account sales stating that it had sold 6 refrigerators and remitted the P1,365,000 balance due QWE after the following deductions from the selling price of the refrigerators: Commission (based on selling price)……………………………………… 15% Marketing expenses………………………………………………………….. P 90 Delivery and installation of items sold……………………………………. 60 Cartage cost paid upon receipt of consignment…………………….. 15 The consignor’s net profit from the sale of the consigned goods was?
- The company purchased appliances for sale worth P4,000,000, VAT exclusive on account under the terms: Less: 10%, 2/10, n/30 FOB shipping point freight collect, P50,000. The buyer paid within the discount period. How much is the final payment paid by the buyer in case he paid the account not within the discount period and if P5,000 worth of goods is returned due to defective deliveries? 3,595,000 4,026,400 3,595,000 4,029,760Ivanhoe Engineering Corporation purchased conveyor equipment with a list price of $45,200. Three independent cases that are related to the equipment follow. Assume that the equipment purchases are recorded gross. Geddes paid cash for the equipment 25 days after the purahase, along with 5% GST (recoverable) and provincial sales tax of $3,164, both based on the purchase price. The vendor's credit terms were 1/10, n/30. 1. Geddes traded in equipment with a book value of $1,000 (initial cost $41,300) and paid $42,100 in cash one month after the purchase. The old equipment could have been sold for $1.600 at the date of trade but was accepted for a trade-in allowance of $3.100 on the new equipment. 2. Geddes gave the vendor a $10,100 cash down payment and a 11% note payable with blended principal and interest payments of $17,550 each, due at the end of each of the next two years. 3. Click here to view the factor table PRESENT VALUE OF 1. Click here to view the factor table PRESENT VALUE OF…Steele Corp. purchases equipment for $20,000. Regarding the purchase, Steele recorded the following transactions: • Paid shipping of $900. • Paid installation fees of $1,800. • Pays annual maintenance cost of $280. • Received a 5% discount on $20,000 sales price. Determine the acquisition cost of the equipment.
- CRManufacturing Co. consigned to CE Trading Corp. twelve (12) Sony colored TV sets which cost P9,000 each. Freight out was paid by the consignor in the amount of P600. CE Trading sold eight (8) sets, rendered an account sales, and remitted the amount of PS2,600 after deducting the following from the selling price of the sets sold: Commission on selling price Selling expenses Cost of antennae given free Delivery and installation 12% 1,200 1,400 2,800 The total selling price of the eight (8) sets sold by CE Trading Corp. isSteele Corp. purchases equipment for $20,000. Regarding the purchase, Steele recorded the following transactions: • Paid shipping of $800. • Paid installation fees of $1,600. Pays annual maintenance cost of $240. • Received a 5% discount on $20,000 sales price. Determine the acquisition cost of the equipment.J.C. Penney of Boston sold office equipment for $12,000 to Lee's of San Diego. Terms of the sale are 3/10, n/30 FOB Boston. J.C. Penney has agreed to prepay freight $300. Assuming Lee's pays within the discount period, how much will Lee's pay J.C. Penney?
