Record the purchase of 200000 of new aircraft equipment by paying 15000 cash and trading in old aircraft equipment with a recorded cost 5000
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Record the purchase of 200000 of new aircraft equipment by paying 15000 cash and trading in old aircraft equipment with a recorded cost 5000
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- Quick Producers acquired factory equipment on March 1 of Year 1 costing $39,000 . In view of pending technological developments, it is estimated that the equipment will have an $8,000 resale value upon disposal in four years and that disposal costs will be $500. Data relating to the equipment follow. Estimated Service Life Years 4 Service hours 20,000 Calendar Year Actual Service Hours Year 1 4,700 Year 2 5,000 Year 3 4,800 Year 4 4,400 Year 5 1,000 Required Compute depreciation expense each year for the life of the asset assuming (1) units-of-production, (2) straight-line, (3) sum-of-the-years’-digits, and (4) double-declining-balance depreciation.●Note: Round depreciation expense to the nearest whole dollar 1. Units-of-Production●Note: Do not use negative signs with any of your answers. Numerator Denominator Result Depreciation per Unit Answer ÷ Answer = ●Note: Use the result EXACTLY as displayed above in the calculations…On June 1, 2022, City Car Sales sells a new car costing P4,726,400 for P6,804,000. A used car is accepted as a down payment, P960,000 beings allowed on the trade in. The used can be resold for P1,458,000 after reconditioning cost of P194,400. The company expects to make a 20% gross profit on the sale of used cars, Over the remainder of 2022, another P520,000 was collected on the contract. Expenses incurred related to the sales are P750,000. Calculate the net income for City Car Sales over the transactions mentioned above.Ace Lumber Co. purchased a truck and had the following outlays. How much is the cost of the truck? purchase price $ 40,000 sales tax 3,200 preparation and delivery 900 insurance during delivery 325 insurance after delivery 1,200 cost of the truck ? ________________________________
- Global Traders purchases a piece of equipment for $1.5 million and incurs the following expenses: Freight charges = $250,000 Installation charges = $25,000 Cost of training machine maintenance staff = $12,000 Cost of strengthening the factory floor = $5,500 Cost of painting factory walls = $7,000 The amounts capitalized and expensed by the company are closest to: Balance Sheet ($) A 1,775,000 B 1,780,500 C 1,792,500 O Row B Row C Row A Income Statement ($) 24,500 19,000 7,000New Office Equipment List price: $60,000; terms: 2/10, n/30; paid within the discount period. Transportation-in: $1,500. Installation: $2,500. Cost to repair damage during unloading: $650. Routine maintenance cost after eight months: $350. determine the amount of cost to be capitalized in the asset account office equipment: ?An industrial plant bought a generator set for P250T, other expenses including installation amounted to P10T. The generator set is to have a life of 10 years with a salvage value at the end of life is 5% of the original cost. Determine the book value at the end of 5th year using SF at 12%. a. P170,402.103 b. P140,702.105 c. P142,702.105 d. P124,702.105
- Rizio Co. purchases a machine for $9,500, terms 1/10, n/60, FOB shipping point. Rizio paid within the discount period and took the $95 discount. Transportation costs of $215 were paid by Rizio. The machine required mounting and power connections costing $657. Another $310 is paid to assemble the machine and $40 of materials are used to get it into operation. During installation, the machine was damaged and $210 worth of repairs were made. Complete the below table to calculate the cost recorded for this machine.The 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 $2,100A photocopier bought at 5000 dollars was put to use as follows: First year 3000 hours Second year 4500 hours Third year 3900 hours. The trade in value of the photocopier is 1000 and it has a useful life that is estimated up yo 40000 hours. You are to calculate the depreciation at the end of the 3years and completing the book value and the remaining useful value of that period
- Acquisition of a new machine cost #680,000. Delivery, installation, and other expenses cost 15% of the purchasing cost. The machine has a useful life of 15 years with a scrap value of P85,000. Using the SYD method, what is the book value of the machine after 13 years? A P127,056.50 B P102,425.00 C P144,026.90 D P115,500.10Bought 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?Bought 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?
