Robert placed the following assets into service fir his packing and shipping company this year apr 3 desk with a basus of $1100 july 30 computer software with a basis of $4200 oct 30 delivery truck with a basis of $33,000
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Robert placed the following assets into service fir his packing and shipping company this year
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- Trinkle Co., Inc. made several purchases of long-term assets in Year 1. The details of each purchase are presented here. New Office Equipment List price: $35,300; terms: 2/10 n/30; paid within discount period. Transportation-in: $790. Installation: $570. Cost to repair damage during unloading: $660. Routine maintenance cost after eight months: $240. Basket Purchase of Copier, Computer, and Scanner for $46,400 with Fair Market Values Copier, $23,478. Computer, $8,944. Scanner, $23,478. Land for New Warehouse with an Old Building Torn Down Purchase price, $77,500. Demolition of building, $4,540. Lumber sold from old building, $1,570. Grading in preparation for new building, $9,600. Construction of new building, $235,000. Required In each of these cases, determine the amount of cost to be capitalized in the asset accounts.Oki Company pays $294,500 for equipment expected to last four years and have a $30,000 salvage value. Prepare journal entries to record the following costs related to the equipment. Paid $19,350 cash for a new component that increased the equipment’s productivity. Paid $4,838 cash for minor repairs necessary to keep the equipment working well. Paid $12,300 cash for significant repairs to increase the useful life of the equipment from four to seven years. Note: Enter debits before credits. Transaction General Journal Debit Credit 1Capital Expenditures and Revenue Expenditures Quality Move Company made the following expenditures on one of its delivery trucks: Mar. 20. Replaced the transmission at a cost of $6,345. June 11. Paid $915 for installation of a hydraulic lift. Nov. 30. Paid $49 to change the oil and air filter. Prepare the journal entries for each expenditure. If an amount box does not require an entry, leave it blank. Mar. 20 June 11 Nov. 30 heck My Work Previous Next All work saved. Save and Exit Submit Assignment for Grac
- Oki Company pays $283,500 for equipment expected to last four years and have a $30,000 salvage value. Prepare journal entries to record the following costs related to the equipment. 1. Paid $20,250 cash for a new component that increased the equipment's productivity. 2. Paid $5,063 cash for minor repairs necessary to keep the equipment working well. 3. Paid $13,200 cash for significant repairs to increase the useful life of the equipment from four to seven years. View transaction list Journal entry worksheet > Record the betterment cost of $20,250 paid in cash. Note: Enter debits before credits. Debit Credit Transaction General Journal 1 MacBook AirFinch Company began its operations on March 31 of the current year. Finch has the following projected costs: June $201,000 Manufacturing costs" Insurance expense** April May $157,200 $197,600 970 970 2,200 420 2,200 420 970 Depreciation expense Property tax expense*** "Of the manufacturing costs, three-fourths are paid for in the month they are incurred; one-fourth is paid in the following month. **Insurance expense is $970 a month; however, the insurance is paid four times yearly in the first month of the quarter, (.e., January, April, July, and October). ***Property tax is paid once a year in November. The cash payments expected for Finch Company in the month of May are O&$187.500 b. $39,300 Oe5148,200 Od $226,800 2,200 420Kimmel, Financoial Accounting, 8e Hein I Sestum Announcements CALCULATOR PRINTER VERSION 4BACK NEXT riel Exercise 9-2 hendan Company incurs these expenditures in purchasing a truck: cash price $27,170, accident insurance (during use) $2,310, sales taxes $1,270, motor vehicle license $460, d painting and lettering $2,170. at is the cost of the truck? cnst of the truck if you would like to Show Work for this question: Open Show Work TO TEXT INTERACTIVE TUTORIAL Question Attempts: 0 of 3 used SAVE FOR LATER SUBMIT ANSWER
- Exact Photo Service purchased a new color printer at the beginning of Year 1 for $39,000. The printer is expected to have a four-year useful life and a $3,900 salvage value. The expected print production is estimated at 1,500,000 pages. Actual print production for the four years was as follows: Year 1 551,300 483,700 384,700 389,600 Year 2 Year 3 Year 4 Total 1,809,300 The printer was sold at the end of Year 4 for $4.300. Required a. Compute the depreciation expense for each of the four years, using double-declining-balance depreciation. b. Compute the depreciation expense for each of the four years, using units-of-production depreciation. c. Calculate the amount of gain or loss from the sale of the asset under each of the depreciation methods.Exact Photo Service purchased a new color printer at the beginning of Year 1 for $41,400. The printer is expected to have a four-year useful life and a $4,140 salvage value. The expected print production is estimated at 1,500,000 pages. Actual print production for the four years was as follows: Year 1 Year 2 Year 3 Year 4 Total 551,500 479,600 384, 200 386,800 1,802,100 The printer was sold at the end of Year 4 for $4,590. Required a. Compute the depreciation expense for each of the four years, using double-declining-balance depreciation. b. Compute the depreciation expense for each of the four years, using units-of-production depreciation. c. Calculate the amount of gain or loss from the sale of the asset under each of the depreciation methods.The following data are accumulated by Geddes Company in evaluating the purchase of $150,000 of equipment, having a four-year useful life: Net Income Net Cash Flow Year 1 $44,000 $81,500 Year 2 26,000 63,500 Year 3 10,000 47,500 Year 4 3,000 40,500 This information has been collected in the Microsoft Excel Online file. Open the spreadsheet, perform the required analysis, and input your answers in the questions below. Open spreadsheet Assuming that the desired rate of return is 12%, determine the net present value for the proposal. If required, round to the nearest dollar. Net present value $fill in the blank 2
- Hagrid Gardening Corporation manufactures gardening products. The following information relates to the current period: DM Purchased $14,900 DM Inventory, Jan 1 $12,700 DM Inventory, Dec 31 $16,100 DL $6,400 MOH $16,700 Period Costs $10,500 WIP Inventory, Jan 1 $2,500 WIP Inventory, Dec 31 $8,000 FG Inventory, Jan 1 $19,500 FG Inventory, Dec 31 $4,800 A total of 5,000 products were sold for $25 each. Based on this information, please calculate the following: Cost of Goods Sold?rrFischer Construction purchased a used front-end loader for $42,000, terms 1/10, n/30, F.O.B. shipping point, freight collect.Fischer paid the freight charges of $405. One week after the machine was delivered, a check for $41,580 was sent to the seller.The loader required a new battery, which cost Fischer $225. Fischer also spent $360 to have the company name printedon the loader and $563 for one year’s insurance coverage on it. Fischer hired a new employee to operate it at a wage of $19 per hour;the employee spent one morning (four hours) practicing with the machine and went to work at a construction site that afternoon.Calculate the amount at which the front-end loader should be reported on the company’s balance sheet.