Worthington Chandler Company purchased equipment for $36,000. Sales tax on the purchase was $2,400. Other costs incurred were freight charges of $600, repairs of $350 for damage during installation, and installation costs of $675. What is the cost of the equipment? a. $36,000 b. $38,400 c. $39,675 d. $40,725
Q: i want to correct answer
A: Step 1: Definition of Corporate Taxable IncomeCorporate taxable income is the amount of a company's…
Q: hi expert please help me
A: Solution:Step 1: Determine Wholesaler's Selling PriceJersey sells to wholesalers at $250.00 per…
Q: Opereting cash flow?
A: To calculate the percentage change in operating cash flows, use the formula: Percentage Change in…
Q: Hi expert please given correct answer general accounting
A: Step 1: Define Degree of Cash Flow Operating Leverage (CFOL)The Degree of Cash Flow Operating…
Q: provide correct answer
A: Step 1: Definition of Profit MarginProfit margin is a financial metric that measures how much of a…
Q: Kindly help me with accounting questions
A: Step 1: Definition of Return on Assets (ROA)Return on Assets (ROA) measures a company's efficiency…
Q: Please help financial question solve
A: Key Financials:Total Assets: $2,800,000Total Liabilities: $1,100,000Equity (Calculated as Assets -…
Q: Currect answer
A: Concept of Variable CostingVariable costing is a cost accounting method where only variable…
Q: Need answer financial accounting question
A: Step 1: Define Bad Debt Expense and Allowance for Doubtful AccountsThe Bad Debt Expense represents…
Q: Daisy Inc., wants to make a profit of $25,000. It has variable costs of $80 per unit and fixed costs…
A: Total Revenue=Total Cost+Desired ProfitGiven:Variable Cost per unit (VC): $80Fixed Costs (FC):…
Q: Omega Corp. has a material standard of 1.8 pounds per unit of output. Each pound has a standard…
A: Concept of Direct Materials Quantity VarianceThe Direct Materials Quantity Variance measures the…
Q: Can you help me with accounting questions
A: Step 1: Definition of Contribution Margin and Total ProfitThe contribution margin (CM) is the…
Q: Give me solution
A: Step 1: Definition of Budgeted Manufacturing Overhead CostThe budgeted manufacturing overhead cost…
Q: Distin Manufacturing uses the weighted-average method in its process costing system. The first…
A: Explanation of Equivalent Units:Equivalent units refer to the number of fully completed units that…
Q: Bluesy Electronics recorded the following financial data please answer the financial accounting…
A: Step 1:Gross Margin Return on Investment (GMROI) is the ratio of Gross Margin to the Average…
Q: Please answer the following requirements for these general accounting question
A: Step 1: Define Material Cost VarianceMaterial cost variance (MCV) is the difference between the…
Q: The total of the manufacturing overhead costs?
A: Explanation of Manufacturing Overhead: Manufacturing overhead represents all manufacturing costs…
Q: Please need help with this financial accounting question
A: Step 1: Definition of Tax ExpenseTax expense represents the total amount a company owes in taxes…
Q: do fast answer of this correct options
A: Step 1: Definition of Gross Profit MarginGross profit margin is a profitability ratio that measures…
Q: What is the correct solution? General Accounting question
A: Step 1: Define Days' Sales in Accounts ReceivableThe Days' Sales in Accounts Receivable measures how…
Q: Solve this Accounting problem
A: Explanation of Fixed Expenses: Fixed expenses are costs that remain constant regardless of usage or…
Q: correct answer please
A: Step 1: Definition of Gross ProfitGross profit is the difference between sales revenue and the cost…
Q: Problems
A: 1.1.13 Step 1: Definition of Joint Product Cost AllocationJoint product cost allocation is the…
Q: The choice of reworking the unit would be
A: Explanation of Incremental Net Income (Loss):Incremental net income (loss) refers to the additional…
Q: Can u solve the problem?
A: Problem 1.1: Cost of Goods Manufactured (COGM)The correct answer is:B. 1,650,000Step 2: Detailed…
Q: account
A: Calculation of Variable Costing Unit Product CostVariable Costing Unit Product Cost = Direct…
Q: Question 5.5
A: Concept of Gross ProfitThe Gross Profit is the amount a business earns after deducting the Cost of…
Q: Please solve this question general accounting
A: Step 1: Define Average Days' Sales in Accounts ReceivableThe Average Number of Days' Sales in…
Q: expert of account questions
A: Step 1: Definition of Variable CostingVariable costing is a method of inventory valuation in which…
Q: I want to correct answer general accounting question
A: We are given the following information about XYZ Corporation:Gross Profit Margin = 0.30 Operating…
Q: I want to correct answer general accounting question
A: Step 1: Calculate the cost ratio If the selling price is the basis, the sales ratio is 100%. Cost…
Q: I want to correct answer general accounting question
A: Step 1: Definition of Total Job CostThe total job cost includes all costs incurred in completing a…
Q: General accounting question
A: Step 1: Analysis of information givenFace value of bond = $15,000Duration of bond = 60 daysDiscount…
Q: Hi experts please answer the financial accounting
A: Step 1: Definition of Weights in Weighted Average Cost of Capital (WACC)The Weighted Average Cost of…
Q: Need help with this question solution general accounting
A: Step 1: Definition of Credit SalesCredit Sales refer to sales where the payment is deferred and…
Q: Daisy Inc., wants to make a profit of $25,000. It has variable costs of $80 per unit and fixed costs…
A: To determine the selling price per unit, we use the break-even and profit formula:Total…
Q: Answer✅
A: 1. What distinguishes integrated control frameworks from isolated checks? Answer:(a) Systematic…
Q: Financial accounting question
A: Step 1: Define Cost of Goods ManufacturedCost of Goods Manufactured (COGM) represents the total…
Q: Prepare the journal entry on the books of Telex Systems, Inc. on:⮚ Dec 10⮚ Dec 31 to adjust…
A: Step 1: Step 2: Step 3: Step 4:
Q: Provide correct option
A: Step 1: Definition of Departmental Expense AllocationDepartmental expense allocation is the process…
Q: please give me true answer
A: Step 1: Definition of Beginning InventoryBeginning inventory is the value of inventory a company has…
Q: provide correct answer accounting questions
A: Assets=Equity+LiabilitiesPart (b) Calculation of Value of Current AssetsFixed Assets + Current…
Q: 25 point
A: Step 1:1. The material price variance is calculated as follows: Material price variance = (Actual…
Q: Hello tutor provide solution this financial accounting question
A: Step 1: Define Interest Tax ShieldThe interest tax shield refers to the reduction in taxable income…
Q: Given answer financial accounting question
A: Step 1: Define Cash BalanceCash balance is the amount of money a company has on hand at a specific…
Q: Lansford Manufacturing computes its predetermined overhead rate annually on the basis of direct…
A: Explanation of Manufacturing Overhead:Manufacturing overhead refers to all indirect costs incurred…
Q: hello tutor please help me
A: The degree of operating leverage (DOL) is calculated using the following formula:DOL=Contribution…
Q: Repsola is a drilling company that operates an offshore Oilfield in Feeland. Five years ago, Feeland…
A:
Q: Solve this financial accounting problem
A: Explanation of Price-to-Earnings (P/E) Ratio:The Price-to-Earnings (P/E) Ratio is a financial metric…
Q: Total costs to be in May if he drives 1680 miles ?
A: Car ownership involves both fixed and variable expenses. Fixed costs, such as insurance and…
need help this question solvu San
Step by step
Solved in 2 steps
- Marigold Corp. purchased equipment for $31200. Sales tax on the purchase was $1470. Other costs incurred were freight charges of $390, repairs of $690 for damage during installation, and installation costs of $400. What is the cost of the equipment? $31200. $34150. $33460. $32670.Bonita Industries purchased equipment for $30600. Sales tax on the purchase was $1450. Other costs incurred were freight charges of $360, repairs of $700 for damage during installation, and installation costs of $410. What is the cost of the equipment? $30600. $33520. $32820. $32050.Westfield Construction Inc. purchased equipment for $45,000. Sales tax on the purchase was $3,000. Other costs incurred were freight charges of $800, repairs of $500 for damage during installation, and installation costs of $900. What is the cost of the equipment?
- Swifty Corporation purchased equipment for $43200. Sales tax on the purchase was $2592. Other costs incurred were freight charges of $648, repairs of $378 for damage during installation, and installation costs of $722. What is the cost of the equipment? Select answer from the options below $43200 $45792 $47162 $47540Please need answer the general accounting questionPeak, Inc., acquired a machine that involved the following expenditures and related factors: Gross invoice price Sales tax Cash discount taken Freight Assembly of machine Installation of machine Repair of machine damage caused during installation Tuning and adjusting machine before use A) $68,352 The initial accounting cost of the machine should be: B) $63,232 C) $56,032 $54,400 3,520 1,088 1,920 1,600 2,400 5,120 D) $64,032 1,280
- Auge Company annually purchases 1,000 tons of raw material at a cost of $100,000 with terms of 2/10, n/30. Auge uses the net price method to account for purchase discounts. Freight costs amount to $10,000 and storage and handling costs to $7,500. What is Net Purchase Amount?Everest Industries sold goods that originally cost $720,000 for $1,250,000. What is Everest's gross profit? AnsI need help with this question. Norman Geological Surveys located in Baltimore, Maryland purchased surveying equipment from a manufacturer, in Raleigh, North Carolina for $26,700. Norman incurred the following additional charges in relation to the equipment: Total Freight from Raleigh to Baltimore $2520. Norman and the seller divided these charges amongst themselves in the following ratio: Norman 32%; Manufacturer 68%. Insurance premium on equipment while in transit $420 Insurance premium on equipment for first year $320 Installation of Equipment: $750 Testing of Equipment to make sure it was installed properly: $275 Sales Taxes $1842 Calculate the cost of the equipment on Norman’s books? Round your calculations to the nearest dollar.
- The Good Life Store has sales of $79,600. The cost of goods sold is $48,200 and the other costs are $18,700. Depreciation is $8,300 and is NOT included in other costs. The tax rate is 35 percent. What is the net income?Kegler Bowling buys scorekeeping equipment with an invoice cost of $175,000. The electrical work required for the installation costs $18,200. Additional costs are $3,640 for delivery and $12,600 for sales tax. During the installation, the equipment was damaged and the cost of repair was $1,700. Required: Indicate whether each cost should be included in the cost of the equipment or excluded and expensed as incurred. Included or Costs Amount Acco Excluded Invoice cost $ 175,000 Electrical work required for installation 18,200 Delivery costs 3,640 Sales tax 12,600 Repair costs 1,700 Total recorded costABC 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?