Ordinary Repairs: Ordinary repairs are the repair cost incurred by the company in order to upkeep the working of the machinery. It implies that the machinery is properly functional, and also these expenses are not capitalized because these costs do not tend to contribute to the productive life of the asset. Extra-ordinary Repairs: Extra-ordinary repairs are the costs incurred by the company in the process of up gradation or overhauling of the machinery which ultimately adds to life of the machinery and increases its usefulness. These are not incurred as general expenses. To explain: The difference between ordinary repairs and extra-ordinary repairs and the way they should be recorded.

Question

Want to see the full answer?

Answer 1

Question

Chapter 10, Problem 7DQ

To determine

Ordinary Repairs:

Ordinary repairs are the repair cost incurred by the company in order to upkeep the working of the machinery. It implies that the machinery is properly functional, and also these expenses are not capitalized because these costs do not tend to contribute to the productive life of the asset.

Extra-ordinary Repairs:

Extra-ordinary repairs are the costs incurred by the company in the process of up gradation or overhauling of the machinery which ultimately adds to life of the machinery and increases its usefulness. These are not incurred as general expenses.

To explain:

The difference between ordinary repairs and extra-ordinary repairs and the way they should be recorded.

Expert Solution & Answer

Want to see the full answer?

Check out a sample textbook solution

See solution

Students have asked these similar questions

Please give me true answer this financial accounting question

If image is blurr then don't give answer using incorrect values.

Please correct my mistakes:

Answer 2

Question

Chapter 10, Problem 7DQ

To determine

Ordinary Repairs:

Ordinary repairs are the repair cost incurred by the company in order to upkeep the working of the machinery. It implies that the machinery is properly functional, and also these expenses are not capitalized because these costs do not tend to contribute to the productive life of the asset.

Extra-ordinary Repairs:

Extra-ordinary repairs are the costs incurred by the company in the process of up gradation or overhauling of the machinery which ultimately adds to life of the machinery and increases its usefulness. These are not incurred as general expenses.

To explain:

The difference between ordinary repairs and extra-ordinary repairs and the way they should be recorded.

Expert Solution & Answer

Want to see the full answer?

Check out a sample textbook solution

See solution

Answer 3

Question

Chapter 10, Problem 7DQ

To determine

Ordinary Repairs:

Ordinary repairs are the repair cost incurred by the company in order to upkeep the working of the machinery. It implies that the machinery is properly functional, and also these expenses are not capitalized because these costs do not tend to contribute to the productive life of the asset.

Extra-ordinary Repairs:

Extra-ordinary repairs are the costs incurred by the company in the process of up gradation or overhauling of the machinery which ultimately adds to life of the machinery and increases its usefulness. These are not incurred as general expenses.

To explain:

The difference between ordinary repairs and extra-ordinary repairs and the way they should be recorded.

Expert Solution & Answer

Want to see the full answer?

Check out a sample textbook solution

See solution

Answer 4

Question

Chapter 10, Problem 7DQ

To determine

Ordinary Repairs:

Ordinary repairs are the repair cost incurred by the company in order to upkeep the working of the machinery. It implies that the machinery is properly functional, and also these expenses are not capitalized because these costs do not tend to contribute to the productive life of the asset.

Extra-ordinary Repairs:

Extra-ordinary repairs are the costs incurred by the company in the process of up gradation or overhauling of the machinery which ultimately adds to life of the machinery and increases its usefulness. These are not incurred as general expenses.

To explain:

The difference between ordinary repairs and extra-ordinary repairs and the way they should be recorded.

Expert Solution & Answer

Want to see the full answer?

Check out a sample textbook solution

See solution

Answer 5

Chapter 10, Problem 7DQ

To determine

Ordinary Repairs:

Ordinary repairs are the repair cost incurred by the company in order to upkeep the working of the machinery. It implies that the machinery is properly functional, and also these expenses are not capitalized because these costs do not tend to contribute to the productive life of the asset.

Extra-ordinary Repairs:

Extra-ordinary repairs are the costs incurred by the company in the process of up gradation or overhauling of the machinery which ultimately adds to life of the machinery and increases its usefulness. These are not incurred as general expenses.

To explain:

The difference between ordinary repairs and extra-ordinary repairs and the way they should be recorded.

Answer 6

Chapter 10, Problem 7DQ

To determine

Ordinary Repairs:

Ordinary repairs are the repair cost incurred by the company in order to upkeep the working of the machinery. It implies that the machinery is properly functional, and also these expenses are not capitalized because these costs do not tend to contribute to the productive life of the asset.

Extra-ordinary Repairs:

Extra-ordinary repairs are the costs incurred by the company in the process of up gradation or overhauling of the machinery which ultimately adds to life of the machinery and increases its usefulness. These are not incurred as general expenses.

To explain:

The difference between ordinary repairs and extra-ordinary repairs and the way they should be recorded.

Answer 7

Chapter 10, Problem 7DQ

To determine

Ordinary Repairs:

Ordinary repairs are the repair cost incurred by the company in order to upkeep the working of the machinery. It implies that the machinery is properly functional, and also these expenses are not capitalized because these costs do not tend to contribute to the productive life of the asset.

Extra-ordinary Repairs:

Extra-ordinary repairs are the costs incurred by the company in the process of up gradation or overhauling of the machinery which ultimately adds to life of the machinery and increases its usefulness. These are not incurred as general expenses.

To explain:

The difference between ordinary repairs and extra-ordinary repairs and the way they should be recorded.

Answer 8

Expert Solution & Answer

Answer 9

Expert Solution & Answer

Answer 10

Want to see the full answer?

Check out a sample textbook solution

See solution

Answer 11

Ch. 10 - Prob. 1DQ Ch. 10 - Prob. 2DQ Ch. 10 - Prob. 3DQ Ch. 10 - Prob. 4DQ Ch. 10 - Prob. 5DQ Ch. 10 - Prob. 6DQ Ch. 10 - Prob. 7DQ Ch. 10 - Prob. 8DQ Ch. 10 - Prob. 9DQ Ch. 10 - Prob. 10DQ

Concept explainers

Want to see the full answer?

Chapter 10 Solutions