Construction Accounting And Financial Management (4th Edition)
4th Edition
ISBN: 9780135232873
Author: Steven J. Peterson MBA PE
Publisher: PEARSON
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Textbook Question
Chapter 9, Problem 1DQ
What is general
Expert Solution & Answer
To determine
Explain the general overhead.
Explanation of Solution
General overhead comprises of those costs that cannot be particularly recognized to the completion of a construction project. They consist of main office costs.
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The industrial enterprise "HUANG S.A." purchased a sorting and packaging machine from a foreign company on 1/4/2017 at a cost of €500,000. The useful life of the machine was estimated by the Management at ten (10) years, while the residual value was estimated at zero.
For the transportation of the machine from abroad to the company's factory, the amount of €20,000 was paid on 15/4/2017. As the insurance coverage of the machine during transportation was the responsibility of the selling company, HUANG S.A. proceeded to insure the machine from 16/4/2017 to 15/4/2018, paying the amount of €1,200. The delivery took place on 15/4/2017.
As adequate ventilation of the multifunction device is essential for its proper operation, the company fitted an air duct on the multifunction device. The cost of the air duct amounted to €2,000 and was paid on 20/4/2017. On 25/4/2017, an external electrician was paid €5,000 for the electrical connection of the device.
The company also paid €5,000 to an…
The industrial enterprise "HUANG S.A." purchased a sorting and packaging machine from a foreign company on 1/4/2017 at a cost of €500,000. The useful life of the machine was estimated by the Management at ten (10) years, while the residual value was estimated at zero.
For the transportation of the machine from abroad to the company's factory, the amount of €20,000 was paid on 15/4/2017. As the insurance coverage of the machine during transportation was the responsibility of the selling company, HUANG S.A. proceeded to insure the machine from 16/4/2017 to 15/4/2018, paying the amount of €1,200. The delivery took place on 15/4/2017.
As adequate ventilation of the multifunction device is essential for its proper operation, the company fitted an air duct on the multifunction device. The cost of the air duct amounted to €2,000 and was paid on 20/4/2017. On 25/4/2017, an external electrician was paid €5,000 for the electrical connection of the device.
The company also paid €5,000 to an…
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Chapter 9 Solutions
Construction Accounting And Financial Management (4th Edition)
Ch. 9 - What is general overhead?Ch. 9 - What are the two types of general overhead budgets...Ch. 9 - You are preparing a general overhead budget to be...Ch. 9 - Why must meals and entertainment be kept separate...Ch. 9 - Why are fixed costs fixed only over a specified...Ch. 9 - Determine the annual budget for office utilities...Ch. 9 - Determine the annual budget for office utilities...Ch. 9 - Prob. 8PCh. 9 - Prob. 9P
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