FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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- Identify the following costs that could be capitalized on the firm’s balance sheet (included in property, plant, and equipment).a. New windshield wiper blades on the company’s truckb. New sidewalks inside the firm’s factoryc. Freight expenses for new equipment installed in the factoryd. Installation costs for the new equipmente. Realtor’s fees associated with factory purchasef. Minor engine repair on the truckg. Engine replacement on the truckh. Razing or demolishing a building on newly acquired landi. Design costs for a new buildingg. Value-added taxk. Construction expenses associated with building a garagel. Costs required to bring the equipment to its intended locationm. Administration and other general overhead costsn. Salaries of HR departmento. Wasted materials, labour and other resources p. idle capacityarrow_forwardPina Company purchased equipment and incurred these costs: Cash price Sales taxes Insurance during transit Annual maintenance costs Total costs $25800 O $27090 O $27930 O $25800 O $27480 1290 390 450 $27930 What amount should be recorded as the cost of the equipment?arrow_forwardOwearrow_forward
- Which two of the costs on the invoice for a new company car would be classified as expenditure charged to profit or loss Road tax Number plates Maintenance contract Delivery costarrow_forwardN1. Accountarrow_forwardThe cost of supplies (materials) used to test new equipment would be debited to which of the following accounts? a. Buildings Ob. Land c. Land Improvements Od. Machinery and Equipmentarrow_forward
- (Multiple Choice Question) Getting an oil change for the company truck is considered a(n) 1. Increase to the market value of the truck 2. Operating Expenditure 3. Increase to the cost of the truck 4. Capital Expenditurearrow_forwarda company is trying to decide whether to sell partially completed goods in their current state or incur additional costs to finish the goods and sell them as complete units. Which is NOT relevant to the decision? a- the costs incurred to process the units to this point b- the selling price of the partially completed units c- the costs that will be incurred to finish the units d- the costs that will be incurred to finisht the unitsarrow_forwardOwearrow_forward
- A junk yard pulls parts off of wrecked vehicles and sells them to a wholesaler. If its total revenue function is TR = 28z and the total cost function is TC 168 +20z. The number of parts that the junk yard must sell to breakeven is S parts.arrow_forwardMuffler Incorporated produces floor mats for cars and trucks. The owner, Kenneth Muffler, asked you to assist him in estimating his maintenance costs. Together, Mr. Muffler and you determined that the single best cost driver for maintenance costs was machine hours. Below are data from the previous fiscal year for maintenance expense and machine hours: Month 1 2 3 4 5 6 7 8 9 10 11 12 Multiple Choice O O о Maintenance Expense $ 3,440 O O Using the high-low method, total monthly fixed cost is calculated to be (Round final answer to full dollar amount with no decimal places): $212. $153. $520. $462. 3,630 3,810 3,940 3,940 4,320 3,930 $280. 3,740 3,460 3,080 2,940 3,200 Machine Hours 2,360 2,460 2,560 2,590 2,440 2,600 2,580 2,550 2,370 2,240 1,670 2,230arrow_forwardThe cost of installing new equipment would be debited to which of the following accounts? Oa. Land Improvements Ob. Buildings Oc. Repairs and Maintenance Expense Od. Machinery and Equipmentarrow_forward
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