fixtures required for new equipment, P1,800; insurance paid during the first year of operation, P1,500; maintenance cost incurred during the first year of operation, 2,500. What is the proper cost of the equipment?
Q: How do I calculate self employment taxes. For example Bob Dylan's self employment earnings are…
A: 15.3% is the self-employment tax rate. There are two components to the rate: 2.9% for Medicare and…
Q: For each separate case below, follow the three-step process for adjusting the Supplies asset account…
A: Adjusting entries are those journal entries which are passed at the end of accounting period. The…
Q: On January 1, 2021, Gundy Enterprises purchases an office building for $162,000, paying $42,000 down…
A: INTRODUCTION: Accountants record accounts of their company activities using specific forms known as…
Q: What about journal entry for Macy company?
A: Golden Rules of Accounting: Account Debit Credit Personal Accounts The Receiver The…
Q: A company purchased an equipment for P 536733 and paid 15556 for freight and delivery charges to the…
A: Depreciation refers to an amount decreased in the value of an asset due to obsolescence, wear or…
Q: Use 365 for the number of the days in a year. Calculate the future value (in dollars) of $1,150…
A: Time value of money is a financial concept which is used to calculate the value of money in present…
Q: On July 1, 2016
A: Year Miles Rate per mile Amount Usage Depreciation 2016 8000 $0.24 1920 80% 1536 2017 19000…
Q: Problem 4-47 (LO 4-1) Tam attended Brown University during 2017-2021. She lived at home and was…
A: Student loan is an agreement by which a student at a college or university borrows money from a bank…
Q: Highlands Company uses the weighted-average method in its process costing system. It processes wood…
A: Lets understand the basics. Equivalent units of production calculated by the entity to determine…
Q: Please
A: Current assets are those asset which can be converted to cash within a period of one year. In this…
Q: Oriole, In the follow
A: Liquidation of a company Liquidation of a company means the termination of the legal existence of…
Q: cash flow from operating activities)
A: To calculate the cash flow from operating activities using the indirect method, we start with net…
Q: Data below relates to an organization's credit customers for the year ended 2006 December Balance…
A: A ledger is a log or list of accounts that keep track of account transfers.
Q: Calculate the pension plan's surplus or deficit and the pension liability or asset reported on the…
A: Defined Benefit Obligations In the context of pension plans, the term "defined benefit obligations"…
Q: On January 1, 2022, Entity A, a small-medium enterprise, invested P400,000 for a 30% interest in a…
A: This question is related to the topic of accounting for joint ventures. It specifically covers the…
Q: Deposit in Transit In your audit of the cash account of Santos Company, you have ascertained the…
A: Bank Reconcilation: A bank reconciliation is the process of correlating the data on a bank statement…
Q: what is the total budget
A: Variance = Budgeted - Actual Note: When Budgeted is greater than Actual spending, then the…
Q: $ millions GE Industrial earnings (loss) Less: Nonoperating pension benefit costs (net of tax) . . .…
A: The generally accepted accounting principles (GAAP) is a standardized framework for financial…
Q: 17) Corp uses a normal cost system and had the following data available for 2010: Direct materials…
A: Inventory management enables the business organizations to reduce inventory expenditures as the…
Q: On January 1, 2021, Gundy Enterprises purchases an office building for $162,000, paying $42.000 down…
A: INTRODUCTION: Journals are specialized records used by accountants to record their financial…
Q: EXERCISE 2-13 Changes in Selling Price, Sales Volume, Variable Cost per Unit, and Total Fixed Costs…
A: As per the guidelines we can able to solve only three ( first three) part of any question.Answer for…
Q: Effect of Financing on Earnings Per Share BSF Co., which produces and sells skiing equipment, is…
A: Earnings per share means amount of income or earnings attributable for each common shareholder. This…
Q: On January 1, 2024, Twister Enterprises, a manufacturer of a variety of transportable spin rides,…
A: INTRODUCTION: Accountants record their financial actions in journals, which are specialized papers.…
Q: (C) Assume that $23,200 of direct materials was used in January and that the cost of goods available…
A: The cost of goods available for sale is calculated as sum of cost of goods manufactured and…
Q: Required information Use the following information for Quick Studies below. (Algo) [The following…
A: BALANCE SHEET Balance sheet is one of the Important Financial Statement of the Company. Balance…
Q: Firm OCS sold business equipment with a $23,000 initial cost basis and $10,015 accumulated tax…
A: calculation of OCS’s recaptured ordinary income and Section 1231 gain or loss on the sale in given…
Q: Fulbright Cou
A:
Q: Capital Projects Fund Cash Special Assessments Receivable Contracts Payable Unavailable Revenues…
A: This question relates to accounting and financial statements. Specifically, we are discussing the…
Q: 3 ng inventory per unit: rials r anufacturing overhead alling and administrative facturing overhead…
A: Unit product cost under absorption costing is cost of producing the one unit. It includes direct…
Q: Carl's Medical Equipment Company manufactures hospital gurneys. Its' most popular model, Ultra,…
A: Variable cost will change with change in quantity and Fixed cost will remain same at all unit of…
Q: Eleven years ago, Lynn, Incorporated purchased a warehouse for $315,000. This year, the corporation…
A: The actual cost of warehouse = Purchase cost - Depreciation = $315,000 - $92,300 = $222,700 Gain =…
Q: Wildhorse Inc. is considering modernizing its production facility by investing in new equipment and…
A: The rate of return refers to the profit earned over an investment made by the investors. It is…
Q: In the question we just looked at regarding the amount to charge per bike to increase profits by…
A: Fixed costs are costs that do not change with change in activity level or volume. For example,…
Q: Which of the following acts by a CPA would most likely be considered a violation of the AICPA Code…
A: The AICPA Code of expert conduct units ethical requirements for CPAs to follow in their professional…
Q: 1. An auditor most likely would review an entity’s periodic accounting for the numerical sequence of…
A: Answer:- Audit meaning:- An audit is the independent and systematic examination of the financial…
Q: Mohammed's company had the following transactions during the current year. Beginning inventory: 100…
A: Recording of above transaction using periodic and perpetual inventory syatem are as follows
Q: Stacey's Piano Rebuilding Company has been operating for one year. At the start of the second year,…
A: Income statement is one of the financial statement being prepared in business for analysing…
Q: 2-a. Prepare the income statement for May. 2-b. Prepare the statement of retained earnings for May.…
A: Accounts receivable has nil balance. Cash dividends to be deducted from retained earnings. Revenue…
Q: A stock is bought for $23.00 and sold for $28.00 one year later, immediately after it has paid a…
A: A capital gain is the profit realised through the sale of an asset, including such stocks, bonds, or…
Q: Outline a car safety audit-compliant program.
A: INTRODUCTION: A compliance audit evaluates how well a business follows internal bylaws, rules and…
Q: Use the following data to find the direct labor rate variance if the company produced 3,800 units…
A: The term "direct labour cost variance" refers to the variation between the actual and average…
Q: Clayton Corporation recently purchased a new machine for $307,890 with an eight-year life. The old…
A: Calculation of internal rate of return are as follows
Q: Calvin Corporation’s office was burglarized. The thieves stole 10 laptop computers and other…
A: Book value of asset is calculated by subtracting accumulated Depreciation from cost of asset.…
Q: Valley's managers have made the following additional assumptions and estimates: Estimated sales for…
A:
Q: Deduction allowed is a kind of deduction from?
A: An "authorised discount" is a price cut on goods or services that a seller permits a customer to…
Q: Parker Ltd had the following opening balances for the current year beginning 1 July 2020: Deferred…
A: Deferred taxes are created because of the future taxable and deductible amounts that an entity…
Q: Determine equivalent units for transferred-in costs, DM, and conversion costs for the finishing…
A: Equivalent units are units completed or manufactured in the particular period. Under weighted…
Q: On January 1, 2025, Buffalo Company purchased 8% bonds having a maturity value of $320,000 for…
A: Purchase of bonds is to be recorded at purchase value
Q: n packages of its products, Do not cheat Company includes coupons that may be presented at retail…
A: A handling fee is an amount charged to a customer on top of their order subtotal and shipping fees.…
Q: JoAnne's Fabric buys merchandise with a list price of $12,400. Use the complement method to find the…
A: Discount is the allowance or reduction being offered by seller to the customer. It can be trade…
Step by step
Solved in 2 steps
- The Rosie Company (a VAT-registered company) paid P231,840, inclusive of 12% value added tax, to buy an equipment. Other costs incurred relating to this equipment are as follows: freight and insurance cost while in transit, P7,500; cost of moving equipment into place at factory P1,900; fees paid to technician for testing cost, P3,500; special plumbing fixtures required for new equipment, P2,800;Insurance paid during the first year of operation, P2,700; Maintenance cost incurred during first year of operation, P2,800. Determine the cost of acquisition of the Equipment.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.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.
- Worthington Chandler purchased equipment for $40k. Sales tax on the purchase was $2400. 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 equupment? a.) 43,675 b.) 40k c.) 42,400 d.) 44,025Assume that Sohar Aluminium Company purchased a machinery for OMR 2000 and spent OMR200 for its transportation. In addition they paid tax OMR 450 during purchase, Transportation cost OMR 100, Insurance during transportation OMR 50, and Assembling charges OMR 100, installation and testing charges OMR 250. After transportation and installation, the company also paid the insurance premium of OMR 50 to cover the future loss from the machinery due to accidents and breakdowns. Compute the cost of the machinery. a. None of the given options b. OMR3200 c. OMR3100 d. OMR3150ABC Co. imported a machine on January 2, 2020 for P550,000. In addition, ABC Co. incurred these costs: import and custom duties: P30,000 non-refundable purchase taxes: P20,000 transportation: P5,000 installing the machine: P2,600 testing and trial run: P3,000 The cost of the machine must be a. P550,000 b. P560,600 c. P587,600 d. P610,600 e. answer not given
- LOQUACIOUS TALKATIVE Co. acquired a piece of factory equipment overseas on a cash basis for ₱400,000. Additional costs incurred include the following: commission paid to a broker for the purchase of the equipment, ₱20,000; import duties of ₱100,000; non-refundable purchase taxes of₱40,000; freight cost of transferring the equipment to LOQUACIOUS’ premises, ₱4,000; costs of assembling and installing the equipment, ₱8,000; costs of testing the equipment, ₱6,000; administration and other general overhead costs, ₱16,800; and advertisement and promotion costs of the new product to be produced by the equipment, ₱15,200. The samples generated from testing the equipment were sold at ₱2,000. How much is the initial cost of the equipment?Company XYZ manufactures a tangible product and sells the product at wholesale. In its first year of operations, XYZ manufactured 1,900 units of product and incurred $351,500 direct material cost and $194,750 direct labor costs. For financial statement purposes, XYZ capitalized $149,750 indirect costs to inventory. For tax purposes, it had to capitalize $180,750 indirect costs to inventory under the UNICAP rules. At the end of its first year, XYZ held 190 units in inventory. In its second year of operations, XYZ manufactured 3,800 units of product and incurred $722,000 direct material cost and $418,000 direct labor costs. For financial statement purposes, XYZ capitalized $282,000 indirect costs to inventory. For tax purposes, it had to capitalize $336,000 indirect costs to inventory under the UNICAP rules. At the end of its second year, XYZ held 380 items in inventory. Required: a. Compute XYZ's cost of goods sold for book purposes and for tax purposes for second year assuming that XYZ…On January 1, Brando Company purchased new equipment for $47.993. Other costs associated with the equipment were: transportation costs, $1,791; sales tax $3,409; and installation costs, $340. What amount should be recorded on the balance sheet for the equipment purchase?
- Company XYZ manufactures a tangible product and sells the product at wholesale. In its first year of operations, XYZ manufactured 1,000 units of product and incurred $200,000 direct material cost and $130,000 direct labor costs. For financial statement purposes, XYZ capitalized $85,000 indirect costs to inventory. For tax purposes, it had to capitalize $116,000 indirect costs to inventory under the UNICAP rules. At the end of its first year, XYZ held 260 units in inventory. Required: Compute XYZ's cost of goods sold for book purposes and for tax purposes. Cost of goods sold for book purposes Cost of goods sold for tax purposes AmountABC Consigned 15 construction machines to XYZ Co. The machines cost P450,000 each. Freight on the shipment which was paid by ABC amounted to P300,000. XYZ Co. submitted an account sale stating that they had sold 6 units and remitted P3,412,500 balance due to ABC after the following deductions: Commission 20% of selling price; Marketing expenses P325,000; Delivery of items sold 250,000; Delivery cost paid upon receipt of consignment 137,500. Compute for the selling price per unit.Mad Hatter Enterprises purchased new equipment for $362,000, terms f.o.b. shipping point. Other costs connected with the purchase were as follows: State sales tax Freight costs Insurance while in transit Insurance after equipment placed in service Installation costs Insurance for the first year of operations Testing $28,900 5, 300 770 1,170 1,850 2, 250 670 Required: Determine the capitalized cost of the equipment. Cost of equipment