Southwest Milling Company purchased a front-end loader to move stacks of lumber. The loader had a list price of $118,640. The seller agreed to allow a 5.00 percent discount because Southwest Milling paid cash. Delivery terms were FOB shipping point. Transportation cost amounted to $2,230. Southwest Milling had to hire a specialist to calibrate the loader. The specialist's fee was $970. The loader operator is paid an annual salary of $44,100. The cost of the company's theft insurance policy increased by $1,800 per year as a result of acquiring the loader. The loader had a four-year useful life and an expected salvage value of $14,200 Required: Determine the amount to be capitalized in an asset account for the purchase of the front-end loader Note: Round your answers to the nearest whole dollar. Amounts to be deducted should be indicated with minus sign.
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- Southwest Milling Company purchased a front-end loader to move stacks of lumber. The loader had a list price of $118,810. The selleragreed to allow a 6.00 percent discount because Southwest Milling paid cash. Delivery terms were FOB shipping point. Freight costamounted to $2,840. Southwest Milling had to hire a specialist to calibrate the loader. The specialist’s fee was $800. The loader operatoris paid an annual salary of $29,210. The cost of the company’s theft insurance policy increased by $2,180 per year as a result ofacquiring the loader. The loader had a four-year useful life and an expected salvage value of $13,500.Requireda. Determine the amount to be capitalized in an asset account for the purchase of the loader.b. Record the purchase in general journal format. Required A Required B Complete this question by entering your answers in the tabs below.Southwest Milling Co. purchased a front-end loader to move stacks of lumber. The loader had a list price of $122,380. The seller agreed to allow a 4.25 percent discount because Southwest Milling paid cash. Delivery terms were FOB shipping point. Freight cost amounted to $2,200. Southwest Milling had to hire a specialist to calibrate the loader. The specialist’s fee was $1,190. The loader operator is paid an annual salary of $42,940. The cost of the company’s theft insurance policy increased by $2,290 per year as a result of acquiring the loader. The loader had a four-year useful life and an expected salvage value of $5,500. Determine the amount to be capitalized in the asset account for the purchase of the front-end loader. What is the discount?Southwest Milling Co. purchased a front-end loader to move stacks of lumber. The loader had a list price of $115,760. The seller agreed to allow a 6.00 percent discount because Southwest Milling paid cash. Delivery terms were FOB shipping point. Freight cost amounted to $2,260. Southwest Milling had to hire a specialist to calibrate the loader. The specialist's fee was $950. The loader operator is paid an annual salary of $6,200. The cost of the company's theft insurance policy increased by $1,600 per year as a result of acquiring the loader. The loader had a four-year useful life and an expected salvage value of $8,000. Required Determine the amount to be capitalized in the asset account for the purchase of the front-end loader. (Round your answers to the nearest whole dollar. Amounts to be deducted should be indicated with minus sign.) Costs that are to be capitalized $115760 List price Less: Discount Freight Cost Specialist fee Total costs ????? 2260 2260 950 125916
- Southwest Milling Co. purchased a front-end loader to move stacks of lumber. The loader had a list price of $122,380. The seller agreed to allow a 4.25 percent discount because Southwest Milling paid cash. Delivery terms were FOB shipping point. Freight cost amounted to $2,200. Southwest Milling had to hire a specialist to calibrate the loader. The specialist’s fee was $1,190. The loader operator is paid an annual salary of $42,940. The cost of the company’s theft insurance policy increased by $2,290 per year as a result of acquiring the loader. The loader had a four-year useful life and an expected salvage value of $5,500. Determine the amount to be capitalized in the asset account for the purchase of the front-end loader. (Round your answers to the nearest whole dollar. Amounts to be deducted should be indicated with minus sign.)Southwest Milling Company purchased a front-end loader to move stacks of lumber. The loader had a list price of $124,960. The seller agreed to allow a 5.00 percent discount because Southwest Milling paid cash. Delivery terms were FOB shipping point. Freight cost amounted to $2,820. Southwest Milling had to hire a specialist to calibrate the loader. The specialist's fee was $870. The loader operator is paid an annual salary of $15,500. The cost of the.company's theft insurance policy increased by $2,320 per year as a result of acquiring the loader. The loader had a four-year useful life and an expected salvage value of $7,600. Required Determine the amount to be capitalized in the asset account for the purchase of the front-end loader. Note: Round your answers to the nearest whole dollar. Amounts to be deducted should be indicated with minus sign. Costs that are to be capitalized: List price Total costssouthwest milling co. purchased a front end loader to move stacks of lumber. the loader had a list price of $117,270. the seller agreed to allow 5.50 percent discount because southwest milling paid cash. delivery terms were FOB shipping point. Freight cost amounted to $2790. southwest milling had to hire a specialist to calibrate the loader. The specialist's fee was $990. The loader operator is paid an annual salary of $13,640. The cost of the company's theft insurance policy increased by $1,770 per year as a result of acquiring the loader. The loader had a four year useful life and an expected salvage value of $6,100. a. Determine the amount to be capitalized in an assest accound for the purchase of the front end loader.
- Southwest Milling Company purchased a front-end loader to move stacks of lumber. The loader had a list price of $121,170. The seller agreed to allow a 5.50 percent discount because Southwest Milling paid cash. Delivery terms were FOB shipping point. Freight cost amounted to $2,650. Southwest Milling had to hire a specialist to calibrate the loader. The specialist's fee was $1,070. The loader operator is paid an annual salary of $39,060. The cost of the company's theft insurance policy increased by $2,070 per year as a result of acquiring the loader. The loader had a four-year useful life and an expected salvage value of $11,100. Required Determine the amount to be capitalized in the asset account for the purchase of the front-end loader. Note: Round your answers to the nearest whole dollar. Amounts to be deducted should be indicated with minus sign. Costs that are to be capitalized: List price Total costsS Southwest Milling Company purchased a front-end loader to move stacks of lumber. The loader had a list price of $140,000. The seller agreed to allow a 4 percent discount because Southwest Milling paid cash. Delivery terms were FOB shipping point. Freight cost amounted to $1,200. Southwest Milling had to hire a specialist to calibrate the loader. The specialist's fee was $1,800. The loader operator is paid an annual salary of $60,000. The cost of the company's theft insurance policy increased by $800 per year as a result of acquiring the loader. The loader had a four-year useful life and an expected salvage value of $6,000. Required a. Determine the amount to be capitalized in an asset account for the purchase of the loader. b. Record the purchase in general journal format. Complete this question by entering your answers in the tabs below. Required A Required B Determine the amount to be capitalized in an asset account for the purchase of the loader. (Amounts to be deducted should be…Curt Rugs is holding a 2-week carpet sale at Jean's Club, a local warehouse store. Curt Rugs plans to sell carpets for $1,000 each. The company will purchase the carpets from a local distributor for $400 each, with the privilege of returning any unsold units for a full refund. Jean's Club has offered Curt Rugs two payment alternatives for the use of space. Read the requirements. Requirement 1. Calculate the breakeven point in units for (a) option 1 and (b) option 2. Begin by determining the formula to calculate the breakeven point in units. Number of units to breakeven More Info • Option 1: A fixed payment of $17,400 for the sale period • Option 2: 20% of total revenues earned during the sale period Assume Curt Rugs will incur no other costs.
- Hh1. Southwest Milling Co. purchased a front-end loader to move stacks of lumber. The loader had a list price of $121,930. The seller agreed to allow a 5.25 percent discount because Southwest Milling paid cash. Delivery terms were FOB shipping point. Freight cost amounted to $2,320. Southwest Milling had to hire a specialist to calibrate the loader. The specialist’s fee was $1,220. The loader operator is paid an annual salary of $32,000. The cost of the company’s theft insurance policy increasedA lumber supplier delivered lumber supplies to J.K. Builders for future use. The lumber supplies would have normally sold for $25,000, but the supplier gave J.K. Builders a 12 percent discount. J.K. Builders has not yet received the $22,000 bill from the supplier. Record the transaction. In a general journalSaad Company is planning to purchase a machine having an invoice price of Rs. 49,000. The terms of sale were 2/10, n/30, and Harvard paid within the discount period. In addition, Company paid a Rs. 500 delivery charge, Rs. 400 installation charge, and Rs.1000 sales tax. The amount recorded as the cost of this equipment is: