Determine the amount to be capitalized in the asset account for the purchase of the front-end loader.
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- Able Transport operates a tour bus that they lease with terms that involve a fixed fee each month plus a charge for each mile driven. Able Transport drove the bus 7,000 miles and paid a total of $1,360 in June. In October. Able Transport paid $1,280 for the 5,000 miles driven. If Able Transport uses the high-low method to analyze costs, how much would Able Transport pay in December, if they drove 6,000 miles?Steele Corp. purchases equipment for $30,000. Regarding the purchase, Steele paid shipping of $1,200, paid installation fees of $2,750, pays annual maintenance cost of $250, and received a 10% discount on sales price. Determine the acquisition cost of the equipment.Cinnamon Depot bakes and sells cinnamon rolls for $1.75 each. The cost of producing 500,000 rolls in the prior year was: At the start of the current year, Cinnamon Depot received a special order for 18,000 rolls to be sold for $1.50 per roll. The company estimates it will incur an additional $1,000 in total fixed costs in order to lease a special machine that forms the rolls in the shape of a heart per the customers request. This order will not affect any of its other operations. Should the company accept the special order? (Show your work.)
- Markson and Sons leases a copy machine with terms that include a fixed fee each month plus acharge for each copy made. Markson made 9,000 copies and paid a total of $480 in January. In April, they paid $320 for 5,000 copies. What is the variable cost per copy if Markson uses the high-low method to analyze costs?ABC Company purchased a new printing machine on December 1 at an invoice price of P4,000,000 with terms 2/10, n/30. On December 15, Cabiao paid the required amount for the machine. The installation costs were P50,000 and the employees received training on how to use the machine, at a cost of P20,000. Before using the machine to print customers’ orders, a test was undertaken and the paper and ink cost P5,000. What amount should be capitalized as cost of the machine? A. 3,995,000 B. 3,970,000 C. 3,975,000 D. 4,075,000southwest 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 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 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?On October 1, CLARK Co shipped 25 cameras to KENT Inc on consignment. The cameras are to be sold at list price of P20,000 each. The cost of each camera to the consignor is P10,000. The cost of shipment paid by the consignor was P7,500. The consignor agreed to absorb the consignee’s expenditure for freight and also to allow the consignee P1,000 for delivery and installation for each set. Commission is to be 25% of the sales price. On October 31, KENT submitted the following summary of consignment sales: Sets received 25 Sets sold 8 Sets returned to consignor (defective) 2 10 Sets on hand 15 October 2-30 sales, 8 cameras@20,000 160,0000 Charges: Freight in 5,000 Deliveries and installation expenses 8,000 Commissions 40,000 53,000 Total 107,000 Remittance 25,000 Balance owed (collections from customers not yet made ) 82,000 What is the inventory value of the units unsold in the hands of the consignee?A. 150,000 C.…
- On October 1, CLARK Co shipped 25 cameras to KENT Inc on consignment. The cameras are to be sold at list price of P20,000 each. The cost of each camera to the consignor is P10,000. The cost of shipment paid by the consignor was P7,500. The consignor agreed to absorb the consignee’s expenditure for freight and also to allow the consignee P1,000 for delivery and installation for each set. Commission is to be 25% of the sales price. On October 31, KENT submitted the following summary of consignment sales: Sets received 25 Sets sold 8 Sets returned to consignor (defective) 2 10 Sets on hand 15 October 2-30 sales, 8 cameras@20,000 160,0000 Charges: Freight in 5,000 Deliveries and installation expenses 8,000 Commissions 40,000 53,000 Total 107,000 Remittance 25,000 Balance owed (collections from customers not yet made ) 82,000 What is the profit of the consignor for the units sold?On March 1, Bartholomew Company purchased a new stamping machine with a list price of $88,000. The company paid cash for the machine; therefore, it was allowed a 5% discount. Other costs associated with the machine were: transportation costs, $3100; sales tax paid, $6,720, installation costs, $1,900; routine maintenance during the first month of operation, $3,000. The cost recorded for the machine was:The accountant at industrial system Incorporated (ISI) decided to depriciate some new production equipment by using a declining balance method aproved by the goverment. ISI purchased three flexible manufacturing cells at a price of $400,000 each. The freight charges paid at the time of delivery was $20,000 and a special handling fee of $15,000 was paid. ISI paid $50,000 to prepare the site for the cells. In adddition, 6 employees, each earning $20.00 per hour worked five weeks at 40 hours per week to set up a prepare the new system. other materials applicable to the new cells cost $1000. a) determine the cost basis of the new cell. b) the useful life of the equiment is 5 years and ISI will use double declining balance as it method of depreciation until it has to swicht to SL. Determine which year that ISI will swith to SL.