Granite Company purchased a machine costing $121,000, terms 2/10, n/30. The machine was shipped FOB shipping point and freight charges were $2,100. The machine requires special mounting and wiring connections costing $10,100. When installing the machine, $1,600 in damages occurred. Compute the cost recorded for this machine assuming Granite paid within the discount period

Q: Rizio Company purchases a machine for $14,000, terms 2/10, n/60, FOB shipping point. Rizio paid…

A: Cost of assets: As per the generally accepted accounting principles, the cost of assets includes all…

Q: Al Maha Company purchased equipment and had the following costs: Repairing of roof RO 14,750…

A: Answer:  The acquisition cost of equipment include all the cost related with equipment like the cost…

Q: A machine purchased by the Bee Buzzsaw Company originally cost $245,000. Delivery and installation…

A: The depreciation can be computed under various methods.  In case of multiple sub-parts, only first…

Q: Stanley Company sold office equipment that had a book value of $12,000 for $16,000. The office…

A: Journal entry is a primary entry that records the financial transactions initially.

Q: Freebird Inc acquired a truck to transport its inventory from the port to its various stores. The…

A: The cost of assets is as under:Cost of truck" 125000Add: tax and licencing12000Add: paint cost of…

Q: Sheridan Company incurs the following costs in purchasing equipment: invoice price, $40,500;…

A: Equipment is a kind of fixed asset that a company utilizes in its operations. It is included on the…

Q: San Jose Builders imported a backhoe for his job, paying P2,500,000.00 to the manufacturer. Freight…

A: The total cost of the imported backhoe: The price paid to the manufacturer  2,500,000.00 Add:…

Q: Solo Company purchased a new piece of equipment with a list price of $175,000 and subject to a 5…

A: A capitalized cost is an expense that is added to the cost basis of a fixed asset on a company's…

Q: Rizio Company purchases a machine for $13,800, terms 2/10, n/60, FOB shipping point. Rizio paid…

A: The cost of the machine: When a business purchases a machine,  it is recorded at cost. The cost…

Q: Blake furniture recently purchased new equipment for its plant. The list price of the equipment was…

A: Note: Since we only answer up to 3 sub-parts, we’ll answer the first 3. Please resubmit the question…

Q: Dorothea Company acquired several fixtures for its new building, including display cases, shelves…

A: The Company acquired several fixtures for its new building, including display cases, shelves and…

Q: Mad Hatter Enterprises purchased new equipment for $362,000, terms f.o.b. shipping point. Other…

A: Note: Insurance, after the equipment is placed in service and Insurance for the first year of…

Q: A machine purchased by the Bee Buzzsaw Company originally cost $245,000. Delivery and installation…

A: Cost of machine purchased=original cost+installation charges=$245000+$5000 =$250000 Useful life of…

Q: AI Maha Company purchased equipment and had the following costs: Repairing of roof RO 14,750…

A: Cost of acquisition is the cost that an organization recognizes and records the value of an asset in…

Q: HP Company purchased equipment on January 1 at a list price of $127,000, with credit terms 2/10,…

A: Equipment cost includes all cost such as - installation charges , slab rate charge , taxes etc.…

Q: The Miller Company paid $10,000 to acquire a 100 ton press.  Freight charges to deliver the…

A: Total amount should be capitalized = Original Cost + Freight + Installation cost + Machine testing

Q: Blake furniture recently purchased new equipment for its plant. The list price of the equipment was…

A: In accounting, consistency is defined as an accounting principles of the company over the period of…

Q: a. Do you agree that depreciation is often considered as major source of funds? Why? b. Which…

A: "Since you have posted a question with multiple sub-parts, we will solve first three sub-parts for…

Q: to the tax authorities. Explain how both of these

A: Note: Since you have posted a question with multiple sub-parts, we will solve first three subparts…

Q: Rizio Co. purchases a machine for $12,000, terms 1/10, n/60, FOB shipping point. Rizio paid within…

A: Net purchase price=Purchase price-DIscount=$12,000-$120=$11,880

Q: Rizio Company purchases a machine for $12,400, terms 1/10, n/60, FOB shipping point. Rizio paid…

A: Cost of assets: As per the generally accepted accounting principles, the cost of assets includes all…

Q: Ashbrook Inc. has negotiated the purchase of a new piece of automatic equipment at a price of $8,000…

A: a. Date Account Titles and Explanations Debit Credit   Equipment - New $56,900…

Q: Granite Company purchased a machine costing $124,000, terms 2/10, n/30. The machine was shipped FOB…

A: Answer - Computation of Cost to be recorded for this Machine        Particulars Amount Amount…

Q: A machine was purchased for $7,000, terms 2/10, n/60, FOB vendor's factory. The invoice was paid…

A: Given that, Cost of machine = $7,000  Trade discount = $7,000 * 2% = $140  Freight charges = $175…

Q: On August 1, 2015, Hulu Corporation purchased an equipment with an invoice price of Php60,000. Other…

A: Capitalisation of Expense incurred to bring assets for its intended use. Including Purchase cost ,…

Q: On January 1, 2017, Zircon Enterprises purchased a piece of equipment with a list price of $60,000.…

A: The term "acquisition cost of equipment" refers to the net invoice price of the equipment, as well…

Q: Blake furniture recently purchased new equipment for its plant. The list price of the equipment was…

A: Depreciation means decrease in the value of an Asset overtime due to its wear and tear. It means the…

Q: AI Maha Company purchased equipment and had the following costs: Repairing of roof RO 14,750…

A: Particulars Amount Cash price RO 25,250 Insurance during transit 570 Sales tax 2,870…

Q: A machine purchased by the Bee Buzzsaw Company originally cost $245,000. Delivery and installation…

A: Declaimer: “Since you have posted a question with multiple sub-parts, we will solve first three…

Q: Wildhorse Co. purchased equipment on January 1 at a list price of $155000, with credit terms 3/10,…

A: Compute the total cost of new equipment:

Q: capitalized as cost of the machine

A: The cost of a fixed asset includes the sum of amounts of money spent in bringing the asset into…

Q: Rizio Co. purchases a machine for $12,500, terms 2∕10, n∕60, FOB shipping point. Rizio paid within…

A:

Q: Abby Corporation acquired a new processing machine. Details of the acquisition are as follows:…

A: Abby corporation's Acquired new processing machine = P300000 1. Invoice cost = P300000 Discount on…

Q: Elite Co. has office furniture that cost $75,000 and that has been depreciated $48,000. Record the…

A: Journal entry is the process of recording the business transactions in the accounting books for the…

Q: On January 1, 20x1, ABC Company acquired a machine with an invoice price of ₱300,000 subject to a…

A: Discount on payment =  invoice price x discount rate = ₱300,000 x 2% = ₱6,000

Q: On October 1, Bentley Delivery Services acquired a new truck with a list price (fair market value)…

A: (a)journalize the entries to record he current depreciation of the old truck to the date of trade-in…

Q: Tumeng Co. acquired a piece of equipment for 1,000,000 and incurred the following additional costs:…

A:

Q: The Miller Company paid $70,000 to acquire a 100 ton press. Freight charges to deliver the equipment…

A: The amount of equipment should be capitalized the total cost incurred upto the start of operation of…

Q: Orion Flour Mills purchased a new machine and made the following expenditures: Purchase price…

A:

Q: ALPHA Company purchased equipment on 1/1/N with an invoice price of $80,000. Purchase taxes $16,000.…

A: Answer a)

Q: Ace Lumber Co. purchased a truck and had the following outlays. How much is the cost of the truck?…

A: Cost of the truck = purchase price + sales tax + preparation and delivery + insurance during…

Q: P Company purchased equipment on January 1 at a list price of $127,000, with credit terms 2/10,…

A: Cost of assets includes purchase price , taxes (if credit not available) , installation charges or…

Q: Worf Co. both purchases and constructs various equipment it uses in its operations. The following…

A: Cost: The amount paid to purchase the asset, install it, and put it into operations, is referred to…

Q: Synthia, Inc., a clothing manufacturer, purchased a sewing machine for P10,000 on July 1, 20x1. The…

A: Impairment loss is incorrect because it is calculated when the fair value of any asset (or…

Q: $215 were paid by Rizio. The machine required mounting and power connections costing $657. Another…

A: Discount Recieved = Invoice Price of Assets × Discount Rate  =$ 9500 × 10%  = $95

Q: A machine was purchased at an invoice price of P 300,000, subject to a 2% cash discount if paid…

A: Equipment cost includes: 1. Purchase price (Invoice price less cash discounts) 2. Installation and…

Q: On 1 May 2020, Ron Trading purchased a new machine. The following payments relate to the machine.…

A: SOLUTION- A JOURNAL ENTRY IS USED TO RECORD A BUSINESS TRANSACTION IN THE ACCOUNTING RECORDS OF A…

Q: VISTA Shop purchased the following used equipment at a special auction sale for $400,000 cash; a…

A: The Allocated cost of lathe=Portion in Cash Paid+Good motor price paid

Q: During the current year, Marshall Construction trades an old crane that has a book value of $90,000…

A:

Q: Amanda Company purchased a computer that cost $11,200. It had an estimated useful life of five years…

A: Answer:-  Depreciation meaning:- A reduction in the worth of an asset is generally referred to as…