I need help with this question.   Norman Geological Surveys located in Baltimore, Maryland purchased surveying equipment from a manufacturer, in Raleigh, North Carolina for $26,700. Norman incurred the following additional charges in relation to the equipment: Total Freight from Raleigh to Baltimore $2520. Norman and the seller divided these charges amongst themselves in the following ratio: Norman 32%; Manufacturer 68%. Insurance premium on equipment while in transit $420 Insurance premium on equipment for first year $320 Installation of Equipment: $750 Testing of Equipment to make sure it was installed properly: $275 Sales Taxes $1842 Calculate the cost of the equipment on Norman’s books? Round your calculations to the nearest dollar.

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: On October 1, Claire Corp. shipped 25 cameras to Thor Inc. on consignment. The cameras are to be…

A: Consignment is the process of selling the goods to another part known as consignee against some…

Q: Cala Manufacturing purchases land for $373,000 as part of its plans to build a new plant. The…

A: Land cost = Purchase price + Cost of tear down the old building + Cost to fill and level the lot =…

Q: Grab Manufacturing Co. purchased a ten-ton draw press at a cost of $180,000. Since the company made…

A: Any amount of money spent to generate the revenues in a business is known as expenses.

Q: On-Time Delivery Company acquired an adjacent lot to construct a new warehouse, paying $41,000 in…

A: Solution:- Calculation of the cost of land reported on the balance sheet as follows:-

Q: Sheridan Corporation acquired new equipment at a cost of $109,000 plus 7% provincial sales tax and…

A: Capitalized cost is the cost which is recognized as the fixed asset part, instead of being charged…

Q: Andrew consigned 10,000 kgs of groundnut oil to Braeden of Berlin at $ 15 per kg. Expenses incurred…

A: Abnormal loss is the loss incurred due to an accident or due to any other reasons out of the control…

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: Clarion Co. completed the following transactions and events Involving the purchase and operation oT…

A: Journal entry is the recording of transaction at the very first stage of the transaction.

Q: Li Corp. purchased a container load of antiques for resale at an invoice cost of $1,400,000. The…

A: The IFRS standard (IAS 23) guides to perform adjusting entry for capitalization of borrowing costs…

Q: Cala Manufacturing purchases land for $317,000 as part of its plans to build a new plant. The…

A: Here in this question we are required to prepare single entry for purchasing land its improvement…

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: A company incurred the following costs for a new delivery truck: Purchase price   $148,000 Sales…

A: Cost of asset is the amount at which the asset is bought by the entity from the market. It, not only…

Q: Curry Corporation began operations in the current year. During year it incurred the following…

A: Acquisition cost refers to the purchase cost of inventory or materials. It not only includes the…

Q: Compute the total cost to be capitalized for each of these two pieces of equipment. Purchase…

A: Capitalization   Capitalization means treating a cost as a part of an asset instead of recording the…

Q: On December 1, 2030, JJJ Co. sent 10 units of plasma television sets on consignment which cost…

A: For calculating the cost of goods sold by consignee, all the direct expenses are added to initial…

Q: Warren Company purchased a truck for $54,000. Sales tax amounted to $5,400; shipping costs amounted…

A: Fixed assets should be recorded at cost of acquisition. Cost includes all expenditures directly…

Q: The accountant at industrial system Incorporated (ISI) decided to depriciate some new production…

A: The question is related to Cost of Asset and Depreciation Accounting. The company purchased three…

Q: Cash paid for equipment, including sales tax of $5,700   $119,700 Freight and insurance cost while…

A: Solution : Answer- Cost of purchase equipment =$139194. Explanation- Cost of purchase equipment =…

Q: Hummer Company purchased a delivery truck. The total cash payment was $30,000, including the…

A:

Q: Ngo Company purchased a truck for $54,000. Sales tax amounted to $5,400; shipping costs amounted to…

A: Costs to be capitalised are total costs incurred on acquisition or purchase of fixed assets and all…

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

A: The cost of an asset includes its purchase price, non-refundable taxes, and any other directly…

Q: Adama Company incurred the following costs. Indicate to which account Adama would debit each of the…

A: Cost / expenses which are directly related to the fixed asset should be capitalized otherwise…

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

A: Purchase or Acquisition Costs:  It refers to cost of acquisition that the company recognizes in the…

Q: Li Corp. purchased a container load of antiques for resale at an invoice cost of $1,600,000. The…

A: To capitalise the borrowing costs, asset account should be debited and Interest payable account…

Q: TTG Landscaping purchased a dump truck for $150,000. In addition, they spent $12,000 in sales tax,…

A: Journal entry is recorded by the business to record event and transaction occurred during particular…

Q: Cala Manufacturing purchases land for $327,000 as part of its plans to build a new plant. The…

A: The cost of an asset includes all the cost that makes the assets ready to use. So the cost of tear…

Q: In April, F. W. Lang Company purchased an ice cream freezer and refrigeration compressor unit from…

A: As per the case, the seller will prevail due to the following reasons:   The buyer is required to…

Q: ABC Co purchased an equipment from Hongkong for P100,000. Additional cost included the following:…

A: Journal is the book where transactions are originally recorded. Further, a journal entry is used to…

Q: Beaverton Lumber purchased milling equipment for $35,000. In addition to the purchase price,…

A: Particulars Amount Purchase cost $35,000 Add: Freight $1,500 Add: Installation $3,000…

Q: Li Corp. purchased a container load of antiques for resale at an invoice cost of $1,600,000. The…

A: As per the relevant IFRS, the borrowing cost is capitalised only for the Qualifying asset. Borrowing…

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: Lavoie Corporation acquired new equipment at a cost of $100,000 plus 7% provincial sales tax and 5%…

A: The Financial Accounting Standards Board (FASB) produced a collection of accounting principles,…

Q: The following data relate to a firm's purchase of a machine used in the manufacture of its product:…

A: Assets: Properties or things owned by business called Assets. Example: Machinery , furniture etc.

Q: What is the inventory value of the units unsold in the hands of the consignee? A. 150,000 C. 154,500…

A: The answer for the multiple choice questions and relevant working are presented hereunder : Cost of…

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: The Rosie Company (a VAT-registered company) paid P231,840, inclusive of 12% value added tax, to buy…

A: Solution:- Calculation of the cost of acquisition of the Equipment as follows under:-

Q: Newnan Furniture owns and operates an industrial lift truck in its warehousing operation. The record…

A: Computation:

Q: 1) Rocky Mountain Water Corporation paid $270,000 to purchase equipment for use in its manufacturing…

A: Equipment is the non-current asset that is used by the entities for the purpose of running the…

Q: SM Appliances consigned five electric fans, which cost P800,000 each, to Asahi Marketing Co., which…

A: Cash remittance to cosigner by consignee will be calculated as the cash collections made by the…

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: Beaverton Lumber purchased a milling machine for $35,000. In addition to the purchase price,…

A: Plant Assets:  Plant assets refer to the fixed assets, having a useful life of more than a year that…

Q: Whole Grain Bakery purchases an industrial bread machine for $30,000. In addition to the purchase…

A: Equipment refers to machinery that is manufacturing unit and the initial cost of machinery will…

Q: Movelt Corporation is the world's leading express-distribution company. In addition to its 643…

A: Depreciation means the loss in value of assets because of usage of assets , passage of time or…

Q: Cala Manufacturing purchases land for $390,000 as part of its plans to build a new plant. The…

A: Introduction: A compound journal entry is a journal entry where there are more than two accounts…

Q: ivery and installation for each set. Commission is to be 25% of the sales price. On October 31, KENT…

A: Total expenditure incurred on the  Consignment : Cost of Goods sent on Consignment P 250,000 ( 25 ×…

Q: Fischer Construction purchased a used front-end loader for $42,000, terms 1/10, n/30, F.O.B.…

A: Net amount paid for front-end loader  $41,580 Freight paid  $405 New battery  $225 Cost of…

Q: Cala Manufacturing purchases land for $459,000 as part of its plans to build a new plant. The…

A: The cost incurred to tear the old building on land and fill and level the lot at the time of…

Q: Obra   Ltd  is your   client.   It  has  adopted   IFRS   as  the   financial     reporting…

A: Calculation of Total cost of machinery after adjustment in purchase price is as follows. Trade…