Inventories Beginning Ending Materials $50,000 $25,000 Work in progress $100,000 $65,000 Finished Goods $40,000 $43,000 Other Information: Depreciation of plant, building and equipment $15,000 Material purchases $155,000 Insurance on plant $20,000 Sales Salaries Expense $48,000 Repairs and maintenance-plant $5,000 Indirect Labour $30,000 Direct Labour $120,000 Admnistrative expenses $52,000 Sales Revenue $550,700
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Prepare Cost of goods manufactured , Income statements separetely.
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- Synder corp present the following information for the year ended December 2008. Inventories Beginning Ending Materials $50,000 $25,000 Work in progress $100,000 $65,000 Finished Goods $40,000 $43,000 Other Information: Depreciation of plant, building and equipment $15,000 Material purchases $155,000 Insurance on plant $20,000 Sales Salaries Expense $48,000 Repairs and maintenance-plant $5,000 Indirect Labour $30,000 Direct Labour…A company incurred the follow costs related to research and development for the current year: Technology development (salaries and supplies) $ 336,000 Engineering work performed by another company 166,000 Purchase of equipment 766,000 Testing new models 76,000 Legal fees for patent application 46,000 The equipment will be used in other projects. Depreciation in the current year is $106,000. For what amount should the company report research and development expense? Multiple Choice $524,000. $684,000. $730,000. $534,000.A company purchased an equipment for its manufacturing plant that costs PhP 3,750,000 + 10,000(x). It is estimated to have a useful life of 20 years; scrap value of PhP 375,000, production of 12,345,678 + 15,000(x) units and working hours of 100,000 + 1,500(x) hours. The company uses the equipment for 7,884 hours and produced 876,543 units on the first year and 7,883 hours and produced 987,654 units on thesecond year. Solve for the following: x=09 SInking Fund Method (i=8%) -book value at the end of the 1st year
- A company purchased an equipment for its manufacturing plant that costs PhP 3,750,000 + 10,000(x). It is estimated to have a useful life of 20 years; scrap value of PhP 375,000, production of 12,345,678 + 15,000(x) units and working hours of 100,000 + 1,500(x) hours. The company uses the equipment for 7,884 hours and produced 876,543 units on the first year and 7,883 hours and produced 987,654 units on thesecond year. Solve for the following: x=09 Double Declining Balance Method -book value at the end of the 2nd yearA company purchased an equipment for its manufacturing plant that costs PhP 3,750,000 + 10,000(x). It is estimated to have a useful life of 20 years; scrap value of PhP 375,000, production of 12,345,678 + 15,000(x) units and working hours of 100,000 + 1,500(x) hours. The company uses the equipment for 7,884 hours and produced 876,543 units on the first year and 7,883 hours and produced 987,654 units on thesecond year. Solve for the following: x=09 Service Output Method -Total Depreciation after the 1st year -book value at the end of the 2nd yearOki Company pays $264,000 for equipment expected to last four years and have a $29,000 salvage value. Prepare journal entries to record the following costs related to the equipment. 1. Paid $22,000 cash for a new component that increased the equipment’s productivity. 2. Paid $6,250 cash for minor repairs necessary to keep the equipment working well. 3. Paid $14,870 cash for significant repairs to increase the useful life of the equipment from four to seven years.
- Nelson Company purchased equipment and incurred the following costs: Cash price = $55,000 Sales taxes = $4,400 Insurance during transit = $400 Site preparation, installation, and testing= $2,300What amount should be used as the cost basis of the equipment?ABC company pays $262,500 for equipment expected to last four years and have a $30,000 salvage value. Prepare journal entries to record the following costs related to the equipment:1.During the second year of the equipment’s life, $21,000 cash is paid for for a new component expected to increase the equipment’s productivity by 10% a year.2. During the 3rd year ,$5,250 cash is paid for normal repairs necessary to keep the equipment in good working order.3. During the 4th year, $13,950 is paid for repairs expected to increase the useful life of the equipment from 4 to 5 years.RLC Manufacturing is planning to purchase a cutting equipment. Information are as follows: Equipment 1 Equipment 2 First Cost P 12,000 P 18,000 Salvage Value P 600 P 2,000 Annual Operation P 3,200 P 2,500 Annual Maintenance P 1,200 P 1,000 Taxes & Insurance 3% 3% Life, years 10 15 Money is worth at least 16%. Which equipment should be selected? Use: Annual Cost Method
- New Office Equipment List price: $60,000; terms: 2/10, n/30; paid within the discount period. Transportation-in: $1,500. Installation: $2,500. Cost to repair damage during unloading: $650. Routine maintenance cost after eight months: $350. determine the amount of cost to be capitalized in the asset account office equipment: ?Orion Flour Mills purchased a new machine and made the following expenditures: Purchase price $ 75,000 Sales tax 6,000 Shipment of machine 1,000 Insurance on the machine for the first year 700 Installation of machine 2,000 The machine, including sales tax, was purchased on account, with payment due in 30 days. The other expenditures listed above were paid in cash. Required: Record the above expenditures for the new machine.Part 1. A company pays $1,000 for equipment expected to last four years and have a $200 salvage value. Prepare journal entries to record the following costs related to the equipment. a. During the second year of the equipment’s life, $400 cash is paid for a new component expected to materially increase the equipment’s productivity. b. During the third year, $250 cash is paid for normal repairs necessary to keep the equipment in good working order. c. During the fourth year, $500 is paid for repairs expected to increase the useful life of the equipment from four to five years. Part 2. A company owns a machine that cost $500 and has accumulated depreciation of $400. Prepare the entry to record the disposal of the machine on January 2 in each separate situation. a. The company disposed of the machine, receiving nothing in return. b. The company sold the machine for $80 cash. c. The company sold the machine for $100 cash. d. The company sold the machine for $110 cash.