QUESTION 9
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- Communication Godwin Co. owns three delivery trucks. Details for each truck at the end of the most recent year follow: At the beginning of the year, a hydraulic lift is added to Truck 1 at a cost of 4,500. The addition of the hydraulic lift will allow the company to deliver much larger objects than could previously be delivered. At the beginning of the year, the engine of Truck 2 is overhauled at a cost of 5,000. The engine overhaul will extend the trucks useful life by three years. Write a short memo to Godwins chief financial officer explaining the financial statement effects of the expenditures associated with Trucks 1 and 2.Steele Corp. purchases equipment for $25,000. Regarding the purchase, Steele recorded the following transactions: Paid shipping of $1,000 Paid installation fees of $2,000 Pays annual maintenance cost of $200 Received a 5% discount on $25,000 sales price Determine the acquisition cost of the equipment.Extracts from Annual Accounts of Jennifer Limited $Inventories: Raw materials 108 000Work in progress 75 600Finished goods 86 400Purchases of raw materials 518 400Cost of production 675 000Cost of goods sold 756 000Sales 864 000Accounts receivables 172 800Accounts payables 86 400 Calculate the length of the working capital cycle or net operating cycle (assume 365 daysin the year).
- Problem 1Purchase price of raw materials P100,000Rebates on raw material purchases 2,000Import taxes 17,000Local taxes paid in relation to the purchase 1,500Freight-in 5,00012% VAT on the purchase price 12,000Interest expense related to the purchase 3,200Utilities used on factories…18. Acquisition Cost Cox Company recently purchased a machine by paying $8,500 cash and signing a six-month, 10% note for $10,000. In addition to the purchase price, Cox incurred the following costs related to the machine: freight charges, $800; interest charges, $500; special foundation for machine, $400; installation costs, $1,100. Required: Determine the cost of the machine.4. The company has stocks of raw materials Cost 14.000. During the financial year it purchased Raw Materials Value 40.000. The consumption for this financial year amounted to 30,000. What is the value of the raw materials opening stock
- Oaktree Company purchased new equipment and made the following expenditures:Purchase price $45,000Sales tax 2,200Freight charges for shipment of equipment 700Insurance on the equipment for the first year 900Installation of equipment 1,000The equipment, including sales tax, was purchased on open account, with payment due in 30 days. The otherexpenditures listed above were paid in cash.Required:Prepare the necessary journal entries to record the above expenditures.1. Anniston Company purchased equipment and incurred the following costs: Purchase price $52,000 Cost of trial runs 750 Installation costs 250 Sales tax 2,600 What is the cost of the equipment? a.$52,000 b.$54,600 c.$54,850 d.$55,600Exercise 10-1 (Algo) Cost of plant assets LO C1 Rizio Company purchases a machine for $13,400, terms 1/10, n/60, FOB shipping point. Rizio paid within the discount period and took the $134 discount. Transportation costs of $303 were paid by Rizio. The machine required mounting and power connections costing $926. Another $437 is paid to assemble the machine, and $40 of materials are used to get it into operation. During installation, the machine was damaged and $320 worth of repairs were made. Complete the below table to calculate the cost recorded for this machine.
- 1. On 1 April 20x1, ABC Co. bought a new lorry and made the following payments in relation to it: Costs as per supplier’s list $120,000 Less: Agreed discount 10,000 110,000 Delivery charge 1,000 Installation charge 4,000 Maintenance charge 4,000 An additional component to increase capacity 3,000 Spare parts 3,500 Total 125,500 The lorry is depreciated on a straight-line basis over a four-year life and the estimated residual value $38,000. ABC Co. prepares their accounts on 31 December each year, the company policy is to charge depreciation on a month for month basis. After exactly two years and three months, the lorry is out of…E 12-9 Research and Development Cost In 2019, Lalli Corporation incurred R&D costs as follow: Materials used from inventory 100,000 Personnel in R&D lab 100,000 Allocation of the cost of utilities and maintenance costs of the R&D facility 50,000 These costs relate to a product that will be marked in 2020. The company estimates tht these costs will be recouped by December 31, 2020. Required: 1. What is the amount of R&D cost expensed in 2019? 2. Would your answer change if the materials were purchased and not used or if the utilities and maintence costs were related to the corporate offices?Exercise 10-2Marigold Co. purchased land as a factory site for $504,000. The process of tearing down two old buildings on the site and constructing the factory required 6 months. The company paid $52,920 to raze the old buildings and sold salvaged lumber and brick for $7,938. Legal fees of $2,331 were paid for title investigation and drawing the purchase contract. Marigold paid $2,772 to an engineering firm for a land survey, and $85,680 for drawing the factory plans. The land survey had to be made before definitive plans could be drawn. Title insurance on the property cost $1,890, and a liability insurance premium paid during construction was $1,134. The contractor’s charge for construction was $3,452,400. The company paid the contractor in two installments: $1,512,000 at the end of 3 months and $1,940,400 upon completion. Interest costs of $214,200 were incurred to finance the construction. Determine the cost of the land and the cost of the building as they should be recorded on the…
