Samawah refinery purchaseda machine and the following costs were incurred: Cash price IQD 30000 and Insurance during transit IQD 2000 and Installation IQD 1000, The amount should be recorded at the cost * :of the machine is 30000 32000 O 33000 none of all the above O
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- JOOVI Inc. has recently purchased and installed a new machine for its manufacturingplant. Th e company incurred the following costs:Purchase price $12,980Freight and insurance $1,200Installation $700Testing $100Maintenance staff training costs $500Th e total cost of the machine to be shown on JOOVI’s balance sheet is closest to:A. $14,180.B. $14,980.C. $15,480.Please refer below for information. Kindly answers all the questions and show complete solution. Pleaseeee i badly need it!! Thank you so much for your kindness!! 1. Oxygen Corporation, a VAT registered Company, purchased equipment with invoice amount of P11,200.Other costs incurred were freight charges of P200, repairs of P350 for damage during installation, and installation costs of P225. What is the cost of the equipment? a. P11,975 b. P10,425 c. P10,775 d. P11,625 2. Jerome Corporation purchased a Xerox and a Printer on January 2, 2016. Both acquisitions were made on deferred payment basis. The Xerox was purchased from Photoshop Corporation by issuing P100,000 non-interest bearing note payable after 3 years. On the other hand, the Printer was purchased from Inkshop Inc. by issuing P80,000 non-interest bearing note payable on four equal installments every December 31 starting on December 31, 2016. Both equipment has no readily market value/cash price value. Jerome’s most recent…Exercise 7-2A Record purchase of equipment (LO7-1) Orion Flour Mills purchased a new machine and made the following expenditures: Purchase price Sales tax ed $74,000 5,950 Shipment of machine Insurance on the machine for the first year Installation of machine 990 690 ok 1,980 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. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet aw Next > e here to search Designed by Apple in Califormia Assembled in China
- Zaas Sdn Bhd bought a machine at a cost of RM85,000 which is to be installed in its factory in Nilai. The cost of leveling the site for such installation amounts to RM260,000. Required: Calculate the allowances, if any. Select one: A. RM44,850 B. RM20,400 C. RM33,800 D. RM11,050Pina Company purchased equipment and incurred these costs: Cash price Sales taxes Insurance during transit Annual maintenance costs Total costs $25800 O $27090 O $27930 O $25800 O $27480 1290 390 450 $27930 What amount should be recorded as the cost of the equipment?Adama Company incurred the following costs.Indicate to which account Adama would debit each of the costs. 1. Sales tax on factory machinery purchased $ 5,000 Select the account to be debited Land ImprovementsLandPrepaid InsuranceBuildingEquipment 2. Painting of and lettering on truck immediately upon purchase 700 Select the account to be debited Prepaid InsuranceBuildingLand ImprovementsLandEquipment 3. Installation and testing of factory machinery 2,000 Select the account to be debited Prepaid InsuranceBuildingLandEquipmentLand Improvements 4. Real estate broker’s commission on land purchased 3,500 Select the account to be debited Prepaid InsuranceBuildingLandEquipmentLand Improvements 5. Insurance premium paid for first year’s insurance on new truck 880 Select the account to be debited EquipmentPrepaid InsuranceLand ImprovementsBuildingLand 6. Cost of landscaping on property purchased 7,200 Select the…
- Degneciaton Methuds machine CosT 43000 EST Lite 8yeurs, t2000 Salvage Cpurchaed ilil) Prepare Dipreatoy Schedule for Stranght-Lyni (slk) Double-Beclining Balance Cose) O DIsposal of Degueoalle Assets Using the machin qiver on proslem#1 above- provide, ming we Junk it on a) and p entab An the folowany' ue Strayht-line deprecintion Q0ump tems b Sell it on 1/7 Dfor t is00o ) for $ 60o0 Taade it in on i1/8-LIST wew machine #50,000. DTua de wi All avnce (TIA) #9500. >Taade an Allowence CTIÁ)+ 3,000.Company C purchased a machine costing Rs. 15, 00,000 for its production process. It paid freight Rs. 25000. Cartage Rs. 2000 and installation charges Rs 18000. The company spent an additional amount of Rs 40000 for testing and preparing the machine for use As per AS-10, the amount that should be recorded as the cost of machine would be: A Rs 1585000 B Rs. 1500000 C Rs. 1525000 D Rs. 1565000Adama Company incurred the following costs.Indicate to which account Adama would debit each of the costs. 1. Sales tax on factory machinery purchased $5,000 Select the account to be debited Prepaid InsuranceLand ImprovementsLandEquipmentBuilding 2. Painting of and lettering on truck immediately upon purchase 700 Select the account to be debited EquipmentPrepaid InsuranceLandLand ImprovementsBuilding 3. Installation and testing of factory machinery 2,000 Select the account to be debited BuildingLandLand ImprovementsPrepaid InsuranceEquipment 4. Real estate broker’s commission on land purchased 3,500 Select the account to be debited BuildingPrepaid InsuranceLand ImprovementsEquipmentLand 5. Insurance premium paid…
- On January 1, 2022, Swifty Company purchased the following two machines for use in its production process. Machine A: Machine B: (a) 1. 2. Prepare the following for Machine A. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts) The cash price of this machine was $53,500. Related expenditures also paid in cash included: sales tax $2,600, shipping costs $100, insurance during shipping $120, installation and testing costs $80, and $150 of oil and lubricants to be used with the machinery during its first year of operations. Swifty estimates that the useful life of the machine is 5 years with a $4,200 salvage value remaining at the end of that time period. Assume that the straight-line method of depreciation is used. 1. The recorded cost of this machine was $180,000. Swifty estimates that the useful life of the machine is 4 years with a $-9,100 salvage…Santa Rosa recently purchased a new boat to help ship product overseas. The following information is related to that purchase: Purchase price $4,100,000 Cost to bring boat to production facility $29,000 Yearly insurance cost $29,000 Annual maintenance cost of $40,000 Received 6% discount on sales price A. Determine the acquisition cost of the boat. $? B. Record the journal entry needed. If an amount box does not require an entry, leave it blank.Don Williams is General manager of Carib Systems who received a proposal to replace theVersion 1 with Version 2 Point of Sales (POS) equipment at the company. Williams collectsdata about the proposal on Version 1 and Version 2 as follows:Version 1 POS Version 2 POSOriginal cost $425,000 $170,000Useful life 5 years 3 yearsCurrent age 2 years 0 yearsRemaining useful life 3 years 3 yearsAccumulated depreciation $195,000 Not purchased yetCurrent book value $230,000 Not purchased yetCurrent disposal value (in cash) $120,000 Not purchased yetFinal disposal value (in cash 3 years from now) $0 $0Annual POS cash operating costs $60,000 $20,000Annual revenues $1,250,000 $1,250,000Annual non POS related operating costs $920,000 $920,000Required:As the Management Accountant:1. Compare the costs of Version 1 POS and Version 2 POS. Consider the cumulative resultsfor the three years together, ignoring the time value of money and income taxes.