Capital and Revenue Expenditures On April 29, GTS Co. paid $3,000 to install a hydraulic lift and $32 for an air filter for one of its delivery trucks. Journalize the entries for the new lift. April 29 Journalize the entry for air filter expenditures.
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Capital and Revenue Expenditures
On April 29, GTS Co. paid $3,000 to install a hydraulic lift and $32 for an air filter for one of its delivery trucks.
Journalize the entries for the new lift.
April 29 | |||
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- 1. Prepare Appropriations, Encumbrances, Expenditure and Fund Balance Ledger from the following information Ministry of Finance made an appropriation of OMRIS00,000 to College of Medicine. Jan I Jan 10 The College issued a purchase order, for medieal supplies (OMR80,000) and two latest machineries for the Surgical department (OMRI 50,000 each) Feb 1 General operating expenditure incurred and paid OMR15,000 The college received 40% of the supplies along with a voucher of OMR30,000. March 1 The supplier delivery one machinery along with a voucher OMRI SO,000 March 1S The college entered into a contract with MHD Consulting for constructing a recreational center in the college. An amount ofr OMR500,000 is allocated towards the contract. The work is expected to be completed by the end of the year. April Construction is certified to complete 10% and the contractor has submited a voucher for OMRS0,o00. Payment is made based on the voucher. May 10 June 1 50% of the supplies ordered on January…A company constructs a building for its own use. Construction began on January 1 and ended on December 30. The expenditures for construction were as follows: January 1, $590,000; March 31, $690,000; June 30, $490,000; October 30, $870,000. The company arranged a 8% loan on January 1 for $880,000. Assume the $880,000 loan is not specifically tied to the construction of the building. The company's other borrowings, outstanding for the whole year, consisted of a $4 million loan and a $6 million note with interest rates of 12% and 7%, respectively. Assuming the company uses the weighted-average method, calculate the amount of interest capitalized for the year. Note: Enter your answers in whole dollars and not in millions. Do not round intermediate calculations. Round your percentage answers to 2 decimal places (i.e. 0.1234 should be entered as 12.34%). Date January 1 Expenditure Weight Average $ 590,000 x 12/12 = $ 590,000 March 31 690,000 x 9/12 = 517,500 June 30 490,000 x 6/12 = 245,000…5
- intruction: C&M Securities made several expenditures during the current fiscal year, including the following: Amount Description of Expenditure 1. $150,000 Acquisition of a piece of land to be used as a building site 2. 3,000 Demolition of a small building on the land, to make way for the new building 3. 7,500 Levelling of the land to prepare it for construction of the new building 4. 290,000 Construction of the new building 5. 12,000 Paving of a parking lot beside the building 6. 6,000 Addition of decorative landscaping around the building (such as planting flowers and ornamental shrubs) 7. 80,000 Purchase of a new piece of equipment 8. 6,000 Sales taxes on the new equipment 9. 3,000 Installation of the new equipment 10. 1,500 Testing and adjustment of the new equipment prior to its use 11. 1,000 Minor repairs to some old equipment 12. 7,000 Major overhaul of an old piece of equipment, extending its useful life by three years 13. 1,200 Routine maintenance of equipment 14. 2,000…Capital and Revenue Expenditures On April 29, Welllington Co. paid $1,530 to repair the transmission on one of its delivery vans. In addition, Welllington paid $46 to install a GPS system in its van. Question Content Area Journalize the entries for the transmission. If an amount box does not require an entry, leave it blank. April 29 - Select - - Select - - Select - - Select - Question Content Area Journalize the entry for GPS system expenditures. If an amount box does not require an entry, leave it blank. April 29 - Select - - Select - - Select - - Select -Classifying Costs and Decision-Making In July, Carrie's Rock Walls Inc. completed several projects, one of which was a rock wall for city hall. Costs for the month of July for the company included the following. City hall project Salary of consultant who prepared proposals on all new projects Salary of the designer who prepares designs for all new projects City permit for city hall project Cost of brick and mortar for city hall project Monthly depreciation on equipment used for project Miscellaneous tools (shovel, chisel, etc.) used for projects Miscellaneous supplies used during the month on projects Salary of rock layer based on hours worked on project Gas and maintenance expense on vehicles to transport heavy equipment Rent on office space for designer, consultants, and other personnel July $4,000 $4,500 $40 $6,000 $1,000 $6,000 $1,400 $4,500 $500 $2,000 REQUIRED a. Relative to the city hall project, classify each of the following costs as variable or fixed AND direct or indirect.…
- Capital and Revenue Expenditures Kimbrell Freight Lines Co. incurred the following costs related to trucks and vans used in operating its delivery service: Classify each of the costs as either a capital expenditure or a revenue expenditure. Choose a C for capital or an R for revenue in the box following the item. 1. Changed the oil and greased the joints of all the trucks and vans. 2. Installed a hydraulic lift to a van 3. Installed a new engine in a truck purchased three years ago 4. Repaired a flat tire on one of the vans 5. Installed a refrigeration unit on a truck to equip it to carry perishable goodsCapital Expenditures and Revenue Expenditures Quality Move Company made the following expenditures on one of its delivery trucks: Mar. 20. Replaced the transmission at a cost of $6,345. June 11. Paid $915 for installation of a hydraulic lift. Nov. 30. Paid $49 to change the oil and air filter. Prepare the journal entries for each expenditure. If an amount box does not require an entry, leave it blank. Mar. 20 June 11 Nov. 30 heck My Work Previous Next All work saved. Save and Exit Submit Assignment for GracA company constructs a building for its own use. Construction began on January 1 and ended on December 30. The expenditures for construction were as follows: January 1, $590,000; March 31, $690,000, June 30, $490,000; October 30, $870,000. The company arranged a 8% loan on January 1 for $880,000. Assume the $880,000 loan is not specifically tied to the construction of the building. The company's other borrowings, outstanding for the whole year, consisted of a $4 million loan and a $6 million note with interest rates of 12% and 7%, respectively. Assuming the company uses the weighted-average method, calculate the amount of interest capitalized for the year. A company constructs a building for its own use. Construction began on January 1 and ended on December The expenditures for construction were as follows: January 1, $590,000; March 31, $690,000; June 30, $490,000; October 30, $870,0 00. The company arranged a 8% loan on January 1 for $880,000. Assume the $880,000 loan is not…
- Capital and Revenue Expenditures Warner Freight Lines Co. incurred the following costs related to trucks and vans used in operating its delivery service: Classify each of the costs as a capital expenditure or a revenue expenditure. Cost Classification 1. Changed the oil and greased the joints of all the trucks and vans. 2. Changed the radiator fluid on a truck that had been in service for the past four years. 3. Installed a hydraulic lift to a van. 4. Installed security systems on four of the newer trucks. 5. Overhauled the engine on one of the trucks purchased three years ago. 6. Rebuilt the transmission on one of the vans that had been driven 40,000 miles. The van was no longer under warranty. 7. Removed a two-way radio from one of the trucks and installed a new radio with a greater range of communication. 8. Repaired a flat tire on one of the vans. 9. Replaced a truck's suspension system with a new suspension system that allows for the delivery of heavier loads. 10. Tinted the back…asv.1Capital Expenditures and Revenue Expenditures Quality Move Company made the following expenditures on one of its delivery trucks: Mar. 20. Replaced the transmission at a cost of $4,135. June 11. Paid $1,770 for installation of a hydraulic lift. Nov. 30. Paid $73 to change the oil and air filter. Prepare the journal entries for each expenditure. Mar. 20 fill in the blank 2 fill in the blank 4 June 11 fill in the blank 6 fill in the blank 8 Nov. 30 fill in the blank 10 fill in the blank 12