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Revenue and Capital Expenditures Shively Company built an addition to its chemical plant. Indicate whether each of the following expenditures related to the addition is a revenue expenditure or a capital expenditure:
a. Shively's inital application for a building permit was denied by the city as not conforming to environmental standards. Shively disagreed with the decision and spent $6,000 in attorney's fees to convince the city to reverse its position and issue the permit.
b. Due to anticipated sand soil conditions, and on the advice of construction engineers, Shively spent $58,000 to extend the footings for the addition to a greater depth than originally planned.
c. Shively spent $3,000 to send each of the addition's subcontractors a side of beef as a thank-you gift for completing the project on schedule.
d. Shively invited the mayor to a ribbon-cutting ceremony to open the plant addition. It spent $25 to purchase the ribbon and scissors.
e. Shively spent $4,100 to have the company logo sandblasted into the concrete above the entrance to the addition.
Discuss the ramifications and implications of Section 1031 exchanges and Section 121 exclusions, considering the impact of the recent increase in housing prices and the initial decline in housing today.
Kathy’s Blooms purchased a delivery van for $20,000. The company was given a $2,000 cash discount by the dealer, and paid $1,000 sales tax. Annual insurance on the van is $500. As a result of the purchase, by how much will Kathy’s Blooms increas..
There will be many different jobs on a job-order cost sheet. B. Direct labor is allocated to jobs along with overhead using a cost driver. Work-in-process consists of all complete work. Time tickets are used to post the cost of direct labor to indivi..
Prepare the general journal entries to record the purchase by A Ltd under AASB 3 Business Combinations and the payments to B Ltd. Narrations are not required.
Prepare the Journal Entries in the General Journal, post Journal Entries to the General Ledge, prepare a Trial Balance
Create journal entries for the standard direct manufacturing cost for each unit is $32. During the month, 1,000 units were produced.
On December 31, 2014, Faital Company acquired a computer from Plato Corporation by issuing a $640,800 zero-interest-bearing note, payable in full on December 31, 2018. Faital Company's credit rating permits it to borrow funds from its several line..
You are reviewing your targets for short-term cash reserves next year. You wish to carry at least twenty five days cash on hand. If annual budgeted cash expenses are $62,000,000, what amount of short-term cash reserves should be targeted?
Which of the following costs are capitalized for self-constructed assets?
david jones the new administrator for a surgical clinic was trying to evaluate how to allocate his indirect expenses.
Suppose you were starting a graphics printing business. It will cost you $2000 for a computer and commercial ink jet printer. What is your breakeven? You want to consider a color laser printer instead of an ink jet. The fixed costs would be $4000 and..
The concept and detailed design of a kit for each car is estimated to take 30 hours of the owner's time (his current salary is $2,300 per fortnight).
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