User Account

All Pages

Calculate the amount to be capitalised for the machine

Assignment Help Accounting Basics
Reference no: EM132463734

XYZ Enterprises purchased a heavy machine for $28000, terms 1/10, n/60,FOB shipping point. It received a freight invoice from Fast Delivery for $450.XYZ took advantage of the discount. It also required a special steel mounting and power connection costing $985 and another &600 was paid to put the machine into operation. However due to mishandling during installation a part was damaged and had to be replaced for $380.Another $310 was paid to labour as installation charges. Special insurance @200 per month was needed henceforth.

Question 1: Calculate the amount to be capitalised for the machine

Reference no: EM132463734

Questions Cloud

Prepare a trial balance listing accounts in proper sequence : Prepare a trial balance listing the accounts in proper sequence. The accounts (all normal balances) were taken from the ledger of Sophie Designs Co
What is the required percentage increase in sales : What is the required percentage increase in sales from T-1 to compensate for lost margin from T-2, if total fixed costs can be reduced by $51,000?
BUS 302 Management Concepts Assignment : BUS 302 Management Concepts Assignment Help and Solution - Strayer University, USA. Complementary Partners - Discuss a tool or strategy a leader can adopt
Explaining how much US source income will generate : Write a letter to Gloria explaining how much U.S.-source income she will generate, if any, from her participation in these tournaments
Calculate the amount to be capitalised for the machine : Calculate the amount to be capitalised for the machine.However due to mishandling during installation a part was damaged and had to be replaced for $380.
Compute the depreciation charges for the first three years : Compute the depreciation charges for the first three years, if a production (or extraction) of 3,000 tons, 5,000 tons, and 6,000 tons are planned for years 1, 2
How can a canadian finance executive sign off : How can a Canadian finance executive sign off on these statements?escribe if these financial statements could be correct, and if so why
Calculate bond issue and make an amortization : Calculate bond issue and make an amortization schedule of a bond premium.Prepare the journal entries to record the the issuance of the bonds
ECO 100 Principles of Economics Assignment : ECO 100 Principles of Economics Assignment Help and Solution - Strayer University, USA. How might government impact this industry's market prices

Reviews

Write a Review

Accounting Basics Questions & Answers

  Financial statements prepared by certified public accountant

The HOA board has asked you to provide an opinion on Pennypacker's question. Would you recommend a full audit or a nonaudit attestation service? Explain why.

  Reorganizations and consolidated tax returns

Suppose you are a CPA, and you have a corporate client that has been operating for several years. The company is considering expansion through reorganizations. The company currently has two (2) subsidiaries acquired through Type B reorganizations.

  Prepare and submit a form 1040 for norman and leslie beber

Prepare and submit a Form 1040 for Norman and Leslie Beber for 2014. The Bebers do not donate to the presidential election campaign

  Lead to an increase in wealth for the bidding

Describe four ways in which a takeover may lead to an increase in wealth for the bidding company's shareholdersCopy and paste your question here...

  Amounts payable on class of stock

At December 31, 2007 and 2008, Sloan Corp. had outstanding 2,000 shares of $100 par value 8% cumulative preferred stock and 10,000 shares of $10 par value common stock. At December 31, 2007, dividends in arrears on the preferred stock were $8,000...

  The company records sales to employees net of discounts

The company records sales to employees net of discounts. These discounts totaled $15,000 for the year. Estimate ending inventory and cost of goods sold using the conventional method (average cost and the LCM approximation).

  Jackson company adopts acceptable accounting

Prepare the journal entries (from the worksheet) to reflect all pension plan transactions and events at December 31 of each year.

  The chart of accounts of lopez company includes

In July the following selected transactions were completed. All purchases and sales were on account.

  Prepare a bank reconciliation

The cash account for Interactive Systems at February 28, 2010, indicated a balance of $7,635. Prepare a bank reconciliation

  Are these bonds issued at a discount or a premium

On December 31, 2010, a company issues 16%, 10-year bonds with a par value of $100,000. Interest is paid on June 30 and December 31.

  Evaluate cost factors influencing the company decision

Describe a decision your company has made when facing uncertainty. Compute the expected costs and benefits of the decision. Offer advice on how to proceed.

  Provide a journal entry to calculate the gain on sale

What questions will you ask to be sure he can continue to file on the cash basis

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd