User Account

All Pages

Calculate the initial purchase prise of the property plant

Assignment Help Accounting Basics
Reference no: EM132811146

On 1 july 2019 proper plant ltd acquired an automated botitng plant from an oversas supplier to assist in manufacturing an innovative new health drink.the purchase coast were $500000.ijmport duties and taxes $70000 transportation expenses were $5000 and the installation coast were $25000 the transportation and installationcoast were paid on recept of the machine aan arrangement with the supplier was reached to pay the remaing balance within 120 dayes of receiving the machine the company incurred coast of $5000 for routiong maintannce and servicing of the plant within 90 days of operation the fair value of the plant (incuding installation )was $650000.

Problem 1: Calculate the initial purchase prise of the property plant and equipment (automated botting plant) and show your working (including refrences to the accounting standerds)

Problem 2: Prepare genral entries to record the initial purchases of property palmnt and equoipment using Cost model

Reference no: EM132811146

Questions Cloud

What amount should be reported as a current liability : In Black's December 31, 20x0, balance sheet, what amount should be reported as a current liability for advances from customer?
What is an example of a customer blueprint : Consider the touch points at the different components of the guest cycle, including pre-arrival, arrival, on site, departure, and assessment.
List three effective management communication characteristic : List three effective management communication characteristics.
Assess the key elements that define strategy : i. Assess the key elements that define strategy and spell out the key elements of strategic management?
Calculate the initial purchase prise of the property plant : Calculate the initial purchase prise of the property plant and equipment (automated botting plant) and show your working (including refrences to the accounting)
Identify one concept you learned about in the video : In your own words, how does this speaker's ideas intersect with education (and/or other) policy that impacts youth? Identify at least one concept you learned.
Which is an advantage of the relative market value approach : Which is an advantage of the relative market value approach to joint cost allocation? The weighted factors used by the relative market value approach
What would be amount of the credit in contributed surplus : On December 31, 2016, 60,000 options remained unexercised. What would be amount of the credit in contributed surplus account
Describe the concept of separation of powers : Describe the concept of separation of powers. The Federal Government of Malaysia adopts the concepts of separate of powers namely the legislative, executive

Reviews

Write a Review

Accounting Basics Questions & Answers

  Would company have had to raise more capital

However, the balance of accumulated depreciation was $400,000. In this scenario, would Company X have had to raise more capital?

  Record these transactions in a purchases journal

Oct. 11. Purchased cleaning supplies for $235, on account, from General Supplies. Record these transactions in a purchases journal

  Sale of property received as a gift during the current year

sale of property received as a gift. during the current year stan sells a tract of land for 800000. the property was

  Exemptions claiming on the tax return

During 2010 Murray, who is 60 years old and unmarried, provided all of the support of his aged mother. His mother was a resident of a home for the aged for the entire year and had no income. What is Murray's filing status for 2010, and how many ex..

  How was fraud detected in the Steinhoff International case

Question - How was fraud detected in the Steinhoff International case? What was the opportunity that led the fraud to happen

  What is the approximate yield to maturity on Bond B

A drawback of current yield is that it does not consider the total life of the bond. What is the approximate yield to maturity on Bond B

  Chinese school system results

a. Capital per hour worked increases from 200 yuan per hour worked to 250 yuan per hour worked. b. The Chinese government doubles its spending on support for university research. c. A reform of the Chinese school system results in more highly trained..

  The tax consequences to falcon of the net income

Falcon Basketball League, an exempt organization, is a youth basketball league for children ages 12 through 14. The league has been in existence for 30 years.

  The manufacturing overhead budget at latronica corporation

the manufacturing overhead budget at latronica corporation is based on budgeted direct labor-hours. the direct labor

  Calculate the business-wide overhead recovery rate

Williams, a professional services firm has overhead of £625,000. Calculate the business-wide overhead recovery rate

  Determine the amount of depreciation expense

Determine the amount of depreciation expense for the years ended December 31, 2006, 2007 and 2008, by (a) the straight-line method

  What are the basic issues related to accounting

Why would you select the percentage of sales method for calculating doubtful accounts instead of the percentage of receivables method, or vice versa?

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