Reference no: EM132678202
Joestar Company purchase a new machine for an invoice price of P3,360,000 inclusive of vat of P360,000. The purchase also had a purchase discount of P200,000 that Joestar was not able to avail due to financing difficulties.
Other expenditures related to the machine were as follows:
Shipping cost 170,000
Fees of experts for installation. 225,000
Refurbishing cost during installation 90,000
Trial run costs and testing cost before commencement of use. 85,000
Consultation fees before purchase 50,000
Safety rails and platform surrounding the machine 25,000
Cooling device installed, necessary to keep the machine running 445,000
Refurbishing costs after installation 115,000
Required:
Problem 1: Compute the total cost of the new machine.
|
Make a classified balance sheet using the balances listed
: Make a classified balance sheet using the balances listed above. Select accounts according to their classification. If more than one account is used
|
|
What the balances of garret and josh capital accounts
: Dawn, Garret and Josh have partnership capital account balances, What the balances of Garret's and Josh's Capital accounts after Dawn's withdrawal would be
|
|
When is sole proprietorship form more advantageous
: A stockholder of a corporation owning 40%. In terms of income taxes, when is sole proprietorship form more advantageous than the corporate or partnership form?
|
|
Prepare the required adjusting journal entries
: You are assigned to do the audit the work for Howard Ltd. Prepare the required adjusting journal entries and explain the treatment of all other issues.
|
|
Compute the total cost of the new machine
: Compute the total cost of the new machine. Joestar Company purchase a new machine for an invoice price of P3,360,000 inclusive of vat of P360,000.
|
|
Determine the cost of the building among the expenditures
: Among the expenditures mentioned, determine the cost of the building. Payment to tenants of old building for vacating the premises 46,000
|
|
What is entry to record the derecognition of note payable
: An entity settled an outstanding note payable with face amount of 3,000,000.00. What is the entry to record the derecognition of the note payable?
|
|
What are the pertinent entries
: What are the pertinent entries? On January 1, 20x1 Restrain to Curb Co. issued 1, 000, P 2,000, 10%, 3 year bonds for 1,903,927.00.
|
|
Determine what are the warranty expense balances
: Kiner Equipment Company, Under the expense warranty treatment, Give the entries to reflect the above transaction(accrual method) for 2004 and 2005.
|