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1. New diagnostic equipment for the medical services division was acquired at an invoice price of $93000. This did not include the 8.7% sales tax. Transportation cost of $2650 was incurred to ship the equipment from the factory to Matta's medical center. During transit, the driver"forgot" to acquire a special required permit, and matta was fined $425. when the equipment was unloaded at the medical center eight feet of wall on the right side of the entry door had to be dismantled (and then rebuilt) to provide a larger opening to get the equipment into the building. The cost of labor and materials was $750. in addition while the equipment was being moved through the opening the left side of the doorway was inadvertently damaged. Fortunately this cost only an additional $300 because workers were already on site. Setup and testing costs to calibrate the equipment properly before it could be used on patients cost another $2700.
2 Manufacturing equipment was acquired by the semiconductor electronic division. The supplier of the equipment agreed to deliver the equipment, install it, and calibrate it to matta's specifications, all as part of the negotiated selling price. Sales tax of 7.5% was not included in the selling price and was paid separately. Matta and the supplier agreed on the following terms: a $77000 down payment, followed by three equal annual installment payments of $85000 that include 8% interest on the unpaid balance. (hint: calculate the present value of the installment payment).
Required:a. Matta's accounting staff has requested your advice and counsel as to the cost at which each of these assets should be entered into mattas accounting records. Provide that advice carefully specifying exactly how you came to each judgment you made.
b. Determine the amount by which net income would differ in the first year if matta chose to use the straight-line depreciation method instead of double-declining-balance. Both assets have estimated useful lives of six years and zero estimated residual value.
derks co. is a merchandising business. the account balances for derks co. as of november 30 2012 unless otherwise
Short Corporation purchased Hathaway, Inc. for $52,000,000. The fair value of all Hathaway's identifiable tangible and intangible assets was $48,000,000. Short will amortize any goodwill over the maximum number of years allowed. What is the annual..
Which of the following journal entries correctly records the current month's activity where $92,000 of direct material and $41,000 of indirect materials were used in the production process?
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The part of the variable overhead budget variance due to the difference between actual hours required and standard hours allowed for work done is called the:
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Compute the net income for the current year, assuming that there were no entries in the Retained Earnings account except for net income and a dividend declaration of $22,590 which was paid in the current year.
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