What cost should be recorded for the wheel aligner

Assignment Help Accounting Basics
Reference no: EM132156220

Question - Josephine' Garage, Inc., purchased a vehicle lift, brake tester, and wheel aligning equipment for a lump-sum price of $16,000 from a bankrupt competitor. Appraised values were as follows: Vehicle lift $20,000; Brake tester $4,000; and wheel aligner, $6,000. What cost should be recorded for the wheel aligner.

A. $6,000

B. $3,200

C. None because all cost was used for the vehicle lift of $20,000

D. $10,000

Reference no: EM132156220

Questions Cloud

Discuss improve the quality of the key assignment draft : Primary Task Response: Your first task is to post your own Key Assignment Outline to the discussion area so that other students are able to review your plan.
Identify the key problems or issues in the case : Identify the key problems or issues in the case, and describe the legal, ethical, and regulatory issues at stake.
What is the company gross profit using FIFO : Assuming that a periodic inventory system is used, what is the company's gross profit using FIFO
How a newer entrepreneurial venture might differ : Apply Kirton's adaptation-innovation theory to discuss how a newer entrepreneurial venture might differ from a more mature, intrapreneurial venture.
What cost should be recorded for the wheel aligner : Vehicle lift $20,000; Brake tester $4,000; and wheel aligner, $6,000. What cost should be recorded for the wheel aligner
When will the law make a person keep a promise : Choose one of the scenarios below and explain whether or not you think that the promise made is enforceable.
Calculate the book value of the machine at december : Rose Company uses the double-declining balance depreciation method to depreciate its assets. Calculate the book value of the machine at December 31, 2024
What were the most compelling topics learned in the course : Review and reflect on the knowledge you have gained from this course. Based on your review and reflection, write at least 3 paragraphs on the following.
Prepare journal entries to record issuance of the stock : Prepare journal entries to record issuance of stock options, termination of the stock options, exercise of stock options, and charges to compensation expense

Reviews

Write a Review

Accounting Basics Questions & Answers

  Adjusting entry for uncollectible accounts

An analysis of accounts receivable suggests that the allowance for uncollectible accounts should be 3% of accounts receivable. The amount of the adjusting entry for uncollectible accounts would be:

  What are the benefits to be derived from flexible budgets

What are the benefits to be derived from flexible budgets? Cite an example where a flexible budget was utilized in your own life, albeit professional or at home

  Calculate the short run total cost function

Calculate the short run total cost function and marginal cost function for A company with a small generator and 6 workers; A company with a larger generator and 8 workers

  Factory 2 has 20 fluorescent lighting tubes throughout the

factory 2 has 20 fluorescent lighting tubes throughout the factory which runs for 14 hours every day for operational

  Identify these events as asset source as asset use au asset

at the beginning of 2012 the jeater company had the following balances in its accounts cash 4300 inventory 9000 common

  Give the journal entry to record the bond issue

Prepare a bond amortization schedule. Give the journal entry to record the bond issue. Give the journal entries to record the interest payments on December 31, 2015 and 2016. Give the journal entry to record the interest and face value payment on Dec..

  Calculate the depreciation expense for the third year

calculate the depreciation expense for the third year of the equipments life

  Type of extrinsic reward

One type of extrinsic reward is paying for information. Some professionals may feel that they should be paid for their interview time or information.

  Munich ltd uses a combined overhead rate of 290 per

munich ltd. uses a combined overhead rate of 2.90 per machine hour to apply overhead to products. the rate was

  What should be the budgeted sales

The company plans to include a safety margin of $20 000 before tax. Assuming a tax rate of 30%, what should be the budgeted sales

  The impact of budgets on people

Explain why managers may be reluctant to participate fully in setting budgets, indicating the negative side effects, which may arise from the imposition of budgets by senior management.

  What is a stock split how does a stock split impact

what is a stock split? how does a stock split impact outstanding shares and the per-share market price? how do stock

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!

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