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COST OF PROPERTY, PLANT, AND EQUIPMENT
Joe Schultz, Inc., purchased six acres of land for $30,000. Mr. Schultz is uncertain about what other expenditures in relation to this purchase he should include in the cost of land. From the following list, choose what expenditures Mr. Schultz should include and total them.
Purchase price
$30,000
Legal fees related to purchase
1,000
Removal of old warehouse
8,000
Planting shrubs along road
1,500
Interest on loan to purchase property
3,000
Realtor fee
1,200
Calculate the difference in total costs between the two approaches. Why would activity- based costing be the better approach for assigning overhead to the audit function?
Create the journal entry or entries to show the proper recording of revenue and create the subsequent journal entry to show spending of the funds.
On June 1, 2012, Josh purchased a used automobile that cost $24,000. The car is used 60% for business and 40% for personal use. (Assume this percentage is maintained for the life of the car.) Determine the cost recovery deduction for 2013.
Determine the annual depreciation expense using the units-of-production method and prepare the journal entry to record the expense.
Delzer Corporation reported net sales $800,000; cost of goods sold $520,000; operating expenses $210,000; and net income $68,000.
The loader is predictable to have a four-year life and a $20,600 salvage value. Loader costs are recorded in Equipment account. Evaluate what is the journal Entry?
Santos Company currently manufactures one of its crucial parts at a cost of $3.20 per unit. This cost is based on a normal production rate of 70,000 units per year. Variable costs are $1.70 per unit, fixed costs related to making this part are $70..
Prepare the entry Doeby will record to reflect this additional acquisition.
learning objectives this case involves four of the major learning objectives of a typical accounting information
What challenges does the city face based on a review of the Management, Discussion, and Analysis?
Journalize any required entries - what amount should the company report for Inventory on the balance sheet
What is a direct cost? An indirect cost? What does traceability mean? What is allocation? Explain how driver tracing works. What is an activity? Give some examples of activities within a manufacturing firm.
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