What is the total value assigned to new piece of equipment

Assignment Help Accounting Basics
Reference no: EM132731783

Question - Somerset Company acquired a piece of equipment with a list price of $200,000 for $188,000. Freight to Somerset's location was $6,000. Installation and testing costs were $7,500. An old piece of equipment was scrapped as a result of this new purchase. The old piece of equipment had an undepreciated value (net book value) of $8,000. The new piece of equipment is expected to have a 10 year life and a salvage value of $15,000. What is the total value assigned to the new piece of equipment?

Reference no: EM132731783

Questions Cloud

Government intervention analysis : Identify the intervention and the market failure leading up to the intervention.
How much is the depreciation expense : Cambridge has a December 31 fiscal year end. Using the double-declining balance method, how much is the 2019 depreciation expense
How many of these stages did you go through : How many of these stages did you go through? Which stage(s) in the purchasing process was/were most important to you?
Explain the meaning of consolidated financial statements : Explain the meaning of consolidated financial statements. Discuss which entities should prepare consolidated financial statements
What is the total value assigned to new piece of equipment : The new piece of equipment is expected to have a 10 year life and a salvage value of $15,000. What is the total value assigned to the new piece of equipment
Determine the balances in the work in process : Determine the balances in the work in process and finished goods inventories for the Kitchen Ninja knife series on December 31, 20Y8
Prepare a cash budget for January and February : Danner Company expects to have a cash balance of $60,435 on January 1, 2017. Prepare a cash budget for January and February
How much is the total amount of budgeted direct labor : Belmont Company is planning to sell 400 buckets and produce 380 buckets during September. How much is the total amount of budgeted direct labor
Prepare journal entry to record regis employer payroll taxes : Prepare the journal entry to record Regis's employer payroll taxes resulting from the January 8 payroll. Regis's state unemployment tax rate is 5.4%

Reviews

Write a Review

Accounting Basics Questions & Answers

  The final budget areidentical.

Prepare a statement of revenues, expenditures, and changes in fund balance. In addition prepare a budgetary comparison schedule, assuming the ori-ginally approved budget and the final budget areidentical.

  Prepare and post an entry closing all nominal accounts

Prepare and post an entry closing all nominal accounts to Net position. Compute the balance in the net position accounts, assuming the only restricted assets

  Will the number of units required to break-even increase

Will the number of units required to break-even increase or decrease? Explain. Hint: Detailed calculations are not needed to obtain the proper solution.

  What is the gain or loss for the partner

What is the gain or loss for the partner, the cash basis after the distribution, inventory basis, and Section 734 Adjustment

  What is Larrys basis at year end

On Jan 1, Larry payed $2,000 for 10% capital profits and loss interest in a partnership, that has $20,000. What is Larrys basis at year end

  Kaitlyn has a garden that has a length of 8 feet and a

kaitlyn has a garden that has a length of 8 feet and a width of 4 feet. if the length and width of the garden are

  Compute Lawrences accrual-based net income

Chase Company owns 80% of Lawrence Company and 40% of Ross Company. Compute Lawrence's accrual-based net income for 2018

  Abc earned a net profit margin of 5 last year and had an

abc earned a net profit margin of 5 last year and had an equity multiplier of 3.5. if its total assets are 93 million

  How much must he invest at the end of each year

John Madison needs $212,800 in 10 years. How much must he invest at the end of each year, at 10% interest, to meet his needs

  The information regarding mahen inc is available sales

the information regarding mahen inc. is available sales 1500000 cost of goods sold 900000 operating expenses 450000

  Prepair a complete statement of cash flows using above

prepair a complete statement of cash flows using above pictures. report its operating activities using the indirent

  What is the significance of the date of record

On February 1, the Board of Directors declared a 2-for-1 share split, What is the significance of the date of record and the date of distribution

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