A Machine Was Purchased for $180 000

By Ra_Hailie891 18 Apr, 2022 Post a Comment

Tanner Ltd purchased an item of equipment on the first day of the financial period 1 July 2015 for 200 000. The equipment consisted of two machines Machine Aand Machine B.

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The price including tax is 57500.

. In moving the machine to its steel mounting 180 in damages occurred. The monthly loan payment was calculated at 119 payments of 34833 plus a final payment of 34754. If the machine was sold for 59 000 on 1 July 2019 what was the gain or loss on disposal.

Collected 3750 rent for the period October 1 to December 31 which was credited to Unearned Revenue on October 1. Had cost 300 000 and had a carryin g amount of 180 000 at 30 Ju ne 2016 and. A Loss of 21 000.

Start studying the Accounting Test 3 flashcards containing study terms like On January 1 2016 Skyward Company purchased a copy machine. A new machine with a purchase price of 109000 with transportation costs of 12000 installation costs of 5000 and special acquisition fees of 6000 would have a cost basis of a. What is the result of this exchange.

Both machines are measured. Sue Stitch buys a sewing machine. Materials costing 40 are used in adjusting the machine to produce a satisfactory product.

The adjustments are normal for this machine and are not the result of the damages. Sovereign Ltd uses straightline depreciation and records depreciation to the nearest month. Had cost 200 000 and had a carrying amount of 170 000.

The appraised values of the building and land were 100 000 and 60 000 respectively. Redeemed a gift card for 780 of services. Purchases a machine for 12400 terms 210 n60 FOB shipping point.

Rizio pays for this machine within the cash discount period. Purchases a machine for 9800 terms 110 n60 FOB shipping point. The machine requires special steel mounting and power connections costing 857.

I took it all apart. 2 Additional machines costing 180 000 were purchased. The machine has a useful life of 5 years with a residual value of 4000.

Used a machine purchased on October 1 for 53400. What are Sues monthly payments. Both mac hines are.

Memorize flashcards and build a practice test to quiz yourself before your exam. 4 Tax charge was 3100. Cost 300 000 and had a carrying amount of 180 000 at 30 June 2019 and Machine B.

The new machine has a market value of 120000 and the corporation pays cash of 100000. The machine should be obsolete after four years and therefore no longer useful to the company. The estimated salvage value is 15000 Calculate the depreciation expense for each year of is expected us i ng each of the following depreciation methods.

It was sold on 1 July 2017. It was sold on 1 July 2020. Measured using the cost model and depreciated on a straight-line basis over a 10-year period.

A machine purchased on 1 January 2015 for 20 000 was sold on 30 June 2017 for 8500. 2Land and a building were purchased on 2 July 2015 for 180 000 cash debited to the Land account. Land and a building were purchased on 2 July 2018 for 180 000 cash debited to the Land account.

Compute the cost recorded for this machine. The machine costs 320000 its estimated useful life is 8 years and its expected salvage value is 20000. What is the depreciation expense for 2017.

It includes the famous Centurion 10 Station Main Machine with 1138 pounds AND a separate 150 pound leg extension leg curl machine. The equipment was depreciated using the reducing balance method and a rate of 40 per cent. Assume the exchange has commercial substance.

If the machine was sold for 59 000 on 1 July 2016 what was the gain or loss on disposal. Paid 2280 for a two-year insurance premium on October 1 and debited Prepaid Insurance for that amount. The equipment was depreciated using the reducing balance method and a rate of 40 per cent.

I used 000 steel wool and cleaned and polished every piece and then replaced all foam and recovered all red or tan vinyl with marine grade vinyl and what you see now is what I got. A straight-line double dening. She finances the sewing machine over 24 months after making a 25 down payment.

Answer the following questions in the Question Paper. What was the profit or loss on the disposal of the machine. Their 5-year mortgage had a 75 semi-annually compounded interest rate and was amortized over 25.

The seller prepaid the 221 freight charges adding the amount to the invoice and bringing its total to 10021. The tap is in high demand and Burn can sell all that it could manufacture for the next 10 years. 5 An interim dividend of 008 per share was paid in August 2019.

Sovereign Ltd uses straight-line depreciation and records depreciation to the nearest month. A loss 1000 B loss 1500 C profit 1000 D profit 1500. The corporation exchanges the machine for a new machine.

3 Interest expenses 4800 were incurred. Prepare general journal entries to record the exchange of machines assuming a trade-in allowance of 250 000 for the old machine and 210 000 was paid in. Tanner Ltd purchased an item of equipment on the first day of the financial period 1 July 2018 for 200 000.

The machine has a useful life of 5 years with a residual value of 4000. Graded assignment 8 Farha Co. A machine that was purchased for 100000 has an accumulated depreciation of 70000 as of the current date.

Depreciation Methods A machine costing 180000 was purchased May 1. Malcolm and Shannon purchased their first house with a 180. Malcolm and Shannon purchased their first house with a 180 000 mortgage.

The machine had been depreciated using the straight-line method at 25 per annum on a month by month basis. To encourage capital investments the government exempts taxes on profits from new investments in this type of machinery. The true annual interest rate is 15.

Burn Incorporated purchased a S600000 machine to manufacture a specialty tap for electrical equipment. The machine requires special steel mounting and power connections costing 677. The seller prepaid the 280 freight charges adding the amount to the invoice and bringing its total to 12680.

Machine B had cost 200 000 and was carr ied at 170 000. Prepare general journal entries to record the exchange of the machines assuming a trade-in allowance of 280 000 was received for the old machine and 180 000 was paid in cash. Another 319 is paid to assemble the machine and get it into operation.

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