Financial Accounting

A company purchased $3,600 of merchandise on July 5 with terms 2/10, n/30. On Ju

A company purchased $3,600 of merchandise on July 5 with terms 2/10, n/30. On July 7, it returned $800 worth of merchandise. On July 12, it paid the full amount due. Assuming the …

A company purchased $8,200 of merchandise on June 15 with terms of 3/10, n/45. A

A company purchased $8,200 of merchandise on June 15 with terms of 3/10, n/45. A company purchased $8,200 of merchandise on June 15 with terms of 3/10, n/45. A company purchased $…

A company purchased $9,000 of merchandise on June 15 with terms of 3/10, n/45. O

A company purchased $9,000 of merchandise on June 15 with terms of 3/10, n/45. On June 20, it returned $450 of that merchandise. On June 24, it paid the balance owed for the merch…

A company purchased $9,400 worth of merchandise. Transportation costs were an ad

A company purchased $9,400 worth of merchandise. Transportation costs were an additional $60. The company later returned $1,700 worth of merchandise and paid the invoice within th…

A company purchased 20 printers at $12,000 each for cash. Management has approve

A company purchased 20 printers at $12,000 each for cash. Management has approved the following requests.  1. The sales team wants to use one as a demo unit on the floor for 3 mon…

A company purchased 700 cartons of a certain type of paper at a price of $35 per

A company purchased 700 cartons of a certain type of paper at a price of $35 per carton. The standard price is $27. Its standard quantity of this type of paper is 725 cartons. Wha…

A company purchased a computer on January 1, 2010 for $20,000 cash. The computer

A company purchased a computer on January 1, 2010 for $20,000 cash. The computer is estimated to have a 5 year useful life, and no salvage value. On January 1, 2011, due to obsole…

A company purchased a delivery truck on January 1, 2013, for $12,000. It is esti

A company purchased a delivery truck on January 1, 2013, for $12,000. It is estimated that the delivery truck will have a $3,000 salvage value at the end of its 5-year useful life…

A company purchased a delivery van for $18,500 with a salvage value of $2,900 on

A company purchased a delivery van for $18,500 with a salvage value of $2,900 on September 1, Year 1. It has an estimated useful life of 4 years. Using the straight-line method, h…

A company purchased a machine for $200,000. The accumulated depreciation on the

A company purchased a machine for $200,000. The accumulated depreciation on the machine is now $130,000. The machine is junked. Which journal entry is prepared to record the dispo…

A company purchased a machine for Php200.000. It paid shipping costs of Php 15.0

A company purchased a machine for Php200.000. It paid shipping costs of Php 15.000 and nonrccumng installation costs amounting to Phpl0.000. At the end of 3 years, the company had…

A company purchased a machine on August 7, 2017 for $72,000. The machine has an

A company purchased a machine on August 7, 2017 for $72,000. The machine has an estimated residual value of $12,000 and an estimated useful life of 5 years or 3,000,000 units. The…

A company purchased a machine on January 1 of the current year for $750,000. The

A company purchased a machine on January 1 of the current year for $750,000. The machine is estimated to have a 5 year life and a salvage value of $75,000. The factory manager est…

A company purchased a new crane for $360,500 at the beginning of year 1. The cra

A company purchased a new crane for $360,500 at the beginning of year 1. The crane has an estimated residual value of $35,000 and a useful life of 6 years. The crane is expected t…

A company purchased a patent on January 1, 2014, for $2,500,000. The patent\'s l

A company purchased a patent on January 1, 2014, for $2,500,000. The patent's legal life is 20 years but the company estimates that the patent's useful life will only be 5 years f…

A company purchased a patent on January 1, 2018, for $2,500,000. The patent\'s l

A company purchased a patent on January 1, 2018, for $2,500,000. The patent's legal life is 20 years but the company estimates that the patent's useful life will only be 5 years f…

A company purchased a plant asset for $60,000. The asset has an estimated salvag

A company purchased a plant asset for $60,000. The asset has an estimated salvage value of $4,000, and an estimated useful life of 7 years. The annual depreciation expense using t…

A company purchased a rope braiding machine for $181,000 The machine has a usefu

A company purchased a rope braiding machine for $181,000 The machine has a useful life of 9 years and a residual value of $12.500 if is estimated that the machine could produce 77…

A company purchased a rope braiding machine for $184,000. The machine has a usef

A company purchased a rope braiding machine for $184,000. The machine has a useful life of 9 years and a residual value of $11,000. It is estimated that the machine could produce …

A company purchased a tract of land for its natural resources at a cost of $1,65

A company purchased a tract of land for its natural resources at a cost of $1,656,800. It expects to mine 2,060,000 tons of ore from this land. The salvage value of the land is ex…

A company purchased a tract of land for its natural resources at a cost of $1,83

A company purchased a tract of land for its natural resources at a cost of $1,830,800. It expects to mine 2,120,000 tons of ore from this land. The salvage value of the land is ex…

A company purchased a weaving machine for $206,520. The machine has a usedul lif

A company purchased a weaving machine for $206,520. The machine has a usedul life of 8 years and a residual value of $11,000. It is estimated that the machine could produce 752,00…

A company purchased a weaving machine for $281,850. The machine has a useful lif

A company purchased a weaving machine for $281,850. The machine has a useful life of 8 years and a residual value of $15,500. It is estimated that the machine could produce 761,00…

A company purchased a weaving machine for $290,320. The machine has a useful lif

A company purchased a weaving machine for $290,320. The machine has a useful life of 8 years and a residual value of $16,000. It is estimated that the machine could produce 762,00…

A company purchased a weaving machine for $315,850. The machine has a useful lif

A company purchased a weaving machine for $315,850. The machine has a useful life of 8 years and a residual value of $17,500. It is estimated that the machine could produce 765,00…

A company purchased a weaving machine for $341,560. The machine has a useful lif

A company purchased a weaving machine for $341,560. The machine has a useful life of 8 years and a residual value of $19,000. It is estimated that the machine could produce 768,00…

A company purchased a weaving machine for dollar 214,810. The machine has a usef

A company purchased a weaving machine for dollar 214,810. The machine has a useful life of 8 years and a residual value of dollar 11,500. It is estimated that the machine could pr…

A company purchased and installed a machine on January 1, 2011, at a total cost

A company purchased and installed a machine on January 1, 2011, at a total cost o line depreciation was calculated based on the assumption of a five-year life and no salvage machi…

A company purchased and installed equipment on January 1 at a total cost of $72,

A company purchased and installed equipment on January 1 at a total cost of $72,000. Straight-line depreciation was calculated based on the assumption of a five-year life and no s…

A company purchased equipment and signed a 7-year installment loan at 9% annual

A company purchased equipment and signed a 7-year installment loan at 9% annual interest. The annual payments equal $9,000. The present value factor for an annuity for 7 years at …

A company purchased factory equipment for $100,000. It is estimated that the equ

A company purchased factory equipment for $100,000. It is estimated that the equipment will have a $10,000 salvage value at the end of its estimated 4-year useful life. If the com…

A company purchased factory equipment on April 2, 2015 for $160,000. It is estim

A company purchased factory equipment on April 2, 2015 for $160,000. It is estimated that the equipment will have a $20,000 salvage value at the end of its 10-year useful life. Us…

A company purchased furniture on January 1. Its cost was $7,800, and it had a re

A company purchased furniture on January 1. Its cost was $7,800, and it had a residual value of $1,800. Its useful life is determined to be 8 years. Using double- declining balanc…

A company purchased inventory for $3,000 from a vendor on? account, FOB shipping

A company purchased inventory for $3,000 from a vendor on? account, FOB shipping? point, with terms of 22?/15, ?n/30. The company paid $ 200 cash for freight in. The entry to reco…

A company purchased inventory for $4,000 from a vendor on account, FOB shipping

A company purchased inventory for $4,000 from a vendor on account, FOB shipping point, with terms of 2/10, n/30. The company paid $100 cash for freight in. The entry to record the…

A company purchased land for its natural resources at a cost of $1,550,000. It e

A company purchased land for its natural resources at a cost of $1,550,000. It expects to mine 2,125,000 tons of ore from this land. The residual value of the land is estimated to…

A company purchased land for its natural resources at a cost of $1,570,000. It e

A company purchased land for its natural resources at a cost of $1,570,000. It expects to mine 2,175,000 tons of ore from this land.The residual value of the land is estimated to …

A company purchased office supplies costing $3,000 and debited Office Supplies f

A company purchased office supplies costing $3,000 and debited Office Supplies for the full amount. At the end of the accounting period, a physical count of office supplies reveal…

A company purchased property for $100,000. The property included a building, a p

A company purchased property for $100,000. The property included a building, a parking lot, and land. The building was appraised at $55,500; the land at $50,200, and the parking l…

A company purchased property for $120,000. The property included a building, equ

A company purchased property for $120,000. The property included a building, equipment and land. The building was appraised at $90,000, the land at $59,000, and the equipment at $…

A company purchased property for $140,000. The property included a building, equ

A company purchased property for $140,000. The property included a building, equipment and land. The building was appraised at $78,000, the land at $53,000, and the equipment at $…

A company purchased property for $145,000. The property included a building, equ

A company purchased property for $145,000. The property included a building, equipment and land. The building was appraised at $100,000, the land at $64,000, and the equipment at …

A company purchases 86 400 items per year for use in its production process. If

A company purchases 86 400 items per year for use in its production process. If the unit cost is $9.25, the holding cost for one unit is 60 cents per month, and the cost of making…

A company purchases a delivery van by paying $8,500 cash and by signing a $28,50

A company purchases a delivery van by paying $8,500 cash and by signing a $28,500 note payable. Which of the following correctly describes the recording of the delivery van purcha…

A company purchases a machine that has an original cost of $11,500, transportati

A company purchases a machine that has an original cost of $11,500, transportation costs of $500, installation charges of $1,500, an estimated life of 4 years or 20,484 hours, and…

A company purchases a piece of plant for $250,000 with an expected life of 5 yea

A company purchases a piece of plant for $250,000 with an expected life of 5 years, when it expects to be able to sell it for $50,000. The cost of capital for this company is 17%.…

A company purchases inventory during the year in 4 batches, with unit and price

A company purchases inventory during the year in 4 batches, with unit and price amounts shown below: Batch 1 – 9,500 units @ $2.10 per unit Batch 2 – 4,300 units @ 2.08 per unit B…

A company purchases inventory during the year in four batches, with unit and pri

A company purchases inventory during the year in four batches, with unit and price amounts shown below: Batch 1 – 9,500 units @ $2.10 per unit Batch 2 – 4,300 units @ $2.08 per un…

A company purchases land using its common stock. If the company prepares the sta

A company purchases land using its common stock. If the company prepares the statement of cash flows using the indirect method or the direct method, where would this transaction a…

A company purchases packaging materials, as well as a new packing and storage wa

A company purchases packaging materials, as well as a new packing and storage warehouse where these materials will be used. Should the materials and warehouse be classified as cur…