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Tanzania [10]
3 years ago
10

Wiley company purchased new equipment for $60,000. wiley paid cash for the equipment. other costs associated with the equipment

were: transportation costs, $1,000; sales tax paid $3,000; and installation cost, $2,500. the cost recorded for the equipment was:
Business
1 answer:
Colt1911 [192]3 years ago
6 0
The total cost of equipment that should be recorded is calculated by adding up all the given values in this item. The costs include equipment cost, transportation cost, tax, and installation cost. Adding up all the values,

     TC = ($60,000) + ($1,000) + ($3,000) + ($2,500)
               TC = $66,500

ANSWER: TC = $66,500
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A building acquired at the beginning of the year at a cost of $1,375,000 has an estimated residual value of $250,000 and an esti
BARSIC [14]

Answer:

a. 0.05

b. $68,750

a. $1,150,000

b. 0.1

c. $115,000

Explanation:

Depreciation expense using the double declining method = Depreciation rate x cost of the asset

Depreciation rate = 2 x (1/useful life)  = 2 / 40 = 0.05

The double-declining-balance depreciation for the first year = 0.05 x $1,375,000  = $68,750

Straight line depreciation expense = (Cost of asset - Salvage value) / useful life

The depreciable cost = Cost of asset - Salvage value = $1,450,000 - $300,000 = $1,150,000

The straight line rate = 1 / useful life = 1 / 10 = 0.1

The annual straight-line depreciation = $1,150,000 x 0.1 = $115,000

5 0
3 years ago
Suppose ABC Bank offers to lend you $1,000 at a nominal rate of 8%, compounded monthly. The loan (principal plus interest) must
Alchen [17]

Answer:

The difference in the effective annual rates charged by the two banks is:

0.7%.

Explanation:

a) Data and Calculations:

ABC Bank lending = $1,000

Rate of interest = 8% compounded monthly

Effective monthly rate of interest = 8%/12 = 0.667

FV (Future Value) $1,083.00

PV (Present Value) $1,000.00

N (Number of Periods) 12.000

I/Y (Interest Rate) 0.667%

PMT (Periodic Payment) $0.00

Starting Investment $1,000.00

Total Principal $1,000.00

Total Interest $83.00

Effective annual interest rate = $83/$1,000 * 100 = 8.3%

Bank XYZ lending = $1,000

Rate of interest = 9% annually

FV (Future Value) $1,090.00

PV (Present Value) $1,000.00

N (Number of Periods) 1.000

I/Y (Interest Rate) 9.000%

PMT (Periodic Payment) $0.00

Starting Investment $1,000.00

Total Principal $1,000.00

Total Interest $90.00

Effective annual interest = 9%

Difference in rates = 9% - 8.3% = 0.7%

b) Bank XYZ charges more interest by 0.7% thank ABC Bank.

7 0
3 years ago
Arianna is responsible for the cleaning, pet, and paper products in the grocery store where she works. she considers herself an
Naya [18.7K]

Arianna is engaged in the category management of the store. Category management is involved in the retailing and the purchasing concept by which it ranges the products that are being purchased or the products that are being sold into categories that are being broken down in discrete groups that are in similar or products that are related.

4 0
3 years ago
Read 2 more answers
Suppose a worker is offered a wage of $8 per hour, plus a fixed payment of $100 per day, and she can use 24 hours per day. what
Allushta [10]

Suppose a worker is offered a wage of $8 per hour, plus a fixed payment of $100 per day, and she can use 24 hours per day. The Market rate of substituion between leisure & income is $8 per day.

Because the budget line FE describes the opportunities available to a worker who has $100 of nonlabor income per week, faces a market wage rate of $10 per hour, and has 110 hours of nonsleeping time to allocate between work and leisure activities This means that the person will choose the level of goods and leisure that lead to the highest possible level of the utility index given the limitations imposed by the budget constraint.  

Leisure is the time when you are free from work or other duties and can relax.

Limitations the act of controlling the size or extent of something the act of limiting something.

Budget is a spending plan based on income and expenses.

To know more about the Leisure here

brainly.com/question/1558173

#SPJ4

3 0
2 years ago
Ketchum & Lushene Hardware sells 100 hammers daily. The supplier takes two days
Softa [21]

Answer:

He should reorder when he is left with 200 hammers.

Explanation:

Reorder point is the trigger which informs the businessmen to order the inventory when the stock is used.

Reorder point =  Safety Stock + (Average daily usage of units * Average lead time in days )

Reorder Point = 0 + (100 hammers * 2 days)

Reorder Point = 200

8 0
3 years ago
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