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crimeas [40]
3 years ago
9

Schrock Company purchases a new delivery van for $60,000. The sales taxes are $4,500. The logo of the company is painted on the

side of the van for $1,200. The van's annual license is $120. The van undergoes safety testing for $220. What does Schrock record as the cost of the new van?
Business
1 answer:
Natasha_Volkova [10]3 years ago
5 0

Answer:

Schrock record the $65,920 as the cost of the new van

Explanation:

The computation of cost of the new van is computed below:

= Purchase cost + sales tax + logo cost + safety testing cost

= $60,000 + $4,500 + $1,200 + $220

= $65,920

where,

Purchase cost is $60,000

Sales tax is $4,500

Logo cost is $1,200

Safety testing cost is $220

The van annual license is not included in the cost of new wan. Thus, it is not consider in the computation part.

Hence, Schrock record the $65,920 as the cost of the new van

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4 0
3 years ago
The following table shows a tool and die company's quarterly sales for the current year. What are sales for the first quarter of
bagirrra123 [75]

Answer:

Quarter 1, Sales 88. seasonal relatives 1.1

Deseasonalized = 88 / 1.1 = 80

Quarter 2, Sales 99. seasonal relatives 0.99

Deseasonalized = 99 / 0.99 = 100

Trend = 80+(100-80) = 100

Reseasonalized  = 100*0.99 = 99

Quarter 3, Sales 108, seasonal relatives 0.9

Deseasonalized = 108 / 0.9 = 120

Trend = 1000+ (120-100) = 120

Reseasonalized  = 1120*0.9 = 108

Quarter 4, Sales 141.4, seasonal relatives 1.01

Deseasonalized = 141.1 / 1.01 = 140

Trend = 120+ (140-120) = 140

Reseasonalized  = 140*1.01 = 141.4

Now to get the Naive trend forecast for the next year first quarter, we say

140 + (140 - 120) = 160

Also to get the Re-seasonalized forecast for the next year first quarter, we say

160*1.1 = 176

6 0
3 years ago
If a firm has set up a revolving credit agreement with a bank, the risk to the firm of being unable to obtain funds when needed
Paladinen [302]

Answer:

True

Explanation:

the risk to the firm of being unable to obtain funds when needed is lower than if it had an informal line of credit.

3 0
3 years ago
Details of the division of partnership income should normally be disclosed in the financial statements.a. Trueb. False
Strike441 [17]

Answer:

a. True

Explanation:

A partnership is a form of business that is owned by 2 or more people through signing of a partnership agreement. Each person is responsible for all the decisions made in the partnership and they share the net income. Details of how the net income is distributed is mentioned in the Partnership income statement. It will be divided equally among the partners as mentioned in the partnership agreement.

8 0
3 years ago
In calculating a predetermined overhead rate, a recent trend in automated manufacturing operations is to choose an activity base
zvonat [6]

Answer:

machine hours

Explanation:

The formula to compute the predetermined overhead rate is shown below:

Predetermined overhead rate = (Total estimated manufacturing overhead) ÷ (estimated direct labor-hours or estimated direct labor hours )

We simply divided the total estimated manufacturing overhead by the activity base

So in the given situation, since the  automated manufacturing operations wants to calculate the predetermined overhead rate so they choose the machine hours as the number of machines are used.

3 0
3 years ago
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