1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
Alex777 [14]
3 years ago
5

On May 1, Marie Company purchased new machinery for $70,000 plus 8% sales tax. The machinery was advertised for $72,000. Other c

osts associated with the machinery were: testing of the new machine, $2,000; delivery cost of $3,600; installation cost, $5,500; and hiring of a new employee to run the machine at $2,880/month. At what amount will the machinery be recorded on a balance sheet?
Business
1 answer:
ZanzabumX [31]3 years ago
4 0

Answer:

$86,700

Explanation:

The computation of the amount recorded for the machinery is shown below:

= Purchase value of the new machinery + sales tax + testing cost of new machine + delivery cost + installation cost

= $70,000 + $5,600 + $2,000 + $3,600 + $5,500

= $86,700

The sales tax is as follows

= $70,000 × 8%

= $5,600

We simply applied the above formula

You might be interested in
Department S had no work in process at the beginning of the period. 13,934 units of direct materials were added during the perio
love history [14]

Answer:

Option (B) is correct.

Explanation:

Equivalent units of production(EUP) - Materials:

= Transferred out + Ending balance

= 10,451 units × 100% + 3,483 units × 100%

= 10,451 + 3,483

= 13,934

Equivalent units of production(EUP) - conversion:

= Transferred out + Ending balance

= 10,451 units × 100% + 3,483 units × 36%

= 10,451 + 1,253.88

= 11,704.88

Material cost = \frac{Cost\ of\ direct\ material}{EUP\ material}\times units\ transferred\ out

Material cost = \frac{97,538}{13,934}\times 10,451

                      = 73,157

Conversion cost = \frac{Direct labor+overhead}{EUP\ conversion}\times units\ transferred\ out

Conversion cost = \frac{51,257+8,903}{11,705}\times 10,451

Conversion cost = \frac{60,160}{11,705}\times 10,451

                            = 53,715

Therefore,

Total cost of units completed during the period(10,451 units):

= Material cost + Conversion cost

= 73,157 + 53,715

= 126,872

5 0
3 years ago
Managers must be able to determine whether their workers are doing an effective and efficient job, with a minimum of errors and
Katarina [22]

Answer:

a. True

Explanation:

This system of performance review is a 360-degree review or feedback process where a given employee receives inputs on her performance (or other criteria such as behaviors, competencies and results achieved) from different employees with varying working relationships and at different levels.  The idea is to ensure that the employee's performance is not partial or biased.  Using this system, the employee who may be a manager will have her performance reviewed by employees below, above, and on the same level with her.

6 0
3 years ago
What’s the best business in the world
nirvana33 [79]
Technology wise: Apple or Microsoft

Food wise: McDonalds or KFC
4 0
3 years ago
When comparing two investments with the same effective rate, one with a 4-year term and semi-annual compounding and one with a 2
Delicious77 [7]

The 4-year term instrument's nominal rate is higher than the 2-year term instrument's nominal rate.

What is nominal rate?

The increase in payment you make to the lender for using the borrowed funds is known as the nominal interest rate.

The rate of compounding is higher for 2-year investments than for 4-year investments, which are compounded semi-annually.

As a result, option (b) is correct.

Learn more about on nominal rate, here:

brainly.com/question/13324776

#SPJ1

6 0
2 years ago
If a bank that desires to hold no excess reserves and has just enough reserves to meet the required reserve ratio of 10 percent
Misha Larkins [42]

Answer:

 c. $360 increase in excess reserves and a $40 increase in required reserves

Explanation:

Required reserves is the amount of reserves that is required by the Central bank that banks should keep.

Required reserve = reserve ratio × deposit

= 0.1 × $400 = $40

Excess reserve is the amount of reserves kept in excess of the required reserves.

Excess reserve = Deposit - Required reserve = $400 - $40 = $360

I hope my answer helps you

4 0
3 years ago
Other questions:
  • Elin owes Floyd $10,000. Floyd assigns the claim to Gary. Gary does not notify Elin of the assignment. A week later, Floyd assig
    9·1 answer
  • If you want to move into an upper-level management position with a major hotel chain, would you pursue education? Explain.
    10·1 answer
  • I'LL GIVE YOU BRAINLIEST and 99 POINTS!!!
    11·2 answers
  • Lower-of-cost-or-market as it applies to inventory is best described as the:
    7·1 answer
  • What monthly rate of interest will yield an annual effective rate of interest of 14%?
    15·1 answer
  • On October​ 1, 2019, Fashion Jewelers accepted a​ 5-month, 11% note for​ $7,500 in settlement of an overdue account receivable.
    5·1 answer
  • Instead of offering its products through "brick-and-mortar" companies, a book distributor decides to market directly to customer
    9·1 answer
  • April has joined a team with members from the sales, customer services, and shipping and receiving departments. which term best
    11·2 answers
  • Which feature prevents a company from uilizing the private assets of its shareholders for the payment of its leabiities?​
    9·1 answer
  • According to the video, what are some qualities Air Traffic Controllers need? Check all that apply.
    14·2 answers
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!