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zimovet [89]
3 years ago
7

Tamarisk, Inc. incurs the following expenditures in purchasing a truck: cash price $42,000, accident insurance $2,900, sales tax

es $2,700, motor vehicle license $100, and painting and lettering $400. What is the cost of the truck
Business
1 answer:
AURORKA [14]3 years ago
6 0

Answer:

$44,700

Explanation:

The cost of the truck according to IAS 16 under IFRS would only include any cost incurred in bringing the asset to as location or state where it becomes available for use.

Given cost items;

cash price = $42,000

Accident insurance = $2,900

Sales taxes = $2,700

Motor vehicle license = $100

Painting and lettering = $400

From all the cost items stated above, the cost of the truck

= $42,000 + $2,700

= $44,700

Other cost elements will be expensed.

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A recent high school graduate is researching ways she can pay for her college education. She has received three small scholarshi
kkurt [141]

Answer:

C and D

Explanation:

My expertise is sucking d1ck #Po4n⭐4life

3 0
2 years ago
Marin Printing, Inc., prints and binds encyclopedias. The following information was found in the accounting records: Sales price
amm1812

Answer:

$578,500

Explanation:

Sales price per unit = $ 106

Direct materials per unit = $ 51

Direct labor per unit = $14

Variable overhead per unit = $ 10

Fixed overhead per unit = $ 23

Fixed selling costs = $ 49,600

Variable selling costs = $ 166,300

Beginning inventory = 0

Units produced = 106,700

Units sold = 99,300

Under absorption costing,

Unit product cost:

= Direct materials per unit + Direct labor per unit + Variable overhead per unit + Fixed overhead per unit

= $51 + $14 + $10 + $23

= $98

Gross margin:

= Sales - Cost of goods sold

= (99,300 × $106) - (99,300 × $98)

= $10,525,800 - $9,731,400

= $794,400

Total selling and administrative overheads:

= Fixed cost + variable cost

= $49,600 + $166,300

= $215,900

Marin’s operating income:

= Gross margin - Total selling and administrative overheads

= $794,400 - $215,900

= $578,500

7 0
3 years ago
Orear Corporation manufactures two products: Product Z34D and Product J25M. The company uses a plantwide overhead rate based on
Molodets [167]

Answer:

30%

Explanation:

For computing the percentage of the total overhead cost we need to find first plantwide overhead rate and Product J25M (absorbed overhead) which is shown below:-

Plantwide overhead rate = Total plant overhead ÷ Total number of labor hours

= ($120,000 + $90,000 + $84,000 + $300,000) ÷ (7,000 + 3,000)

= $594,000 ÷ 10,000

= 59.4 per labor hour

Product J25M (absorbed overhead) = Plantwide overhead rate × Direct labor hours of Product J25M

= $59.4 × 3,000

= $178,200

So, the Percentage of the total overhead cost = Product J25M (absorbed overhead) ÷ Total plant overhead × 100

= $178,200 ÷ $594,200 × 100

= 30%

6 0
3 years ago
The generally accepted accounting principle which dictates that revenue be recognized in the accounting period in which the perf
Allisa [31]

Answer: (C) Revenue recognition principle

Explanation:

The revenue recognition is one of the type of principle that help[s in understanding the various types of accounts based guidelines that helps in identifying the particular condition in which the revenue is basically recognize.

The importance of third principle is that it helps in ensure the actual loss or the profit Margin that maintains the financial credibility.

According to the given question, the revenue recognition principle basically accepting the various types of accounting principle that helps in satisfying the performance obligations.      

Therefore, Option (C) is correct answer.

5 0
3 years ago
The articles of partnership for Pal-Trotter Partnership provide for a salary allowance of $5,000 per month for partner Trotter,
devlian [24]

Answer: A: $32,000

Explanation: From the question above, a salary allowance of $5000 was made per month. so for the year, its $5,000*12 = $60,000

The partnership made a net income of $80,000

therefore, $80,000-$60,000 = $20,000 net profit to be divided by the partners = $20,000 /2 = $10,000 each

Trotter made an additional $10,000 investment

he also withdrew $4000 per month for the year= $4000*12 = $48,000

his capital increase during the year:

Net profit = $10,000

Additional Investment = $10,000

Salary allowance less withdrawal = $60,000 - $48,000=$12,000

Total = $32,000.00

8 0
3 years ago
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