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3 years ago

Which if the following would be debited to the equipment account

Business

2 answers:

Minchanka [31]3 years ago

7 0

Answer:

The correct Choice is: B. In-transit insurance costs

Explanation:

The cost of machinery and equipment includes: • Purchase price (less any discounts) • Transportation (delivery) charges • Insurance while in transit • Sales and other taxes • Purchase commission • Installation costs • Cost of testing the asset before it is used After the asset is up and running, the company no longer debits insurance, taxes, and maintenance costs to the Equipment account. From that point on, insurance, taxes, repairs, and maintenance costs are recorded as expenses. (Financial Accounting, Kemp).

kozerog [31]3 years ago

4 0

I think the answer is a

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For an oil and gas limited partnership (LP), allowances in the form of deductions are allowed by the IRS to be taken to compensa

Triss [41]

Answer:

The allowance can be taken based on:

a reduction (production) of the oil and gas reserves.

Explanation:

A limited partnership's allowance for depletion is a special form of depreciation used to account for the gradual reduction in the value of natural resources based on their usage or consumption. There are two methods for recognizing depletion of natural resources. They are the cost depletion method, which is based on usage, and the percentage depletion method, which is a percentage of gross earnings. Then, depletion is different from depreciation, in that depreciation is for tangible assets, while depletion is for natural assets.

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3 years ago

On January 2, 2019, Kaiman Corporation acquired equipment for $ 700,000. The estimated life of the equipment is 5 years or 50,0

Aneli [31]

Answer:

Accumulated depreciation= $276,000

Explanation:

Giving the following information:

On January 2, 2019, Kaiman Corporation acquired equipment for $ 700,000. The estimated life of the equipment is 5 years. The estimated residual value is $ 10,000.

Depreciable value= 700,000 - 10,000= 690,000

Straight-line depreciation= 690,000/5= $138,000

Accumulated depreciation= 138,000*2= $276,000

5 0

3 years ago

At the equilibrium level of income in the Keynesian model, which of the following statements is nottrue?

ZanzabumX [31]

Answer:

c. There are more unemployed resources.

Explanation:

Equilibrium level of income is the level of income where aggregate supply in the economy is consistent with aggregate demand. that is the level of income planned savings is equal to planned expenditure. the equation can be written as S = I. where S = savings and I = investments

At equilibrium income level, aggregate expenditure is equal to aggregate output. The equilibrium equation can be written as Y = C+I+G+X-M where

Y = national income, I = investment expenditure of the firm, G = government expenditure on goods and services, X = export, M = import.

7 0

3 years ago

TriStar Company, a small biotechnology firm, has borrowed $250,000 to purchase laboratory equipment for gene splicing. The loan

Komok [63]

Answer:

$54,078.85

Explanation:

This is a Time Value of Money question, We are required to find the Payment (Pmt) from the following given parameters :

Pv = $250,000

i = 8%

n = 6

P/yr = 1

Fv = $ 0

Pmt = ?

Pmt = $54,078.85

Therefore Payment per year is $54,078.85 (using a financial calculator)

8 0

3 years ago

Younes Inc. manufactures industrial components. One of its products, which is used in the construction of industrial air conditi

sashaice [31]

Answer:

Contribution margin= $169

Explanation:

First, we need to calculate the total unitary variable cost:

total unitary variable cost= direct material + direct labor + variable overhead + variable selling expense

total unitary variable cost= 38 + 1 + 8 + 4

total unitary variable cost= $51

Now, the contribution margin:

Contribution margin= 220 - 51

Contribution margin= $169

8 0

3 years ago