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Valentin [98]
3 years ago
9

Southwest Milling Co. purchased a front-end loader to move stacks of lumber. The loader had a list price of $118,660. The seller

agreed to allow a 4.25 percent discount because Southwest Milling paid cash. Delivery terms were FOB shipping point. Freight cost amounted to $2,640. Southwest Milling had to hire a specialist to calibrate the loader. The specialists fee was $1,160. The loader operator is paid an annual salary of $18,160. The cost of the companys theft insurance policy increased by $2,040 per year as a result of acquiring the loader. The loader had a four-year useful life and an expected salvage value of $14,000.RequiredDetermine the amount to be capitalized in the asset account for the purchase of the front-end loader. Round your answers to the nearest whole dollar. Amounts to be deducted should be indicated with minus sign.Cost that are to be capitilized AnswerList Price _______Either ADD or Less: Discount _______Either ADD or Less: Discount _______Either ADD or Less: Discount _______Total Costs $0
Business
1 answer:
natulia [17]3 years ago
7 0

Answer:

$117,417

Explanation:

Calculation to Determine the amount to be capitalized in the asset account

Costs that are to be capitalized:

List price $118,660

Less: Discount ($5,043)

($118,660*4.25%)

Freight cost $2,640

Specialist fee $1,160

Total costs $117,417

Therefore the amount to be capitalized in the asset account will be $117,417

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Explanation:

Supply refers to the volume of a product that sellers are willing to sell in the market at a given price. As per the law of supply, a higher price motivates sellers to avail more products in the markets. Sellers or suppliers are businesses and are motivated by higher profits.  When prices are high, the profit margin will be high, which is an incentive for increased supply. Lower prices have lower margins, which is a risk to a business. Low prices result in reduced prices.

Supply is influenced by demand. If supply does not match demand, there will be either a shortage or excess supply in the market. When demand is low, sellers will reduce supply to avoid losses associated with excess supply .

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