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
insens350 [35]
2 years ago
15

Crane Company purchased equipment on January 1 at a list price of $120000, with credit terms 4/10, n/30. Payment was made within

the discount period. Crane paid $4750 sales tax on the equipment and paid installation charges of $2100. Prior to installation, Crane paid $5600 to pour a concrete slab on which to place the equipment. What is the total cost of the new equipment
Business
1 answer:
Brrunno [24]2 years ago
4 0

Answer:

The cost of equipment = $127,650

Explanation:

<em>According to International Accounting Standards (IAS) 16, property plants and equipment, the cost of land includes all of the cost necessary to bring and make it ready for the intended use.  </em>

<em>These costs include purchase cost, fees and commission associated with the purchase transaction. </em>

Here in this question the installation charges, sales taxes and the cost of concrete slab all fall within the definition of IAS 16

The quotation 4/10, n/30 implies that if payment is made within =10 days, Crane would get 4% off the initial purchase price.

Since the payment was made within the discounted period, the net purchase price would be

Purchase price = 120,000 - (4%× 120,000)= 115,200

The cost of equipment = 115,200 +4,750 + 2,100 + 5600= 127650

The cost of equipment = $127,650

You might be interested in
What is it called when banks record which account gives up money and which account receives money when a customer writes a check
swat32

Answer:

Check Clearing

Explanation:

The process by which bank records which account gives up money is called check clearing. Check clearing is the process by which banks record whose account gives up money and whose account receives money when a customer writes a check. A bank holding company is a company that owns multiple banks.

4 0
3 years ago
Which of the following describes the substitution effect of a price change?A) The change in demand that results from a change in
Liula [17]

Answer:

The answer is D. The change in quantity demanded of a good that results from a change in price, making the good more or less expensive relative to other goods, holding constant the effect of the price change on consumer purchasing power

Explanation:

Substitution effect is a concept in which, as the price of a good or service increases, less of the good or service is substituted for other less expensive.

For example, if the price of Pepsi were to rise, the substitution effect would cause the consumer to buy less of it and substitute more coca-cola for now relatively more expensive Pepsi.

Option A. is wrong because we are talking about the quantity demanded and not just demand. (Please take note).

6 0
3 years ago
Select the items that describe how business investments can cause economic growth.
NikAS [45]
Investments can lead to more demand for goods. Investment means an increase in capital spending and is a component of Aggregate Demand (AD), if there is an increase in investment it will help to boost AD and therefore economic growth.
4 0
3 years ago
Complete the Analysis section using formulas with statistical functions. Use named ranges instead of cell references in the form
hram777 [196]

Answer:

The formula for average is =AVERAGE(E15,E16).

The formula for highest is =MAX(F15,F16).

The formula for lowest is =MIN(G15,G16).

Explanation:

In MS Excel, on the left hand side below the tool bar there is a small box which tells the cell name where the cursor is clicked, the name of the cell can be changed from here easily, click on the desired cell and then by clicking on the box you can enter the name of the cell. After a cell is renamed the formula can be written by simply putting the name of the cell instead of the original e.g. E13

The formula for average is =AVERAGE(E15,E16).

The formula for highest is =MAX(F15,F16).

The formula for lowest is =MIN(G15,G16).

The cells provided in the formula above is just an example and more than two cells can be selected.

5 0
3 years ago
When conducting "focused" inspections, OSHA compliance officers look at four
Rzqust [24]

Answer:

The goal of focused inspections is to reduce injuries, illness, and fatalities in those top four hazards. When deciding whether to conduct a focused inspection, OSHA compliance officers will determine whether there is project coordination by the general contractor and prime contractor.

Explanation:

I hope this helped you :D

6 0
2 years ago
Other questions:
  • Equipment with an estimated market value of $30,000 is offered for sale at $45,000. The equipment is acquired for $15,000 in cas
    5·1 answer
  • If a perfectly competitive firm and a single-price monopolist face the same demand and cost curves, then the competitive firm wi
    7·1 answer
  • Wyatt Co. has a probable loss that can only be reasonably estimated within a range of outcomes. No single amount within the rang
    10·1 answer
  • s has decided that he wants to build enough retirement wealth that, if invested at 7 percent per year, will provide him with $3,
    8·1 answer
  • 2. Select the correct sentence for errors in the preceding report. 1. Sales salaries, promotional expenses, corporate office ins
    6·1 answer
  • In 2010, many high-income countries will be focused on the short-term economic horizon due to aggressive and often controversial
    10·1 answer
  • Inspection costs at one of Ratulowski Corporation's factories are listed below: Units Produced Inspection Costs April 906 $ 16,3
    9·1 answer
  • What are the objectives of HRM?
    11·1 answer
  • Eric and Chris run a non-regulated natural monopoly producing electricity for a small town. The barrier most likely preventing o
    5·1 answer
  • Brandon, a manager at Cerium Corp., is required to provide individual performance feedback to his subordinates. In this scenario
    13·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!