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arsen [322]
3 years ago
10

Pharoah Company purchased machinery on January 1 at a list price of $270000, with credit terms 2/10, n/30. Payment was made with

in the discount period. Pharoah paid $79750 sales tax on the machinery and paid installation charges of $4800. Prior to installation, Pharoah paid $10900 to pour a concrete slab on which to place the machinery. What is the total cost of the new machinery
Business
1 answer:
Lina20 [59]3 years ago
5 0

Answer: $360,050

Explanation:

The total cost of a fixed asset refers to all the cash that was paid to acquire the asset, transport it and then install it.

Cost of the new machinery is therefore = Discounted cost price + Sales tax + Installation charges + Concrete slab

= (270,000 * (1 - 2%)) + 79,750 + 4,800 + 10,900

= 264,600 + 79,750 + 4,800 + 10,900

= $360,050

<em>Cost price was discounted by 2% as per the credit terms of 2/10 which means that there is a discount of 2% if the asset is paid for in 10 days. </em>

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3 years ago
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2 years ago
Power Drive Corporation designs and produces a line of golf equipment and golf apparel. Power Drive has 100,000 shares of common
Galina-37 [17]

Answer and Explanation:

The Preparation of statement of stockholders’ equity is shown below:-

                  <u> Statement of Stockholder's Equity</u>

<u>                          Power Drive Corporation</u>

<u>                For the year ended December 31, 2018</u>

<u>Particulars      Common   Additional    Retained   Treasury   Total</u>

<u>                           stock        paid in          Earning       Stock    Stockholder</u>

<u>                                            capital                                                equity</u>

Jan 1 Balance  100,000  $4,800,000 $2,300,000   0       $7,200,000

Issued common

stock                58,000    $3,132,000      0                 0       $3,190,000

                (58,000 × $1) (58,000 × $54)

Purchase treasury

stock                                                                    -$307,400 -$307,400

                                                                               (5,300 × $58)

Dividends                                              -$251,955                -$251,955

                                        ((100,000 + 58,000 - 5,300) × $1.65)

Sale of Treasury

stock                                  $13,250                       $153,700   $166,950

                                     (2,650 × $5)                   (2,650 × $58)

Net Income                                              $630,000                $630,000

Balance,

December

31            158,000    $7,945,250   $2,678,045  -$153,700 $10,627,595

Total Stockholder's equity  is

= Common stock + Additional paid in capital + Retained earnings - Treasury stock

= 158,000  + $7,945,250  + $2,678,045  - $153,700

= $10,627,595

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creativ13 [48]

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NOTE: If you need to extend the explanation given, you can make a comment or add a new question. I will be very pleased to help you.

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dexar [7]

Answer:

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Explanation:

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Even if the stock worth only $1, it still has monetary value. The same for the $4000 paid to him for consulting work and the royalties worth $10,000.

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