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scoray [572]
3 years ago
9

Luxton Ltd. signed a $378,000, 5-year note payable to buy a new machine. Luxton paid $6,000 cash for transportation of the machi

ne and $900 cash for installation costs. What is the overall effect of this transaction on the accounting equation
Business
1 answer:
liq [111]3 years ago
6 0

Answer:

$378,000

Explanation:

The answer to this question is quite simple

The Total Assets increase is $378,000

This is so due to the fact that the Notes Payable is $378,000 and there is no other transaction of liability

We have as net change on the asset to be $378000+$6900-_6900

This gives us = +$378000

Now this balances with a net increase in the 378,000 liability. Thus, the right answer is Total assets is going to increase by $378,000

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Cox Co. accounts for its inventory using the LIFO cost method. An inventory loss from a permanent market decline of $360,000 occ
kirill115 [55]

Answer:

$360,000

Explanation:

Last in first out (LIFO) is a method used in inventory where the cost of most recently purchased goods is the one to be expensed first. Also current losses are the first to be reported.

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All of a company's depreciation, property taxes, and insurance premiums are considered manufacturing overhead.
Irina18 [472]

All of a company's depreciation, property taxes and insurance premiums are considered manufacturing overhead (MOH) ----- False.

What is considered manufacturing overhead?

Manufacturing overhead (MOH) cost is the sum of all the indirect costs which are incurred while manufacturing a product. It is added to the cost of the final product along with the direct material and direct labor costs.

What does manufacturing overhead include?

Manufacturing overhead includes indirect materials, indirect labor, depreciation on factory buildings and machines, and insurance, taxes, and maintenance on factory facilities. Costs that are a necessary and integral part of producing the finished product.

. Direct labor :

Is the cost of the workers who make the product. The cost of supervisory personnel, management, and factory maintenance workers, although they are needed to operate the factory, are classified as indirect labor because these workers do not use the direct materials to build the product.

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7 0
1 year ago
Exercise 169 Yates Manufacturing Company incurs the following manufacturing costs and expenses during the month of May. 1. Assem
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Answer:

1. Assembly line wages - Direct labor, manufacturing cost

2. Raw material used directly in product - Direct material, manufacturing cost

3. Depreciation on office equipment - In direct, Administrative cost

4. Property tax on factory building - Indirect, Manufacturing cost

6. Sales commission - Selling cost

7. Depreciation on factory equipment - Direct, Manufacturing cost

8. Factory utilities - Administrative cost

9. Wages for factory maintenance workers - Direct, Manufacturing cost

10. Advertising - Selling cost

11. Indirect material used in production - Indirect, Manufacturing cost

12. Factory manager's salary - Administrative cost

Explanation:

The cost which is affected by the production of units is known as variable cost. The cost which does not vary with the units produced is fixed cost.

The costs which are related to selling and storage of the finished goods is selling cost. The cost which is not affected by units produced and is related to office premises and controlling an organization is administrative cost. The cost which varies with the production of units and is incurred to convert raw material into finished goods is manufacturing cost.

7 0
3 years ago
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