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kotegsom [21]
3 years ago
11

Anchor Company purchased a manufacturing machine with a list price of $93,000 and received a 2% cash discount on the purchase. T

he machine was delivered under terms Free On Board shipping point, and freight costs amounted to $3,800. Anchor paid $5,400 to have the machine installed and tested. Insurance costs to protect the asset from fire and theft amounted to $7,000 for the first year of operations. Based on this information, the amount of cost recorded in the asset account would be:
Business
1 answer:
r-ruslan [8.4K]3 years ago
6 0

Answer:

$100,340

Explanation:

<em>The amount of cost recorded in the asset account would be:</em>

List price                                    $93,000

Less: Discount ($93,000*2%)   $1,860

Add: Freight                               $3,800

Add: Installation&Testing          <u>$5,400 </u>

Cost of the machine                 <u>$100,340</u>

Note: Insurance cost is not included in the cost of the machine

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Wiggle Pools has total equity of $358,200 and net income of $47,500. The debt-equity ratio is .68 and the total asset turnover i
Westkost [7]

Answer:

It is 6.58%

Explanation:

Debt-Equity Ratio = Debt/Equity

0.68= Debt/358,200

Debt = 0.68 x 358,200

Debt = $243,576

Total Asset Turnover = Revenue/ Total Asset

Total Assets = Debt + Equity = $243,576+ $358,200=$601,776

1.2= Revenue/601,776

Revenue= 1.2 x 601,776

              =$722,131.20

Profit Margin = Net income/ Revenue x 100%

                       = $47,500/$722,131.20 x100%

                       = 6.58%

6 0
3 years ago
If the government for the state of Washington collects $65.8 billion in tax revenues in 2013 and total spending in the same year
MatroZZZ [7]

Answer:

D a budget deficit.

Explanation:

A budget deficit is when government spending exceeds income from taxes.

The State of Washington spent a total of $74.8 billion and had a total income of $65.8 billion. Spending exceeds income from taxes by $9 billion. The State of Washington has a budget deficit.

A budget surplus is when income from taxes exceeds government spending.

I hope my answer helps you.

8 0
3 years ago
What kind of skills is necessary as an art and communication manager?
adoni [48]

Answer: all of the above

Explanation:

3 0
2 years ago
Read 2 more answers
A(n) ____ goal for a waste management plant could be to "identify barriers to recycling as well as means to overcome those barri
OleMash [197]

Answer:

Tactical.

Explanation:

Strategic goals are utilized to characterize tactical goals, which demonstrate the particular accomplishment destinations of every office and division in the organization. The most profitable tactical goals will lead straightforwardly to the achievement of strategic goals.

7 0
3 years ago
ABC Corporation had a 1/1/20 balance in the Allowance for Doubtful Accounts of $40,000. During 2020, it wrote off $28,800 of acc
SVETLANKA909090 [29]

Answer:

$20,400

Explanation:

The computation of the bad debt expense for 2020 is shown below:

Ending balance of Allowance for Uncollectible Accounts = Beginning balance of Allowance for Uncollectible Accounts + bad debts -write off amount

where,

Ending balance of allowance for uncollected accounts is

= $800,000 × 5%

= $40,000

Beginning balance of Allowance for Uncollectible Accounts is $40,000

And, the written off amount is

= $28,800 - $8,400

= $20,400

So, the bad debt expense is

= $40,000 - $40,000 + $20,400

= $20,400

We simply applied the above formula so that the bad debt could arrive

6 0
3 years ago
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