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Nady [450]
3 years ago
10

Anchor Company purchased a manufacturing machine with a list price of $91,000 and received a 2% cash discount on the purchase. T

he machine was delivered under terms FOB shipping point, and transportation costs amounted to $3,400. Anchor paid $4,800 to have the machine installed and tested. Insurance costs to protect the asset from fire and theft amounted to $6,200 for the first year of operations. What is the cost of the machine
Business
1 answer:
andreev551 [17]3 years ago
7 0

Answer:

$103,580

Explanation:

The Cost of Machine according to IAS 16 include Purchase costs less trade discounts and rebates plus any direct costs incurred to put the asset in the location and condition intended for use by management.

<u>Calculation of the Cost of Machine</u>

Purchase Price                                      $91,000

Cash discount $91,000 x 2%                ($1,820)

Transport Cost                                       $3,400

Installation  and testing costs               $4,800

Insurance costs                                      $6,200

Total Cost                                            $103,580

Therefore,

the cost of the machine is  $103,580

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Sammy salt makes $275,000 a year as an exempt employee. if Olivia was paid on a biweekly basis her gross pay would be $5,288.46.

A person's gross pay is their total earnings for a certain time period before any deductions are made. Gross compensation is determined before any deductions, such as those for required taxes and Medicare contributions, employer-provided health insurance, or retirement plans. The difference between the gross pay definition and the net pay definition is that the former excludes an employee's take-home compensation.

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Emily included the following passage in her report: "Other mid-price restaurants in the Chicago area have achieved phenomenal su
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3 years ago
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