Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. southwest milling company purchased a front end lo

southwest milling company purchased a front end loader to move stacks of lumber. the loader...

70.2K

Verified Solution

Question

Accounting

southwest milling company purchased a front end loader to move stacks of lumber. the loader had a list price of $124,810. the seller agreed to allow a 5.50 percent discount because southwest milling paid cash. delivery terms were FOB shipping point. freight cost amounted to $2,300. southwest milling had to hire a specialist to calibrate the loader. the specialists fee was $800. the loader operator is paid an annual salary of $29,720. the cost of the companys theft insurance policy increased by $1860 per year as a result of acquiring the loader. the loader had a four year useful life and an expected salvage value of $13,700. a.determine the amount to be capitalized in an asset account for the purchase of the loader b.record the putchase in general journal format

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Q

Itranscript Definition of Reservoir he primary habitat in the natural world from which a pathogen...

Biology
Q

Disposal of fixed asset Equipment acquired on January 6 at a cost of 187 700...

Basic Math
Q

According to Maryland Matters org 77 of Marylanders are fully vaccinated for COVID 19 A...

Statistics
Q

Find dy dt dy dt at x 2 if y 2x 3 and dx dt...

Calculus
Q

An agent s responsibility is OA only to the principal OB to the principal the...

Algebra
Q

1-a. How much will net operating income increase (decrease) per month if the monthly advertising...

Accounting
Q

Q3-Differentiate between the general ledger, subsidiary ledgers and reconciliation accounts. Explain how they are related....

Accounting
Q

Preble Company manufactures one product. Its variable manufacturing overhead is applied to production based on...

Accounting
Q

1. do you think that the direct labor cost and direct material cost are accurately...

Accounting
Q

QUESTION 1[25] You have been provided with the following relevant information relating to a...

Accounting
Q

anyone can help me this question? thank you very much! Exercise 8-15 Your answer...

Accounting
Q

Unadjusted net income equals $8,000. Calculate what net income will be after the following adjustments:...

Accounting