Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. can you explain please! southwest milling compa

Can You Explain please! Southwest Milling Company purchased a front-end loader to...

70.2K

Verified Solution

Question

Accounting

Can You Explain please! image
Southwest Milling Company purchased a front-end loader to move stacks of lumber. The loader had a list price of $122,060. The seller agreed to allow a 4.50 percent discount because Southwest Milling paid cash. Delivery terms were FOB shipping point. Transportation cost amounted to $2,340. Southwest Milling had to hire a specialist to calibrate the loader. The specialist's fee was $1,48. The loader operator is poid an annual salary of $37,310. The cost of the company's theft insurance policy increased by $2,480 per year as a result of acquiring the loader. The loader had a four-year useful life and an expected salvage value or $12,000. Required: Determine the amount to be capitalized in an asset account for the purchase of the front-end loader Note: Round your answers to the nearest whole dollar. Amounts to be deducted should be indicoted with minus sign

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

please answer in excel PART 1 You are planning to purchase a house that costs $420,000. You plan...

Finance
Q

A point object O is placed in a medium of refractive index 1 4 S...

Physics
Q

Let y Find dy da tan x O sec x 2 tan x sec x...

Basic Math
Q

Let g(w) = arctan( - 6w)Determine the derivative of g.g'(w) ==Determine the slope of g...

Calculus
Q

State whether each equation represents a direct joint inverse or combined variation Then name the...

Algebra
Q

Underline Ms. Henderson comes to you for advice in February 2024. Last year, 2023 was...

Accounting
Q

Cadavieco Detailing's cost formula for its materials and supplies is $2,050 per month plus $11...

Accounting
Q

Please answer 1-4 s Solutions provides order fulfillment services for dot.com...

Accounting
Q

MSI is considering eliminating a product from its ToddleTown Tours collection. This collection is aimed...

Accounting
Q

Sales Allowances Fitz-Chivalry Corporation reports the following information on its 2019 income statement. ...

Accounting
Q

Two years ago Red Bricks Ltd. bought a parcel of land for $200,000 and spent...

Finance
Q

Cougar Corp has market value of $33 million of equity and a market value of...

Finance