Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. cost of a fixed asset mist city car wash purchase

Cost of a Fixed Asset Mist City Car Wash purchased a new brushless...

90.2K

Verified Solution

Question

Accounting

Cost of a Fixed Asset
Mist City Car Wash purchased a new brushless car-washing machine for one of its bays. The machine cost $32,600. Mist City borrowed the purchase price from its bank on a 1-year, 12% note payable. Mist City paid $500 to have the machine transported to its place of business and an additional $200 in shipping insurance. Mist City incurred the following costs as a part of the installation:
Plumbing
$2,700
1,640
Electrical
1,640
Water (for testing the machine)
35
Soap (for testing the machine)
18
During the testing process, one of the motors became defective when soap and water entered the motor because its cover had not been installed properly by Mist City's employees. The motor was replaced at a cost of $450.
Required:
Compute the cost of the car-washing machine.
image

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

Physics
1.2K views

An otter jumps horizontally off a cliff with a speed of 2.72 m/s and lands in...

Medical Sciences
1.2K views

Describe how blood is pumped through the heart from the entry of deoxygenated blood through the...

Physics
1.2K views

A firefighting crew uses a water cannon that shoots water at 29.0 m/s at a fixed...

Finance
1.2K views

The Darlington Equipment Company purchased a machine 5 years ago at a cost of $80,000. The...

Physics
1.2K views

Two identical balls A B each of mass 2 kg radius R are suspended vertically...

Geometry
1.2K views

47 On the top of a hill stands a tower that is 50 feet tall...

Basic Math
1.2K views

Two parallel lines are cut by a transversal as shown below Suppose m1 106 Find...

Basic Math
1.2K views

The endpoints of AB are A(2, 1) and B(4, 2). What are the coordinates of...

Finance
1.2K views

Last year, Lexington had sales of $742,000 and paid taxes of $66,000. Because of the...

Finance
1.2K views

Fey Fashions expects the following dividend pattern over the next seven years: Year 1 Year...

Accounting
1.2K views

Which of the following describes the concept of co-opetition? Multiple Choice cooperation by competitors who...

Finance
1.2K views

the answer i wrote is wrong, please explain and solve the whole parts step by...