The debit for a sales tax properly levied and paid on a machinery purchase would preferably...
The debit for a sales tax properly levied and paid on a machinery purchase would preferably be a charge to ________.
| accumulated depreciation—machinery |
| a separate deferred charge account |
| the machinery account |
| miscellaneous tax expense |
Homework Answers
Correct answer is: the machinery account
Sales tax levied and paid on a purchase of machinery shall be added to the cost of the machinery and preferably charged to the machinery account.
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The debit for a sales tax properly levied and paid on a machinery purchase would preferably...
Accumulated Depreciation-Machinery 9380 Gain on Disposal of Machinery melter old Cash (To record exchange of the...
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Brief Exercise 10-14 elue Corporation owns machinery that cost $24,800 when purchased on July 1, 2014....
Brief Exercise 10-14 elue Corporation owns machinery that cost $24,800 when purchased on July 1, 2014. Depreciation has been recorded at a rate of $2,976 per year, resulting in a balance in accumulated depreciation of $10,416 at December 31, 2017. The machinery is sold on September 1, 2018, for $13,020. Prepare journal entries to (a) update depreciation for 2018 and (b) record the sale. (Credit indent manually. If no entry is required, select "No Entry" for the account titles and...
A debit to Sales Returns and Allowances is evidence of a purchase of goods on account....
A debit to Sales Returns and Allowances is evidence of a purchase of goods on account. sale paid for with cash. return of goods originally purchased on account. (THERE ARE ONLY THESE 3 ANSWERS)
the debit and credit. thank you Problem 14-30 (LO. 1, 4) Relix, Inc net deferre fomestic...
the debit and credit. thank you
Problem 14-30 (LO. 1, 4) Relix, Inc net deferre fomestic corporation with the following balance sheet for book and tax purposes at the end of the year before recording any sset or net deferred tax liability. Tax Debit/Credit) Book Debit/(Credit) Assets Cash $500 $500 Accounts receivable 8,000 8,000 750,000 750,000 Buildings Accumulated depreciation (450,000) (380,000) Furniture and fixtures 70,000 70,000 (46,000) Accumulated depreciation (38,000) Total assets $332,500 $410,500 Liabilities SO ($50,000) Accrued litigation expense...
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Help me please. #1: Benedict Company incurred the following costs. 1. Sales tax on factory machinery...
Help me please. #1: Benedict Company incurred the following costs. 1. Sales tax on factory machinery purchased $ 5,000 2. Painting of and lettering on truck immediately upon purchase 700 3. Installation and testing of factory machinery 2,000 4. Real estate broker’s commission on land purchased 3,500 5. Insurance premium paid for fi rst year’s insurance on new truck 880 6. Cost of landscaping on property purchased 7,200 7. Cost of paving parking lot for new building constructed 17,900 8....
JoJo Limited ("JoJo") purchased a machinery for its plant on 1 May 2017. The machinery is...
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QUESTION 29 I paid my accounts p ayable. How would I record that? a. debit Accounts...
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Indicate to which account Trudy would debit each of the costs.
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Relix, Inc., is a domestic corporation with the following balance sheet for book and tax purposes...
Relix, Inc., is a domestic corporation with the following balance sheet for book and tax purposes at the end of the year before recording any net deferred tax asset or net deferred tax liability. Tax Debit/(Credit) Book Debit/(Credit) Assets Cash $500 $500 Accounts receivable 8,000 8,000 Buildings 750,000 750,000 Accumulated depreciation (450,000) (380,000) Furniture and fixtures 70,000 70,000 Accumulated depreciation (46,000) (38,000) Total assets $332,500 $410,500 Liabilities Accrued litigation expense $0 ($50,000) Note payable (78,000) (78,000) Total liabilities ($78,000) ($128,000)...
Accumulated Depreciation-Machinery 9380 Gain on Disposal of Machinery melter old Cash (To record exchange of the equipment.) Exchange lacks commercial substance: depreciation expense 938 Accumulated Depreciation-Equipment 938 (To record current depreciation.) Equipment Accumulated Depreciation-Equipment Gain on Disposal of Equipment Equipment cash (To record exchange of the equipment.) Exercise 10-18 Wildhorse Company purchased an electric wax melter on April 30, 2017, by trading in its old gas model and paying the balance in cash. The following data relate to the purchase....
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the debit and credit. thank you
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