Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Question 8 5 THE Company made a lump sum purchase of three pieces of machinery, The fair market values of the machines on the purchase

image text in transcribed
image text in transcribed
Question 8 5 THE Company made a lump sum purchase of three pieces of machinery, The fair market values of the machines on the purchase date were: Machine A Machine B Machine C $125,000 $150,000 $225,000 Before the machines could be used, THE Company had to spend 59,000 to get Machine B in working condition If the total capitalized cost assigned to Machine B was $153,000, then the total purchase price of the three machines was equal to: O $480,000 $489,000 O $491.000 $500,000 $501,000 $510.000 O $540.000 5 pt Question 9 THL Company sold goods to a customer on account for 560 The credit terms were 6/20, 150 The customer ad for Question 9 THE Company sold goods to a customer on account for $600. The credit terms were 6/29, n/50. The customer paid for one-half of the merchandise within the discount period and paid for the other one-half of the merchandise after the discount period. Calculate the total amount of cash paid by the customer to THE Company Question 10 At January 1, 2025, THE Company had an allowance for bod debts with a $14,100 credit balance. During 2025, THE Company wrote-off $17,000 of accounts receivable as being uncollectible. At December 31, 2025, THE Company prepared the following aging schedule: Uncollectible Accounts Receivable not post due $125,000 1-30 days past due 88.000 31-60 days past due 53,000 61-90 days past due 61,000 over 90 days past due 29.000 7 15% The bad debt expense reported by THE Company for 2025 was equal to

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Auditing

Authors: Allan Millichamp, John Taylor

9th Edition

1844809404, 978-1844809400

More Books

Students also viewed these Accounting questions

Question

What is management growth? What are its factors

Answered: 1 week ago

Question

Should civil service employees be allowed to unionize? Why?

Answered: 1 week ago