Kegler Bowling buys scorekeeping equipment with an invoice cost of $165,000. The electrical work required for the installation costs $17,000. Additional costs are $3,400 for delivery and $11,865 for sales tax. During the installation, the equipment was damaged and the cost of repair was $1,600. What is the total recorded cost of the scorekeeping equipment?

Answers

Answer 1

The scorekeeping equipment amounted to $198,865 recorded as a cost of equipment.

What is an Equipment?

The collection of items or physical resources needed to outfit a person or object, such as the tools utilized during a task or operation of sporting goods equipment, all of a corporate enterprise's fixed assets, except land and buildings.

The calculation for the Total recorded Cost

Invoice cost + Installation cost + Additional Cost + Delivey charges + cost of Repair

= 165,000 + 17,000 + 3,400 + 11,865 + 1,600= $198,865

The Total recorded cost is $198,865.

Thus, the total recorded cost consists of all the costs of equipment including the purchase price, applicable sales taxes, shipping charges, and any additional expenses for preparing the item for use.

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Related Questions

Roger Ginde is developing a program in supply chain management certification for managers. Ginde has listed a num- ber of activities that must be completed before a training program of this nature could be conducted. The activities, immediate pre- decessors, and times appear in the accompanying table: A—2 B—5 C—1 D B 10 E A, D 3 FC6 G E, F 8
Develop an AON network for this problem.
b) What is the critical path?
c) What is the total project completion time?
d) What is the slack time for each individual activity?

Answers

The Critical Path is B-D-E-G. See the definition of Critical Path below.

What is the meaning of Critical Path?

Critical Path refers to the order of steps that determines the shortest amount of time required for a task.

What is the total project completion time?

The Total Project completion time is 34 days. This is derived from the AON Network for the problem. See the attached.

What is an AON Diagram?

AON (Activity - on -Node) diagram is a fundamental kind of logic diagram utilized for activity scheduling.

What is the slack time for each individual activity?

Slack time is the duration of a job that can be postponed without affecting other tasks or the project's completion deadline.

Hence, the slack time for EACH activity is given as follows:

A : 22-8 = 14

B : 0

C : 34 -19 = 15

D : 0

E : 0

F : 34-19 = 15

G : 0

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Interest expense on the $30,000 loan obtained from the city council on August 1 should be recorded.

Answers

The Journal entry for the Interest expense on the $30,000 loan will include a debit to Interest Expense account and a credit the Accrued Interest Payable account.

What is an Interest expense?

This refers to cost incurred for borrowed funds such as on bonds, loans, convertible debt etc.

The effect on this on the journal entry is that its increases the expense and payable accounts.

Therefore, the record will include a debit to Interest Expense account and a credit the Accrued Interest Payable account.

Answers

The journal entry for the provided transaction is recorded by debiting the office supplies and crediting the cash with equal amounts of $870.

What is a journal entry?

A journal entry is an entry passed in the book of the journal to record the financial transactions of a company.

The journal entry is recorded as follows:

Date Particulars Debit Credit

Jan 12 Office supplies 870

Cash 870

(To record the purchase of office supplies in cash)

The complete question should be as follows:

On January 12, JumpStart purchased $870 in office supplies. (a) Journalize the transaction as if JumpStart paid cash.

Therefore, the journal entry is described and recorded as above.

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