Required information
Great Adventures Problem AP7-1
[The following information applies to t...
Required information
Great Adventures Problem AP7-1
[The following information applies to the questions displayed below.]
Tony and Suzie see the need for a rugged all-terrain vehicle to transport participants and supplies. They decide to purchase a used Suburban on July 1, 2022, for $13,000. They expect to use the Suburban for five years and then sell the vehicle for $5,000. The following expenditures related to the vehicle were also made on July 1, 2022: The company pays $2,050 to GEICO for a one-year insurance policy. The company spends an extra $4,000 to repaint the vehicle, placing the Great Adventures logo on the front hood, back, and both sides. . An additional $2,250 is spent on a deluxe roof rack and a trailer hitch
The painting, roof rack, and hitch are all expected to increase the future benefits of the vehicle for Great Adventures. In addition, on October 22, 2022, the company pays $900 for basic vehicle maintenance related to changing the oil, replacing the windshield wipers, rotating the tires, and inserting a new air filter.
Great Adventures Problem AP7-1 Part 1
Required: 1. Record the expenditures related to the vehicle on July 1, 2022. Note: The capitalized cost of the vehicle is recorded in the Equipment account. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.)
Answers: 1
Another question on Business
Business, 21.06.2019 14:00
Njuly, noel & vang company purchased materials costing $23,100 and incurred direct labor cost of $19,800. manufacturing overhead totaled $35,200 for the month. information on inventories was as follows: july 1 july 31 materials $6,820 $7,810 work in process 770 1,320 finished goods 3,630 2,970 what was the cost of goods sold for july? a. $71,300 b. $71,100 c. $69,600 d. $77,220
Answers: 3
Business, 21.06.2019 21:50
Discuss how the resource-based view (rbv) of the firm combines the two perspectives of (1) an internal analysis of a firm and (2) an external analysis of its industry and its competitive environment. include comments on the different types of firm resources and how these resources can be used by a firm to build sustainable competitive advantages.
Answers: 3
Business, 22.06.2019 05:50
1. all other things equal, according to the law of demand, when the price of a good falls, the demand for the good falls the demand for the good rises the quantity demanded of the good falls the quantity demanded of the good rises 2. when a market is in equilibrium, the quantity of the good that buyers are willing and able to buy exactly equals the quantity that sellers are willing and able to sell cannot be determined is less than the quantity that sellers are willing and able to sell is greater than the quantity that sellers are willing and able to sell 3. which of the following factors does not influence the demand for a good or service? consumer (buyer) income the price of related goods the number of sellers buyer expectations 4. when the number of sellers in a market increases, demand rises supply rises the price rises, all else equal the number of buyers falls
Answers: 1
Business, 22.06.2019 16:30
On april 1, the cash account balance was $46,220. during april, cash receipts totaled $248,600 and the april 30 balance was $56,770. determine the cash payments made during april.
Answers: 1
You know the right answer?
Questions
Mathematics, 19.10.2021 05:40
Social Studies, 19.10.2021 05:50
History, 19.10.2021 05:50
Computers and Technology, 19.10.2021 05:50
Mathematics, 19.10.2021 05:50
Geography, 19.10.2021 05:50
History, 19.10.2021 05:50
