User Account

All Pages

Discuss a computer system that pina carries in inventory

Assignment Help Accounting Basics
Reference no: EM131767848

Exercise 10-3

Pina Corporation operates a retail computer store. To improve delivery services to customers, the company purchases four new trucks on April 1, 2017. The terms of acquisition for each truck are described below.

1. Truck #1 has a list price of $42,150 and is acquired for a cash payment of $39,059.

2. Truck #2 has a list price of $44,960 and is acquired for a down payment of $5,620 cash and a zero-interest-bearing note with a face amount of $39,340. The note is due April 1, 2018. Pina would normally have to pay interest at a rate of 10% for such a borrowing, and the dealership has an incremental borrowing rate of 8%.

3. Truck #3 has a list price of $44,960. It is acquired in exchange for a computer system that Pina carries in inventory. The computer system cost $33,720 and is normally sold by Pina for $42,712. Pina uses a perpetual inventory system.

4. Truck #4 has a list price of $39,340. It is acquired in exchange for 900 shares of common stock in Pina Corporation. The stock has a par value per share of $10 and a market price of $13 per share.

Reference no: EM131767848

Questions Cloud

Starbucks and is greeted by the barista : Jack walks into Starbucks and is greeted by the Barista. Jack orders a fresh brewed coffee. The Barista tells Jack that the cost is $2.95 and Jack pays.
Analyze the business process in the selected business : Analyze the business process in the selected business and map it with the business process in the selected ERP software.
What is the characteristic of interest : A consumer magazine article titled "How Safe Is the Air in Airplanes" reports that the air quality, as quantified by the degree of staleness.
Create a class hugeinteger which uses 40-element array of : Create a class Hugeinteger which uses 40-element array of digits to store integers as large as 40 digits each. Provide a predicate method isZero. If you feel ambitious, also provide the method multiplyHugeIntegers, the method divideHugeIntegers and t..
Discuss a computer system that pina carries in inventory : It is acquired in exchange for a computer system that Pina carries in inventory
You have your choice of two investment accounts : You have your choice of two investment accounts. Investment A is a 5-year annuity that features end-of-month $2,500 payments and has an interest rate
Rocky mountain order each time it places an? order : How many tires should Rocky Mountain order each time it places an? order? What is the total cost of this policy?
Organizational culture and diversity : Discuss the single most significant lesson you learned in this course that relates to leadership and management or to organizational culture and diversity.
Determine the didactic benefits of computer activities : In an effort to determine the didactic benefits of computer activities when used as an integral part of a statistics course for engineers.

Reviews

Write a Review

Accounting Basics Questions & Answers

  What are the education requirements in your state

From the AICPA site, access the Board of Accountancy for your state. What are the education requirements in your state to sit for the CPA exam?

  On june 30 of the current year rural gas amp electric co

on june 30 of the current year rural gas amp electric co. issued 50000000 face value 9 percent 10-year bonds payable

  The baltic company is considering the purchase of a new

the baltic company is considering the purchase of a new machine tool to replace an obsolete one. the machine being

  Munn bicycle company manufactures bicycles specifically for

munn bicycle company manufactures bicycles specifically for college campuses. the bicycles sell for 100 and are very

  Compute the direct materials price variance

Compute each of the following variances, showing all your work. Direct materials price variance and Direct material efficiency (quantity) variance

  In a year that sheldon had agi of 100000 he donated 60000

in a year that sheldon had agi of 100000 he donated 60000 to his high school to help finance a large hadron collider

  Discuss why it is appropriate for happlia to use this method

What general criteria should Happlia use to determine inventory carrying amounts at December 31, 2011?

  What is the amount of the premium on these bonds at issuance

Prairie Dunes Co. issues bonds dated January 1, 2011, with a par value of $800,000. The bonds' annual contract rate is 13%, and interest is paid semiannually.

  Discuss overall deductible amount of his itemized deductions

Under the 2%-of-adjusted-gross-income limitation, how much is the overall deductible amount of his itemized deductions

  Compute bonitas postretirement expense

Bonita Corporation has the following information available concerning its postretirement benefit plan for 2017. Compute Bonita's 2017 postretirement expense

  Give the entry to record the payment

On January 9, a company pays $5,000 for salaries, of which $2,000 was reported as Salaries Payable on December 31. Give the entry to record the payment.

  Equity for the fiscal year ended december

The stockholders' equity T accounts of For All Occasions Greeting Cards Inc. for the current fiscal year ended December 31, 2010, are as follows.

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd