Maurice Tutor

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Teaching Since: May 2017
Last Sign in: 402 Weeks Ago, 5 Days Ago
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Education

  • MCS,PHD
    Argosy University/ Phoniex University/
    Nov-2005 - Oct-2011

Experience

  • Professor
    Phoniex University
    Oct-2001 - Nov-2016

Category > Accounting Posted 18 Aug 2017 My Price 11.00

Hamlet College

Hamlet College recently purchased new computing equipment for its library. The following information refers to the purchase and installation of this equipment:

1.

The list price of the equipment was $285,000; however, Hamlet College qualified for an Ac€A?education discountAc€?? of $25,000. It paid $50,000 cash for the equipment, and issued a three-month, 9 percent note payable for the remaining balance. The note, plus accrued interest charges of $4,500, was paid promptly at the noteAc€?cs maturity date.
2. In addition to the amounts described in 1, Hamlet paid sales taxes of $15,000 at the date of purchase.
3. Freight charges for delivery of the equipment totaled $1,000.
4. Installation costs related to the equipment amounted to $5,000.
5.

During installation, one of the computer terminals was accidentally damaged by a library employee. It cost the college $500 to repair this damage.
6.

As soon as the computers were installed, the college paid $4,000 to print admissions brochures featuring the libraryAc€?cs new, state-of-the-art computing facilities.
Instructions
c. Compute the total cost added to the collegeAc€?cs computing equipment account.
   
d.

Prepare a journal entry at the end of the current year to record depreciation on the computing equipment. Hamlet College intends to depreciate this equipment by the straight-line method (half-year convention) over an estimated useful life of five years. Assume a zero residual value.

 

Answers

Maurice Tutor
(5)
Status NEW Posted 18 Aug 2017 04:08 PM My Price 11.00

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