ACC 291 Wk 2 Individual Exercises E 9-1, E 9-12 , E 9-7,Problem P9-7B

May 1st, 2015
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ACC 291 Wk 2 Individual Exercises E 9-1, E 9-12 , E 9-7,Problem P9-7B

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E9-1A. The cost principle requires that companies record plant assets at cost. The cost is then applied to all necessary items acquired to make the asset ready for use. The company computes total of cost obtaining assets then divides the cost over the useful life of the asset. B. 1. Land2. Factory Machinery3. Delivery Truck4. Land5. Delivery Truck6. Factory Machinery7. Delivery Truck8. Delivery TruckAnother ResponseE9-1)A1) Other costs would include cash purchase price, closing costs, and real estate brokers commission. 2) Other costs would include, cash purchase price, sales taxes and freight charges3) Other costs would include the cash price and the cost of painting and lettering4) Other costs include fencing and lighting5) Other costs include cash purchase price and sales tax6) Other costs include cash purchase price, sales tax and freight charges7) Other costs include cash purchase price, sales tax and installation and testing8) Other costs are noted as expenses as they occur. B1) $5000-Land2) $200- Equipment3) $850-Equipment4) $17,500-Land Improvements5) $250-Equipment6) $8000-Equipment7) $900-Equipment8) $75-EquipmentEXERCISE 9-12Dec

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