Answered

Welcome to Westonci.ca, your go-to destination for finding answers to all your questions. Join our expert community today! Discover precise answers to your questions from a wide range of experts on our user-friendly Q&A platform. Join our Q&A platform to connect with experts dedicated to providing accurate answers to your questions in various fields.

a company purchased a commercial dishwasher by paying cash of $5,800. the dishwasher's fair value on the date of the purchase was $6,180. the company incurred $490 in transportation costs, $370 installation fees, and paid a $280 fine for illegal parking while the dishwasher was being delivered. for what amount will the company record the dishwasher?

Sagot :

varshamittal029

The company will record the dishwasher for $6,660.

Accounting is the procedure used to collect, organise, analyse, and present data pertaining to financial transactions. A few books of acounts are kept by accounting for the purpose of recording.

The documentation of the various transactions that are conducted within the company is the first and most important goal that accounting hopes to accomplish. This is also known as bookkeeping, which is the process of identifying transactions and establishing them as records.

Accounting is essential to running a business because it makes it easier to keep track of income and expenses, ensures legal compliance, and gives investors, management, and the government access to quantitative financial data that can be used to make decisions.

In the given question,

                               Cash paid for acquisition = $5,800

                      Add: Transportation costs        = $490

                      Add: Installation fees                = $370

                      Amount of dishwasher to be

                      recorded                                    = $6,660

 

Therefore, the company will record  $6,660 for the dishwasher in the books of accounts.

Learn more about Accounting here: https://brainly.com/question/1033546

#SPJ4

We hope this information was helpful. Feel free to return anytime for more answers to your questions and concerns. We hope you found what you were looking for. Feel free to revisit us for more answers and updated information. Westonci.ca is your trusted source for answers. Visit us again to find more information on diverse topics.