Question Details

(solution) Lord of the Fries is a fast-food restaurant in London. It is


Lord of the Fries is a fast-food restaurant in London. It is thinking about purchasing a new

deep fryer and needs your help in determining what costs can be capitalized and what costs

must be expensed.


Purchase / Contract price Capitalize Expense


Maintenance costs Capitalize Expense


Delivery costs Capitalize Expense


Delivery man?s (assume that Lord of Capitalize Expense

The Fries is paying for this)


Insurance on deep fryer Capitalize Expense


Installation costs Capitalize Expense


CEO?s Salary for Consultation on Equipment Capitalize Expense


Legal Fees for Reviewing Contract Capitalize Expense

9



Amortization / Depreciation: Allocating the cost of an asset over their

useful life.


? Not the same as market value.


Amortization / Depreciation is displayed on financial statements thru:


? INCOME STATEMENT: amortization expense =

Amortization for current year

? BALANCE SHEET: accumulated amortization =

 


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Sep 13, 2020

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