Used Backhoe

Posts Tagged ‘equipment’

A company left their backhoe in the middle of my resort property. Rendering me unable to use it. Can I charge them for the 3 days of storage, or bring them up on charges?
It is the resort’s backhoe. They put a sewer cleanout on my property, not the property line, without my permission, did not replace the rocks, after doing work for the day, just left the equipment on my property for 3 days. They own the property next door they should have left it there. Then charged me 75 to mow my grass (less than 4 square feet) My neighbor came out and told them he would mow it and did so. They still charged me. They told me it was my problem.

I have a 2 acre lot that needs some cut and fill work done. The maximum cut depth is 3ft (a mound about 20 x 40) and this dirt will be used for the area being filled which is already pretty even but needs to raised about 1ft to match the main property elevation. I also have some trees and underbrush that needs removing. I just need a ballpark figure for someone operating a skid-steer or rubber tire backhoe so that I can look for competitive companies an not get taken advantage of.

JACKSON EQUIPMENT RENTAL COMPANY

On August 1, 2006, Jackson Equipment Rental Company was formed by Sam and John Jackson. Jackson’ Chart of Accounts appears below:

CashIncome Taxes Payable
Accounts ReceivableIncome Tax Expense
Prepaid Rent
Unexpired InsuranceSam Jackson, Capital
Office Supplies InventoryIncome Summary
Rental Equipment InventoryEarned Rental Fees
Accumulated Depreciation:Salaries Expense
Rental EquipmentMaintenance Expense
Notes PayableUtilities Expense
Accounts PayableRent Expense
Interest PayableOffice Supplies Expense
Salaries PayableDepreciation Expense
Sam Jackson, DrawingInterest Expense
Unearned Rental Fees

Jackson closes its accounts and prepares financial statements monthly. The following were the company’s August transactions:

1.8/1Sam Jackson contributed $100,000 cash to start the business.
2.8/1Purchased all of the rental equipment of a recently closed equipment rental
equipment company for $180,000. Paid $70,000 cash and signed a one-year note
payable to the owner, Ralph Bass, for $110,000.
3. 8/1Paid 3 months rent in advance of $9,000 for the building and yard to Sharks
Realty.
4. 8/4Purchased $2,000 office supplies on account from Sayes Office Supply. Payment
is due in 30 days. These supplies are expected to last 4 months.
5.8/8McCumber Company paid $20,000 cash as an advance payment on rental
equipment.
6. 8/12 Paid Salaries for the first two weeks of August: $4,100.
7.8/15Earned equipment rental fees for the first 15 days of August of $9,000. A total
of $8,000 of this amount was received in cash. This does not include the
McCumber account.
8.8/17Purchased $500 of payloader repair parts from Davis Tractor Company. Parts
were needed to repair a payloader. Payment is due in 10 days.
9. 8/23Received a payment of $300 on the amount due from August 15.
10.8/26Rented a backhoe to Jacobs Plumbing company at $100 per day. Payment
is due when the backhoe is returned in 2 weeks.
11.8/26Paid bi-weekly salaries of $4,100.
12.8/27Paid the amount owed to Davis Tractor Company.
13. 8/28 Sam Jackson withdrew $4,000 for his personal use.

JACKSON EQUIPMENT RENTAL COMPANY

14.8/29Jacobs Plumbing left the rented backhoe inside a locked fence at a construction
site of the prime contractor Ellis Construction. A 12 year old boy climbed the
fence and broke his leg playing on the backhoe. Jackson, Jacobs and Ellis have
been sued for by the parents for $50,000. The extent of Jackson’s liability
cannot be reasonably determined.
15.8/29Jackson purchased a one year liability insurance policy for $2,700. The policy
period begins September 1.
16.8/30Received a $600 utility bill for August. Payment due in 30 days.
17.8/30Equipment rental fees earned the last half of the month totaled $10,000.
Received cash payments for the total.

The following is information needed to prepare the company’s adjusting entries at the end of August:

1.The advance rent payment on August 1 was for three months.
2.There was $800 of accrued interest in August on the note payable.
3.Rental equipment is depreciated over 10 years on a straight-line basis.
4.Office supplies on hand at August 31 total $1,100.
5.During August, Jackson earned $12,000 of the rental fees McCumber paid in advance on September 8.
6.At August 31, Jackson earned 5 days of rent on the backhoe rented to Jacobs Plumbing.
7.Salaries earned but not paid since the last payroll date amount to $1,000.
8.Jackson’s estimated tax rate is 40% of its income before income taxes. Taxes will be paid September 15.

Instructions:

a.Journalize the above transactions.
b.Post the transactions to ledger (T) accounts.
c.Prepare a 10 column worksheet for the month ended August 31.
d.Prepare the Adjusting entries on needed on August 31 and post them to T-Accounts and Spreadsheet.
e.Prepare the August Income Statement, Statement of Owner’s Equity, and
Balance Sheet.
f.Prepare closing entries for August.

He already owns a corporation called:
A-1 Backhoe & Excavating, Inc.

But I think he wants to keep these sales completely seperate from that business, since he is now 63, disabled and thinking about closing the business out.

Storage Units Auctions Online

Many people looking to make some money online don’t realize how lucrative the storage business is. Actually, millions of people around the country lease storage units every month, and many of them default on their monthly rent payments, leaving their belongings in storage to be offered for sale on an online auction listing. Read the rest of this entry »

Tips Of Buying Used Backhoe Equipment

This article is focused on helping you buy used backhoe equipment.

Backhoe equipment is mainly used in the construction industry. A backhoe equipment consists of a digging bucket on the end of an articulated arm (also called a stick or dipper). Basically, backhoes are used to dig up junks of earth.

A backhoe loader Read the rest of this entry »

Must be able to run a skid steer, backhoe, excavator etc. Really good job.

Back with more news for you today. It’s amazing how much good information there is on this stuff out there if you know where to look. Three in particular that I found really valuable were…

The Trustworthy JCB Backhoe | TransportoBello.com

If you're thinking of getting a JCB backhoe loader you're on the right path. … There are two types of backhoe loaders you Read the rest of this entry »

The backhoe equipment consists of three parts. The main one is the tractor. The loader is the second part of the backhoe equipment. The loader is a big rectangular shaped device which scoops the material.

The third part are the buckets at the rear of the tractor. Typically, if the bucket is being used, the flat front end of the loader is set down on the ground to stabilize Read the rest of this entry »

Lifting The Load With Used Heavy Equipment

Nowadays used heavy equipment can satisfy the construction needs. They satisfy the needs in various forms like new heavy machinery, used heavy-duty equipment or even leasing or renting. One should ensure first that the used heavy equipments bought should be of high quality and would be safe to use. All companies do Read the rest of this entry »