During 2025, Wildhorse Furniture Company purchases a carload of wicker chairs. The manufacturer sells the chairs to Wildhorse for lump sum of $137,655 because it is discontinuing manufacturing operations and wishes to dispose of its entire stock. Three types of chairs are included in the carload. The three types and the estimated selling price for each are listed below. Type Lounge chairs Armchairs Straight chairs No. of Chairs 920 690 1.610 Estimated Selling Price Each $90 80 50 During 2025, Wildhorse sells 460 lounge chairs, 230 armchairs, and 276 straight chairs.
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- During 2020, Sheffield Furniture Company purchases a carload of wicker chairs. The manufacturer sells the chairs to Sheffield for a lump sum of $41,895 because it is discontinuing manufacturing operations and wishes to dispose of its entire stock. Three types of chairs are included in the carload. The three types and the estimated selling price for each are listed below. \table[[Type,No. of Chairs,\table[[Estimated Selling],[Price Each]]],[Lounge chairs,280,$90During 2020, Pretenders Furniture Company purchases a carload of wicker chairs. The manufacturer sells the chairs to Pretenders for a lump sum of $59,850 because it is discontinuing manufacturing operations and wishes to dispose of its entire stock. Three types of chairs are included in the carload. The three types and the estimated selling price for each are listed below. 000 Type000 No. of Chairs Estimated Selling Price Each Lounge chairs 400000 000 $9000000000 Armchairs 000 300000 000 8000000000 Straight chairs 000 700000 000 5000000000 During 2020, Pretenders sells 200 lounge chairs, 100 armchairs, and 120 straight chairs. Instructions What is the amount of gross profit realized during 2020? What is the amount of inventory of unsold straight chairs on December 31, 2020?During 2020, Sarasota Furniture Company purchases a carload of wicker chairs. The manufacturer sells the chairs to Sarasota for a lump sum of $107,730 because it is discontinuing manufacturing operations and wishes to dispose of its entire stock. Three types of chairs are included in the carload. The three types and the estimated selling price for each are listed below. Type No. of Chairs Estimated SellingPrice Each Lounge chairs 720 $90 Armchairs 540 80 Straight chairs 1,260 50 During 2020, Sarasota sells 360 lounge chairs, 180 armchairs, and 216 straight chairs.What is the amount of gross profit realized during 2020? What is the amount of inventory of unsold straight chairs on December 31, 2020? (Do not round relative sales price. Round cost per chair to 2 decimal places, e.g. 78.25 and final answer to 0 decimal places, e.g. 5,845.) Gross profit realized during 2020 ? Amount of inventory of unsold straight chairs ?
- During 2020, Martinez Furniture Company purchases a carload of wicker chairs. The manufacturer sells the chairs to Martinez for a lump sum of $113,715 because it is discontinuing manufacturing operations and wishes to dispose of its entire stock. Three types of chairs are included in the carload. The three types and the estimated selling price for each are listed below. Type No. of Chairs Estimated SellingPrice Each Lounge chairs 720 $90 Armchairs 540 80 Straight chairs 1,260 50 During 2020, Martinez sells 380 lounge chairs, 190 armchairs, and 228 straight chairs.What is the amount of gross profit realized during 2020? What is the amount of inventory of unsold straight chairs on December 31, 2020? (Round cost per chair to 2 decimal places, e.g. 78.25 and final answer to 0 decimal places, e.g. 5,845.) Gross profit realized during 2020 $enter a dollar amount Amount of inventory of unsold straight chairs $enter a dollar…During 2020, Sage Furniture Company purchases a carload of wicker chairs. The manufacturer sells the chairs to Sage for a lump sum of $83,790 because it is discontinuing manufacturing operations and wishes to dispose of its entire stock. Three types of chairs are included in the carload. The three types and the estimated selling price for each are listed below. Type No. of Chairs Estimated SellingPrice Each Lounge chairs 560 $90 Armchairs 420 80 Straight chairs 980 50 During 2020, Sage sells 280 lounge chairs, 140 armchairs, and 168 straight chairs.What is the amount of gross profit realized during 2020? What is the amount of inventory of unsold straight chairs on December 31, 2020? (Round cost per chair to 2 decimal places, e.g. 78.25 and final answer to 0 decimal places, e.g. 5,845.)During 2020, Whispering Furniture Company purchases a carload of wicker chairs. The manufacturer sells the chairs to Whispering for a lump sum of $107,730 because it is discontinuing manufacturing operations and wishes to dispose of its entire stock. Three types of chairs are included in the carload. The three types and the estimated selling price for each are listed below. Type No. of Chairs Estimated SellingPrice Each Lounge chairs 720 $90 Armchairs 540 80 Straight chairs 1,260 50 During 2020, Whispering sells 360 lounge chairs, 180 armchairs, and 216 straight chairs.What is the amount of gross profit realized during 2020? What is the amount of inventory of unsold straight chairs on December 31, 2020?
- On March 20, 2020, FineTouch Corporation purchased two machines at auction for a combined total cost of $214,000. The machines were listed in the auction catalogue at $110,000 for machine X and $155,000 for machine Y. Immediately after the auction, FineTouch had the machines professionally appraised so it could increase its insurance coverage. The appraisal put a fair value of $107,100 on machine X and $130,900 on machine Y.On March 24, FineTouch paid a total of $4,800 in transportation and installation charges for the two machines. No further expenditures were made for machine X, but $5,600 was paid on March 29 for improvements to machine Y. On March 31, 2020, both machines were ready to be used.The company expects machine X to last five years and to have a residual value of $3,600 when it is removed from service, and it expects machine Y to be useful for eight more years and have a residual value of $14,580 at that time. Due to the different characteristics of the two machines,…On March 20, 2020, FineTouch Corporation purchased two machines at auction for a combined total cost of $212,000. The machines were listed in the auction catalogue at $110,000 for machine X and $155,000 for machine Y. Immediately after the auction, FineTouch had the machines professionally appraised so it could increase its insurance coverage. The appraisal put a fair value of $111,320 on machine X and $130,680 on machine Y.On March 24, FineTouch paid a total of $5,000 in transportation and installation charges for the two machines. No further expenditures were made for machine X, but $6,200 was paid on March 29 for improvements to machine Y. On March 31, 2020, both machines were ready to be used.The company expects machine X to last five years and to have a residual value of $4,200 when it is removed from service, and it expects machine Y to be useful for eight more years and have a residual value of $14,900 at that time. Due to the different characteristics of the two machines,…Yellow Company, a distributor of machinery, bought a machine from the manufacturer in November 2020 for P500,000. On December 30, 2020, the entity sold this machine for P750,000 under the following terms: 2% discount if paid within 30 days, 1% discount if paid after 30 days, or payabl e in full within ninetydays if not paid within the discount periods. However, the customer had the right to return this machine to Yellow Company if it was unable to resell the machine before the expiration of the ninety-day payment period, in which case the customer’s obligation to Yellow Company would be canceled. In the net sales for the year ended december 31,2020, what amount should be included for the sale of the machine? a. 750,000 b. 735,000 c. 742,500 d. 0
- On January 3, 2018, Tracer Incorporated purchased a patent for $450,000 to manufacture a new type of chair. The patent has a remaining legal life of twelve years. Tracer plans to manufacture the chair for eight years and then sell the patent for $50,000. The company amortizes intangible assets using the straight-line method. On December 29, 2020, Tracer decides to sell the patent for $325,000. Assuming the company has a December 31 year-end, what is the gain or loss recorded on the sale of the patent?On July 15, 2024, Cottonwood Industries sold a patent and equipment to Roquemore Corporation for $770,000 and $335,000, respectively. On the date of the sale, the book value of the patent was $130,000, and the book value of the equipment was $412,000 (cost of $572,000 less accumulated depreciation of $160,000). Prepare the journal entries to record the sales of the patent and equipment. Record the sale of the patent for $770,000. On the date of the sale, the book value of the patent was $130,000. Record the sale of the equipment for $335,000. On the date of the sale, the book value of the equipment was $412,000 (cost of $572,000 less accumulated depreciation of $160,000).