Lecherous Company traded a used equ odol with o doolon
Q: Merchandise purchased fo Freight In... Freight Out.. Purchased returns..
A: Before calculating the inventoriable costs,for better understanding,firstly we need to understand…
Q: payment payroil percentage the amount of sales contributed by a sales person? O a. Sales O b.…
A: Note: As per our guidelines, we can only answer 1 question at once. Since, you haven't mentioned…
Q: The manked pice of a bicyele So00-andl the selling paice 3 Gaco/-Whoatis the diseunt bieycde?…
A: Cash Discount: Cash Discount is the discount provided by the sellers to encourage buyers to make…
Q: Where should goods in transit that where recently purchased f.o.b. destination be included on the…
A: FOB destination: When the seller bears the freight charges for the delivery of merchandise from the…
Q: . HB Corporation ir
A:
Q: Inventory tumover
A: Inventory turnover ratio = Cost of goods sold/((Opening inventory + Closing inventory)/2)
Q: Which document triggers the update of the inventory subsidiary ledger? a. bill of lading b. stock…
A: Update the inventory ledger Stock release triggers the update of the subsidiary ledger. The stock…
Q: One of the following journals does not fall under the classification of books of prime entry: a.…
A: Assets are important part of accounting.They are of two types current and non-current.Some examples…
Q: FOB shipping point
A: This is also called the FOB origin. Under FOB Shipping point the title of goods transfers to the…
Q: Which of the following is NOT a financial transaction? a. purchase of products b. cash receipts c.…
A:
Q: Which income statement account(s) would be affected by a policy choice at the same time as the…
A: Inventory is directly related to the cost of goods sold. To change the policy of valuation of…
Q: Which one is generally the least liquid? a. Patents b. Buildings c. Inventory d. Equipment…
A: The least liquid assets are those assets that are not easily convertible into cash or liquid asset.…
Q: The term "FOB" denotes * O free on board. freight on board. O free only (to) buyer. O freight charge…
A: The term "FOB" denotes Answer Option a: free on board Explanation: FOB stands for “free on board”…
Q: hich of the following not a current asset. Office Supplies Patent
A: Solution: Current assets are those assets of the company which include cash and all other assets…
Q: Payment for acquisition of merchandise antory are ren orted as investing aporte
A: Payment for acquisition of merchandise inventory is done as a part of normal business operations.…
Q: From the sellers perspective, what are two T accounts? What two accounts are affected for the…
A: In case of the sale of service, we debit Account Receivable (I.e. Customer) and credit Service…
Q: t ABC Company's has
A: Branch costing means the different item or group of products are manufactured in the single entity…
Q: ne Hire Purchase Interest over the Sum of the digits method LC Account (as it will appear in
A: "Since you have asked multiple sub part question we will solve the first three sub part question for…
Q: ABC Company has shipped goods to one of its customers FOB destination. ABC Company will recognize…
A: >There are two kind of arrangement of purchase/sale transactions:#1: FOB Shipping point, and#2:…
Q: 7Rs usetu or segregating nto one locaion a co A Accounts bAccourts ece Fed asset e inventory wdger…
A: "Since you have asked multiple questions, we will solve first question for you. If you want any…
Q: Which of the following feature/s related to FOB shipping point under shipping terms, except?
A: Solution- FOB shipping point – Notes responsibility of goods and title transfer from seller to buyer…
Q: evenue is recognized for sold consignment goods when a. The consignee receives the goods b. When…
A: Solution: Revenue is recognized for sold consignment goods when "The goods are sold by the consignee…
Q: The term "FOB" denotes * O free on board. O freight on board. free only (to) buyer. freight charge…
A: Option 1 Free on board, FOB stands for free on board
Q: When the Company Trades with an Investment in Associate, the Reported net income of the Parent…
A: When the Company Trades with an Investment in Associate, the Reported net income of the Parent…
Q: Who bears the freight when the terms of sale are (a) FOB shipping point, (b) FOB destination?
A: (a)If the sale is made with the terms FOB shipping point, the goods' ownership is transferred at the…
Q: When goods are shipped FOB destination and the seller pays the freight charges, the buyer A.…
A: Transportation expense is a type of travel expense that refers specifically to the cost of…
Q: Goods or products a company owns and expects to sell to its customers A) Sales B Merchandise…
A: Answer - Merchandise Inventory - Merchandise inventory means the value of goods in stock, it can…
Q: e list price of a product agreed betw anufacturer to a wholesaler? a. Mark up b. Trade discount c.…
A: Option B is the Correct Answer.
Q: inventory that it previously purchased. The entry to record that transaction should be: Group of…
A: The journal entries are prepared to record daily transactions of the business.
Q: When equipment is sold for morethan book value, how is the transaction recorded? Howis it recorded…
A: Equipment is an Asset. Generally these provides support to the plant so commonly known as Plant…
Q: A movie produ related to its c A. Purchased o B. Issued direc С. C. Issued indir Timo tickoto
A: Journal entries No General Journal Debit Credit a Office supplies 31000 Account Payable…
Q: For each of the following items, identify whether the item is considered current or noncurrent,…
A: All of a company's assets that are expected to be sold, consumed, utilized, or expended within one…
Q: orp. owin Cost of purchases based on suppliers' invoic Trade discounts on purchases already deduc…
A: Solution: Before calculating the total cost of net purchases,For better understanding firstly we…
Q: when the company sold goods on account the A/P will be in the debit side O True O False
A: “Since you have asked multiple questions, we will solve the first question for you. If you want any…
Q: nd the cost of the goods is paid within the predetermined term? A) Payment with Acceptance Credit…
A: When goods are exported, the amount of payment is controversial as the amount of payment changes at…
Q: nventory is unde this error in the c Goods Sold Net
A: The right answer is option b Cost of goods sold is understated and Net Income is overstated
Q: Return inward appearing in trial balance is deducted from Select one: a. Asset O b. Purchases c.…
A: Introduction: Trial balance: After posting all the balances to ledger accounts trial balance is…
Q: Genesis Enterprise sold merchandise on account. This transaction will affect the O a. balance sheet…
A: A balance sheet is a financial statement that represents the financial position of a company as on a…
Q: Carriage and insurance paid to (CIP) is one of the terms of sale is used in place of which of the…
A: Payment of an expense that is being made by the seller for covering up the costs, insurance, and the…
Q: The FOB term is used with an identified physical location to determine a. None of the options b. The…
A: Solution: The FOB term is used with an identified physical location to determine "Both the…
Q: A company indicates the condition of goods obtained onwhich of the following documents?a. Purchase…
A: Answer: Option c.
Q: Please summarize of the given above of (purchase cycle system )of the company
A: Purchase cycle system= For companies of all sizes, from local small businesses to global megacorps,…
Q: A can defined as a partial payment remunerated as an advance on the sales person's commission. O a.…
A: Charge account:- It is an arrangement where one person can purchase products or services on credit.…
Q: completed? O a. Transaction O b. Selling
A: In exchange process there is giving some products to customers and in return the customer pay money.
PLS SHOW SOLUTIONS
Step by step
Solved in 2 steps
- Lecherous Company traded a used equipment for a newer Old equipment: Original cost Accumulated depreciation Fair value – unknown 1,000,000 600,000 New equipment: List price Cash price without trade in Cash payment with trade in 1,600,000 1,400,000 980,000 Required: Prepare journal entry to record the exchange transaction.A used delivery truck was traded in for a new truck. Information relating to the trucks follows: Used truck: Cost P1,600,000 Accumulated depreciation 1,200,000 New truck: List price 1,950,000 Cash price without trade-in 1,900,000 Cash price with trade-in 1,560,000 If the fair value of the old truck is not determinable, the loss on trade-in is Group of answer choices P350,000 P60,000 Nil P10,000* CengageNowv2 |Online teachin X +. ignment/takeAssignmentMain.do?invoker%3&takeAssignmentSessionLocator=&inprogress=false eBook Show Me How Calculator Print Item Entries for sale of fixed asset Chart of Accounts First Question Journal Instructions Equipment acquired on January 8 at a cost of S168,000 has an estimated useful life of 18 years, has an estimated residual value of $15,000, and is depreciated by the straight-line method. A. What was the book value of the equipment at December 31 the end of the fourth year? B. Assuming that the equipment was sold on April 1 of the fifth year for 5125,000, journalize the entries to record (1) depreciation for the three months until the sale date and (2) the sale of the equipment.
- A used delivery truck was traded in for a new truck. Information relating to the trucks follows: Used truck: Cost P1,600,000 Accumulated depreciation 1,200,000 New truck: List price 1,950,000 Cash price without trade-in 1,900,000 Cash price with trade-in 1,560,000 If the fair value of the old truck is not determinable, the loss on trade-in is P60,000 P350,000 P10,000 NilProblem 19-3 (AICPA Adapted) Bubba Company determined that there had been a significant decrease in market value of an equipment used in the manufacturing process. At year-end, the entity compiled the following information: 5,000,000 3,000,000 Original cost of equipment Accumulated depreciation Expected undiscounted net future cash inflows related to the equipment Fair value of equipment 1,750,000 1,250,000 What amount of impairment loss should be reported? 3,250,000 b. 3,750,000 750,000 250,000 a. с. d.У Ноme * CengageNOwv2 | Online teach x n/takeAssignment/takeAssignmentMain.do?invoker-&takeAssignmentSessionLocator%-&inprogress%-false Update An analysis of the general ledger accounts indicates that equipment, with an original cost of $200,000 and accumulated depreciation of $170,000 on the date of sale, was sold for $20,000 during the year. Using this information, Indicate the items to be reported on the statement of cash flows using the indirect method. Cash flows from operating activities: Cash flows from investing activities: Previous Next
- P1,000,000 for another used equipment with fair v Prepare journal entries to record the transactions. Smile Company exchanged used equipment for anofe equipment of Frown Company. The following informata accumulated depr fair PL,200,000. The exchange is nonmonetary. Prob Mello of P2 Required: Price Chars Value Insur Moto Problem 23-7 (ACP) Smile Company exchanged used equipment for s equipment of Frown Company. The following inform pertains to the exchange: Total Less Cash Smile Frow Equipment Accumulated depreciation Fair value of equipment 2,400,000 2,000,000 500,000 2,200,00 1,750,00 500,000 The P20 refu Required: Re Prepare journal entry on the books of Smile and Frown. Pre 654E9-1A Acquisition Cost of Long-Lived Asset The following data relate to a firm’s purchase of a machine used in the manufacture of its product: Invoice Price $30,000 Applicable sales tax $2,000 Cash discount taken for prompt payment $400 Freight paid $260 Cost of Insurance coverage on machine while in transit $125 Installation costs $3,000 Testing and adjusting costs $475 Repair of damages to machine caused by the firm’s employee $750…question 6 Below is the information relative to an exchange of old equipment for new equipment by Ehrlich Company. Old Equipment Book Value Fair Value Cash Paid $450,000 $510,000 $90,000 The old equipment had a cost to Ehrlich of $600,000. Show your calculations of the gain or loss incurred on the exchange. 1. Prepare the journal entry for Ehrlich to record the exchange of the equipment assuming the exchange lacks commercial substance. 2 Prepare the journal entry for Ehrlich to record the exchange of the equipment assuming the exchange has commercial substance. 3. Assume instead that the machine was sold for cash on 1/1 for $430,000. Prepare the necessary journal entry.
- Part A On 3 January 2022, Xavier Ltd exchanged a machine with Carey Ltd. with a cost of $430 000 and accumulated depreciation of $150 000 for a new similar machine with a price of $460 000. Ignore GST. Required: Prepare general journal entries including narrations to record the exchange of the machines. 1. the derecognition of the old machine, assuming a trade-in allowance of $260 000 was received for the old machine and the balance was paid with a loan from Trinity Bank Ltd, and; 2. the acquisition of the new machine.Problem 9 Mel Company acquired a new machinery On August 15, 2022. The following data are available: P 1,400,000 20,000 40,000 15,000 50,000 30,000 Invoice price Cash discount available but not taken on purchase Freight paid on the new machinery Cost of removing the old machinery Installation cost of the new machinery Testing cost before the new machinery was put into regular operation Proceeds from the sale of samples produced during testing Cost of training employees which improved their efficiency Loss on premature retirement of the old machinery Estimated cost of manufacturing similar machinery in the entity's own plant, including overhead Compute for the cost of the new machinery 5,000 10,000 5,000 1,300,000Help Save & Ext Su Pensacola Inc. exchanged old equipment for new equipment in two exchange transactions. Each transaction has cormmercial substance. Old Equipment Cash Book Value Fair Value Received Equipment A Equipment B $74,500 $81,600 $56,000 $12,300 $60,800 $ 9,600 For Equipment B, Pensacola would record a gain/(loss) of: DO Multiple Choice O $3,300. $14.800) ( Prev 6 of 15 Next>