3. Itco uses a perpetual following transactions took place: 10/1 10/5 10/10 10/12 10/15 10/22 A. UTS Balance: 2,000 uts. @ $6.00/ut Purchased: 5,000 uts. @ $6.35/ut Purchased: 8,000 uts. @ $6.50/ut Sold 12,000 uts. for $10.00 ea. Purchased: 4,000 uts. @ $6.75/ut Sold 5,000 uts. for $10.00 ea. I Complete the perpetual inventory record (provided) for the above transactions using the FIFO valuation system. COST TOT UTS COST TOT UTS COST TOT

3. Itco uses a perpetual following transactions took place: 10/1 10/5 10/10 10/12 10/15 10/22 A. UTS Balance: 2,000 uts. @ $6.00/ut Purchased: 5,000 uts. @ $6.35/ut Purchased: 8,000 uts. @ $6.50/ut Sold 12,000 uts. for $10.00 ea. Purchased: 4,000 uts. @ $6.75/ut Sold 5,000 uts. for $10.00 ea. I Complete the perpetual inventory record (provided) for the above transactions using the FIFO valuation system. COST TOT UTS COST TOT UTS COST TOT

Name: 3. Itco uses a perpetual inventory system. During the month of Octobe
Uploaded: 2024-03-04T10:43:15.000Z
Channel: Bartleby
Description: 3. Itco uses a perpetual inventory system. During the month of October thefollowing transactions took place:10/110/510/1010/1210/1510/22A.UTSBalance: 2,000 uts. @ $6.00/utPurchased: 5,000 uts. @ $6.35/utPurchased: 8,000 uts. @ $6.50/utSold 12,000 ut

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

12. Cathy company sells gift certificates redeemable only when merchandise is purchased. Upon redemption, Cathy company recognizes the unearned revenue as realized. Information for the current year:Unearned revenue, January 1 780,000Gift certificates sold 2,700,000Gift certificates redeemed 2,340,000Gift certificates unredeemed for a long time 120,000Cost of goods sold 60% What amount should be reported as unearned revenue at year end?
1. Acquisition of equipment (truck) $ 16,000 that the company carries ininventory. The computer system costs $ 15,200 Truck # 3 has a list price of 2$ and is acquired in exchange for a computer system $ 12,000 andis normally sold by the company for The company uses a perpetual inventory system. Acquisition costs of trucks Debit Credit Company operates a retail computer store. Toimprove de livery services to customers, the company purchases four new trucks on April 1 2020 The terms of eachof the four trucks are described as follows: # 4 has a list price of stock of the company. The stock has a par value per share of $10 and a market price of $ 13 per share Truck $ 14,000 and is acquired in exchange for a 1,000 shares of common Truck # 1 has a list price of $ 15,000 and is acquired with a cash payment of $ 13,900 Debit Credit Debit Credit Truck # 2 has a list price of $ 16,000 and is acquired for a down payme nt of $ 2,000 2. Nonmonetary exchange. A machine cost $300,000, has annual…
LAR Corp. purchased a commercial range by paying cash of $13,500. The range's fair value on the date of the purchase was $14,000. The company incurred $600 in transportation costs, $400 installation fees, and paid $500 annual insurance on the equipment. For what amount will LAR record the range? Select one: a. $14,500 b. $15,500 c. $13,500 d. $15,000 e. $14,000
Benton Corp, purchased a used machine for $125,000. The machine required installation costs of $8,500, transportation costs of $1,600, and insurance while in transit of $2,000. An extended warranty was acquired on the machine for $4,500. Af which of the following amounts would the machine be recorded? OA. $135,100 OB. $141,600 OC. $137,100 OD. $126,600
BUCOLIC RURAL Co. uses the "“installment sales method." Information on BUCOLIC's transactions during 20x1 and 20x2 is shown below: 20x1 20x2 Installment sales 2,000,000 2,400,000 Cost of sales 1,200,000 1,320,000 Gross profit Cash collections from: 800,000 1,080,000 20x1 sales 800,000 400,000 20x2 sales 960,000 How much is the total realized gross profit in 20x2?
Below is information relative to an exchange of equipment by Pensacola Inc. Assume the exchange has commercial substance. Case A Case B Old Equipment Book Value $75,000 $60.000 Old Equipment Fair Value $80,000 $56,000 ECOM dock 13 rations In Case B, Pensacola would record a gain/lloss) of. O $4,000. 0 (54,000. O ($10,000) O None of these answer choices are correct. Cash Received $12,000 $10,000
d = ces Problem 6-22A (Algo) Accounting for acquisition of assets, including a basket purchase LO 6-1 Trinkle Company made several purchases of long-term assets during the year. The details of each purchase are presented here. New Office Equipment 1. List price: $41,100; terms: 2/10, n/30; paid within the discount period. 2. Transportation-In: $740. 3. Installation: $470. 4. Cost to repair damage during unloading: $624. 5. Routine maintenance cost after eight months: $150. Basket Purchase of Copler, Computer, and Scanner for $53,500 with Fair Market Values 1. Copier, $26,445. 2. Computer, $9,030. 3. Scanner, $29,025. Land for New Warehouse with an Old Building Torn Down 1. Purchase price, $82,400. 2. Demolition of building, $5,410. 3. Lumber sold from old building, $2,210. 4. Grading in preparation for new building, $9,500. 5. Construction of new building, $217,000. Required In each of these cases, determine the amount of cost to be capitalized in the asset accounts. Asset Office…
Cullumber Company purchased equipment and these costs were incurred: Cash price $71000 Sales taxes 2700 Insurance during transit 800 Installation and testing 850 Total costs $75350 Cullumber will record the acquisition cost of the equipment as $74500. $73700. $75350. $71000.
Pls complete required 1 and 2. Thanks!
14–11. From this partial advertisement calculate: a. Amount financed. b. Finance charge c. Deferred payment price. d. APR by Table 14.1. e. Monthly payment (by formula)
Factors, Inc. remits 90% of the amount factored to Alby and keeps 10% to cover sales returns When Factors, Inc. collects the receivables, it will remit the retained amount less a fee. Accounts receivables factored 30,000 Fair value of amount retained 2, 500 Fee on total factored amount 2% Prepare Alby Corp's journal entry to record the transfer assuming that the sale criteria are met.
Anderson Corporation has purchased a group of assets for $23,200. The assets and their relative fair value are listed below Land Equipment Building $7,300 2,300 3,100 Which of the following amounts would be debited to the Land account? Round any intermediate calculations to two (2) decimal places, and the final answer to the nearest dollar OA $4.233 OB. $4,176 OC. $5.568 OD. $13,224