During 2025, Crane Furniture Company purchases a carload of wickerchairs. The manufacturer sells the chairs to Crane for a lump sum of$29,925 because it is discontinuing manufacturing operations andwishes to dispose of its entire stock. Three types of chairs are includedin the carload. The three types and the estimated selling price for eachare listed below.TypeNo. of ChairsEstimated Selling Price EachLounge chairs200$ 90Armchairs15080Straight chairs35050During 2025, Crane sells 100 lounge chairs, 50 armchairs, and 60straight chairs.What is the amount of inventory of unsold straight chairs on December31, 2025?

1. Problem OverviewCrane Furniture Company purchased a carload of wicker chairs for a lump sum of…

Answered: During 2025, Crane Furniture Company…

CONCEPTS IN FED.TAX.,2020-W/ACCESS

20th Edition

ISBN:9780357110362

Author:Murphy

Publisher:Murphy

Chapter11: Property Dispositions

Section: Chapter Questions

Problem 63P

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(b1) Your answer is partially correct. Indicate the income statement reporting by Oriole at March 31, 2025, of the information related to the Blue Spruce sales transaction. Sales Revenue ORIOLE COMPANY Income Statement (Partial) For the Year Ended March 31, 2025 Less : Sales Returns and Allowances Net Sales Cost of Goods Sold Gross Profit 9400 658 8742 5580 3162
On March 10, 2025, Oriole Company sold to Blue Spruce Hardware 200 tool sets at a price of $47 each (cost $30 per set) with terms of n/60, f.o.b. shipping point. Oriole allows Blue Spruce to return any unused tool sets within 60 days of purchase. Oriole estimates that (1) 10 sets will be returned, (2) the cost of recovering the products will be immaterial, and (3) the returned tools sets can be resold at a profit. On March 25, 2025, Blue Spruce returned 7 tool sets and received a credit to its account. (a) Prepare journal entries for Oriole to record (1) the sale on March 10, 2025, (2) the return on March 25, 2025, and (3) any adjusting entries required on March 31, 2025 (when Oriole prepares financial statements). Oriole believes the original estimate of returns is correct. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No entry" for the account titles and enter O for the amounts. List all debit…
Swifty Company purchased an electric press on June 30, 2025, by trading in its old gas model and paying the balance in cash. The following data relate to the purchase: \table[[List price of new press, $25, 100
The Tolar Corporation has 500 obsolete desk calculators that are carried in inventory at a total cost of $720.000. If these calculators are upgraded at a total cost of $110.000, they can be sold for a total of $170,000 As an alternative, the calculators can be sold in their present condition for $50,000 Assume that Tolar decides to upgrade the calculators. At what selling price per unit would the company be as well off as if it just sold the calculators in their present condition? Multiple Choce $770 per calculator Sho per calculat $230 per calculator
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Nerds "R" Us Corporation operates a retail computer store. To improve delivery services to customers, the company purchases four new trucks on April 1, 2020. The terms of acquisition for each truck are described below. 1. Truck #1 List price $15,000 Cash acquisition cost 13,900 2. Truck #2 List price $16,000 Acquisition cost Cash down payment 2,000 Face amount of zero-interest bearing note assumed 14,000 Note due date April 1, 2021 Normal interest rate for this borrowing 10% Incremental borrowing rate 8% 3. Truck #3 List price $16,000 Acquired in exchange for a computer system that Nerds "R" Us carries in inventory Cost of computer system in inventory 12,000 Normal selling price of computer system by Nerds "R" Us 15,200 Inventory system used by Nerds "R" Us Perpetual 4. Truck #4 List price $14,000 Acquired in exchange for common stock in Nerds "R" Us Corporation 1,000 shares Par value of common stock per share $10.00 Market value of common stock per share $13.00 Instructions: Prepare…
On March 10, 2020, Pharoah Company sold to Barr Hardware 180 tool sets at a price of $51 each (cost $29 per set) with terms of n/60, f.o.b. shipping point. Pharoah allows Barr to return any unused tool sets within 60 days of purchase. Pharoah estimates that (1) 10 sets will be returned, (2) the cost of recovering the products will be immaterial, and (3) the returned tools sets can be resold at a profit. On March 25, 2020, Barr returned 6 tool sets and received a credit to its account. (a) Prepare journal entries for Pharoah to record (1) the sale on March 10, 2020, (2) the return on March 25, 2020, and (3) any adjusting entries required on March 31, 2020 (when Pharoah prepares financial statements). Pharoah believes the original estimate of returns is correct. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No entry" for the account titles and enter 0 for the amounts.) Your answer is correct. No.…
On March 10, 2020, Pharoah Company sold to Barr Hardware 180 tool sets at a price of $51 each (cost $29 per set) with terms of n/60, f.o.b. shipping point. Pharoah allows Barr to return any unused tool sets within 60 days of purchase. Pharoah estimates that (1) 10 sets will be returned, (2) the cost of recovering the products will be immaterial, and (3) the returned tools sets can be resold at a profit. On March 25, 2020, Barr returned 6 tool sets and received a credit to its account. (a) Prepare journal entries for Pharoah to record (1) the sale on March 10, 2020, (2) the return on March 25, 2020, and (3) any adjusting entries required on March 31, 2020 (when Pharoah prepares financial statements). Pharoah believes the original estimate of returns is correct. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No entry" for the account titles and enter 0 for the amounts.) No. Account Titles and…

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