College Accounting (Book Only): A Career Approach
13th Edition
ISBN: 9781337280570
Author: Scott, Cathy J.
Publisher: South-Western College Pub
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Chapter 6, Problem 7QY
To determine
Find the correct option, the option that indicates the correct
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Thompson Company has a standard of 3.1 pounds of materials per unit,
at $15.10 per pound. In producing 980 units, Thompson used 2,830
pounds of materials at a total cost of $44,500. What is Thompson's
total materials variance?
a. $1,767 Favorable
b. $1,374 Favorable
c. $1,374 Unfavorable
d. $1,767 Unfavorable
Financial Account
A parcel of land that was originally purchased for $85,000 is offered for
sale at $150,000, is assessed for tax purposes at $95,000, is
recognized by its purchasers as easily being worth $140,000, and is
sold for $137,000. What is the effect of the sale on the accounting
equation for the seller?
A) Assets increase by $52,000; owner's equity increases by $52,000.
B) Assets increase by $85,000; owner's equity increases by $85,000.
C) Assets increase by $137,000; owner's equity increases by $137,000.
D) Assets increase by $140,000; owner's equity increases by $140,000.
E) None of the above.
Chapter 6 Solutions
College Accounting (Book Only): A Career Approach
Ch. 6 - Prob. 1QYCh. 6 - Prob. 2QYCh. 6 - Which of the following does not explain the...Ch. 6 - What is the journal entry to record an NSF check,...Ch. 6 - Prob. 5QYCh. 6 - Prob. 6QYCh. 6 - Prob. 7QYCh. 6 - Prob. 8QYCh. 6 - Prob. 1DQCh. 6 - Prob. 2DQ
Ch. 6 - Prob. 3DQCh. 6 - Prob. 4DQCh. 6 - Prob. 5DQCh. 6 - Prob. 6DQCh. 6 - a. Why would a business use a Petty Cash Fund? b....Ch. 6 - Prob. 8DQCh. 6 - Prob. 1ECh. 6 - Prob. 2ECh. 6 - Prob. 3ECh. 6 - Prob. 4ECh. 6 - Prob. 5ECh. 6 - Prob. 6ECh. 6 - Prob. 7ECh. 6 - a. Describe the entries that have been posted to...Ch. 6 - Prob. 1PACh. 6 - Prob. 2PACh. 6 - Prob. 3PACh. 6 - Prob. 4PACh. 6 - Prob. 5PACh. 6 - Prob. 1PBCh. 6 - Prob. 2PBCh. 6 - Prob. 3PBCh. 6 - Prob. 4PBCh. 6 - Prob. 5PBCh. 6 - Prob. 1ACh. 6 - Prob. 2ACh. 6 - You work as a cashier for a service business. Some...
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