Give the journal entry for the disposal of the furniture, assuming that it was sold for $300,000 each.

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Answer 1

Question

Chapter 8, Problem 14E

1. a.

To determine

Give the journal entry for the disposal of the furniture, assuming that it was sold for $300,000 each.

b.

To determine

Give the journal entry for the disposal of the furniture, assuming that it was sold for $900,000 each.

c.

To determine

Give the journal entry for the disposal of the furniture, assuming that it was sold for $100,000 each.

2.

To determine

Explain the effects of the disposal of an asset, based on the three preceding situations.

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The beginning inventory at Smith Co. and data on purchases and sales for a three-month period ending June 30 are... Date Transaction Numberof Units Per Unit Total Apr. 3 Inventory 48 $450 $21,600 8 Purchase 96 540 51,840 11 Sale 64 1,500 96,000 30 Sale 40 1,500 60,000 May 8 Purchase 80 600 48,000 10 Sale 48 1,500 72,000 19 Sale 24 1,500 36,000 28 Purchase 80 660 52,800 June 5 Sale 48 1,575 75,600 16 Sale 64 1,575 100,800 21 Purchase 144 720 103,680 28 Sale 72 1,575 113,400 Record inventory, purchases, cost of merchandise sold data in perpetual invetory record similar to the one illutrated in exhibit 3 using FIFO. Under FIFO if units at two different costs eneter the units with the lower unit cost first in the cost of goods sold unit cost column and in the inventory unit cost column.

Summit Manufacturing has a standard costing system. The following data are available for October: • • Actual quantity of direct materials purchased: 40,000 pounds Standard price of direct materials: $6 per pound Material price variance: $4,800 unfavorable Material quantity variance: $3,200 favorable What is the actual price per pound of direct materials purchased in October?

I want to correct answer general accounting question

Answer 2

Question

Chapter 8, Problem 14E

1. a.

To determine

Give the journal entry for the disposal of the furniture, assuming that it was sold for $300,000 each.

b.

To determine

Give the journal entry for the disposal of the furniture, assuming that it was sold for $900,000 each.

c.

To determine

Give the journal entry for the disposal of the furniture, assuming that it was sold for $100,000 each.

2.

To determine

Explain the effects of the disposal of an asset, based on the three preceding situations.

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Answer 3

Question

Chapter 8, Problem 14E

1. a.

To determine

Give the journal entry for the disposal of the furniture, assuming that it was sold for $300,000 each.

b.

To determine

Give the journal entry for the disposal of the furniture, assuming that it was sold for $900,000 each.

c.

To determine

Give the journal entry for the disposal of the furniture, assuming that it was sold for $100,000 each.

2.

To determine

Explain the effects of the disposal of an asset, based on the three preceding situations.

Expert Solution & Answer

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Check out a sample textbook solution

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Answer 4

Question

Chapter 8, Problem 14E

1. a.

To determine

Give the journal entry for the disposal of the furniture, assuming that it was sold for $300,000 each.

b.

To determine

Give the journal entry for the disposal of the furniture, assuming that it was sold for $900,000 each.

c.

To determine

Give the journal entry for the disposal of the furniture, assuming that it was sold for $100,000 each.

2.

To determine

Explain the effects of the disposal of an asset, based on the three preceding situations.

Expert Solution & Answer

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Check out a sample textbook solution

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Answer 5

Chapter 8, Problem 14E

1. a.

To determine

Give the journal entry for the disposal of the furniture, assuming that it was sold for $300,000 each.

b.

To determine

Give the journal entry for the disposal of the furniture, assuming that it was sold for $900,000 each.

c.

To determine

Give the journal entry for the disposal of the furniture, assuming that it was sold for $100,000 each.

2.

To determine

Explain the effects of the disposal of an asset, based on the three preceding situations.

Answer 6

Chapter 8, Problem 14E

1. a.

To determine

Give the journal entry for the disposal of the furniture, assuming that it was sold for $300,000 each.

Answer 7

Chapter 8, Problem 14E

1. a.

To determine

Give the journal entry for the disposal of the furniture, assuming that it was sold for $300,000 each.

Answer 8

b.

To determine

Give the journal entry for the disposal of the furniture, assuming that it was sold for $900,000 each.

Answer 9

b.

To determine

Give the journal entry for the disposal of the furniture, assuming that it was sold for $900,000 each.

Answer 10

c.

To determine

Give the journal entry for the disposal of the furniture, assuming that it was sold for $100,000 each.

Answer 11

c.

To determine

Give the journal entry for the disposal of the furniture, assuming that it was sold for $100,000 each.

Answer 12

2.

To determine

Explain the effects of the disposal of an asset, based on the three preceding situations.

Answer 13

2.

To determine

Explain the effects of the disposal of an asset, based on the three preceding situations.

Answer 14

Expert Solution & Answer

Answer 15

Expert Solution & Answer

Answer 16

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Answer 17

Ch. 8 - Define long-lived assets. Why are they considered...Ch. 8 - Prob. 2Q Ch. 8 - What are the classifications of long-lived assets?...Ch. 8 - Prob. 4Q Ch. 8 - Prob. 5Q Ch. 8 - Prob. 6Q Ch. 8 - Prob. 7Q Ch. 8 - In computing depreciation, three values must be...Ch. 8 - The estimated useful life and residual value of a...Ch. 8 - Prob. 10Q

Give the journal entry for the disposal of the furniture, assuming that it was sold for $300,000 each.

Give the journal entry for the disposal of the furniture, assuming that it was sold for $300,000 each.

Give the journal entry for the disposal of the furniture, assuming that it was sold for $900,000 each.

Give the journal entry for the disposal of the furniture, assuming that it was sold for $100,000 each.

Explain the effects of the disposal of an asset, based on the three preceding situations.

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Chapter 8 Solutions