Financial Accounting
3rd Edition
ISBN: 9780133791129
Author: Jane L. Reimers
Publisher: Pearson Higher Ed
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Chapter 6, Problem 17SEB
To determine
Identify the amounts that must be recorded as a cost for each vehicle in Company DC’s accounts.
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Walberg Associates, antique dealers, purchased goods for $37,500. Terms of the purchase were FOB shipping point, and the cost of transporting the goods to Walberg Associates's warehouse was $1,200. Walberg Associates insured the shipment at a cost of $150. Prior to putting the goods up for sale, they cleaned and refurbished them at a cost of $490. Determine the cost of inventory.
Goods have been sold that cost $3.000 to make. Provide the journal entry to record the costs associated with the sale.
Journalize the entries to record the following selected transactions. Refer to the Chart of Accounts for exact wording of account titles.
a. Sold $64,300 of merchandise on account, subject to a sales tax of 5%. The cost of the goods sold was $37,000.
b. Paid $40,740 to the state sales tax department for taxes collected.
Chapter 6 Solutions
Financial Accounting
Ch. 6 - For each of the following costs, indicate whether...Ch. 6 - Prob. 2YTCh. 6 - For each of the following, give the term for...Ch. 6 - On January 1, 2010, Access Company purchased a new...Ch. 6 - Prob. 5YTCh. 6 - An asset costs 50,000, has an estimated salvage...Ch. 6 - Prob. 7YTCh. 6 - Prob. 8YTCh. 6 - Prob. 1QCh. 6 - What is the difference between capitalizing and...
Ch. 6 - Prob. 3QCh. 6 - What does amortization mean?Ch. 6 - Prob. 5QCh. 6 - Prob. 6QCh. 6 - Prob. 7QCh. 6 - Prob. 8QCh. 6 - What is the residual value, or salvage value, of...Ch. 6 - What is the difference between depreciation...Ch. 6 - Prob. 11QCh. 6 - Explain the difference between the three...Ch. 6 - Prob. 13QCh. 6 - Prob. 14QCh. 6 - Prob. 15QCh. 6 - What types of costs related to long-term...Ch. 6 - How is a gain or loss on the disposal of an asset...Ch. 6 - How does goodwill arise?Ch. 6 - Prob. 19QCh. 6 - Prob. 20QCh. 6 - Prob. 21QCh. 6 - Prob. 1MCQCh. 6 - Prob. 2MCQCh. 6 - Prob. 3MCQCh. 6 - Prob. 4MCQCh. 6 - Prob. 5MCQCh. 6 - Prob. 6MCQCh. 6 - Prob. 7MCQCh. 6 - Prob. 8MCQCh. 6 - Prob. 9MCQCh. 6 - Prob. 10MCQCh. 6 - Prob. 1SEACh. 6 - Prob. 2SEACh. 6 - Prob. 3SEACh. 6 - Prob. 4SEACh. 6 - Prob. 5SEACh. 6 - Calculate depreciation expense: double-declining...Ch. 6 - Prob. 7SEACh. 6 - Prob. 8SEACh. 6 - Mining Expedition Company purchased a coal mine on...Ch. 6 - Unique Quality Recourses purchased a patent for...Ch. 6 - Analyze revenue and capital expenditures. (LO 4)....Ch. 6 - On January 1, 2010, the Premium Beer Corporation...Ch. 6 - Prob. 13SEACh. 6 - Prob. 14SEACh. 6 - Prob. 15SEBCh. 6 - Prob. 16SEBCh. 6 - Prob. 17SEBCh. 6 - Prob. 18SEBCh. 6 - Prob. 19SEBCh. 6 - Calculate depreciation expense: double-declining...Ch. 6 - Prob. 21SEBCh. 6 - Prob. 22SEBCh. 6 - Prob. 23SEBCh. 6 - Prob. 24SEBCh. 6 - Prob. 25SEBCh. 6 - Prob. 26SEBCh. 6 - Prob. 27SEBCh. 6 - Prob. 28SEBCh. 6 - Prob. 29EACh. 6 - Prob. 30EACh. 6 - Prob. 31EACh. 6 - Prob. 32EACh. 6 - Calculate depreciation under alternative methods....Ch. 6 - Soda Pop Bottling Company bought equipment for...Ch. 6 - Prob. 35EACh. 6 - Prob. 36EACh. 6 - Prob. 37EACh. 6 - Prob. 38EACh. 6 - Prob. 39EACh. 6 - Prob. 40EACh. 6 - Prob. 41EACh. 6 - Prob. 42EACh. 6 - Prob. 43EACh. 6 - Prob. 44EACh. 6 - Prob. 45EACh. 6 - Big Peach Athletics sold assets with an original...Ch. 6 - Prob. 47EACh. 6 - Prob. 48EACh. 6 - Prob. 49EBCh. 6 - Prob. 50EBCh. 6 - Prob. 51EBCh. 6 - Prob. 52EBCh. 6 - Calculate depreciation under alternative methods....Ch. 6 - Pristine Carpet Cleaner bought a new steamer for...Ch. 6 - Prob. 55EBCh. 6 - Prob. 56EBCh. 6 - Prob. 57EBCh. 6 - Prob. 58EBCh. 6 - Prob. 59EBCh. 6 - Prob. 60EBCh. 6 - Prob. 61EBCh. 6 - Prob. 62EBCh. 6 - Prob. 63EBCh. 6 - Prob. 64EBCh. 6 - Prob. 65EBCh. 6 - Prob. 66EBCh. 6 - Prob. 67EBCh. 6 - Prob. 68EBCh. 6 - Prob. 69PACh. 6 - Prob. 70PACh. 6 - Prob. 71PACh. 6 - Prob. 72PACh. 6 - Prob. 73PACh. 6 - Prob. 74PACh. 6 - Prob. 75PACh. 6 - Prob. 76PACh. 6 - Prob. 77PACh. 6 - Prob. 78PACh. 6 - Prob. 79PBCh. 6 - Prob. 80PBCh. 6 - Prob. 81PBCh. 6 - Prob. 82PBCh. 6 - Prob. 83PBCh. 6 - Prob. 84PBCh. 6 - Prob. 85PBCh. 6 - Elite Cleaners bought a new machine on January 1,...Ch. 6 - Prob. 87PBCh. 6 - Prob. 88PBCh. 6 - Prob. 1FSACh. 6 - Prob. 2FSACh. 6 - Prob. 1CTPCh. 6 - Prob. 2CTPCh. 6 - Prob. 3CTPCh. 6 - Prob. 1IECh. 6 - Prob. 2IECh. 6 - Prob. 3IE
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- Journalize the entries to record the following selected transactions:a. Sold $62,800 of merchandise on account, subject to a sales tax of 5%. The cost of the merchandise sold was $37,500.b. Paid $39,650 to the state sales tax department for taxes collected.arrow_forwardRecord the following transactions using: a) Perpetual and b) Periodic Methoda. During the year, 300 chairs were bought at P150 each or a total purchases of P45,000.b. At the end of the year, a physical count showed only 140 chairs are still on hand.c. Merchandise is sold at 50% above cost.After recording the transactions, determine the following:a. Cost of Goods Soldb. Gross Profitc. Cost of unsold chairsarrow_forwardThe debits and credits for four related entries for a sale of 15,000, terms 1/10, n/30, are presented in the following T accounts. Describe each transaction.arrow_forward
- The debits and credits for four related entries for a purchase of 40,000, terms 2/10, n/30, are presented in the following T accounts. Describe each transaction.arrow_forwardA car dealer acquires a used car for $15,000, with terms FOB shipping point. Compute total inventory costs assigned to the used car if additional costs include $150 for transportation-in. $190 for shipping insurance. $730 for car import duties. $200 for advertising. $1,500 for sales staff salaries. $200 for trimming shrubs.arrow_forwardA company receives $696, of which $56 is for sales tax. The journal entry to record the sale would include a Select one: a. debit to Sales Tax Expense for $56. b. debit to Sales Taxes Payable for $56. C. debit to Sales Revenue for $696. d. debit to Cash for $696.arrow_forward
- Costs of $5,000 were incurred to acquire goods and make them ready for sale. The goods were shipped to the buyer FOB Shipping Point for a cost of $200. Additional costs of $400 were incurred to acquire the goods. No discounts were taken. What is the buyer's total cost of merchandise inventory?arrow_forwardSalieri Company purchased 70 keyboards on account for $25 each from Amadeus, Inc. When they unpacked the keyboards, Salieri found that 50 of the keyboards were damaged in shipping. What is the journal entry that Salieri will make to record the purchase return? OA. Debit Accounts Payable - Amadeus and credit Inventory, $1,250. 00 B. Debit Purchase Returns and credit Inventory, $1,250. OC. Debit Purchase Returns and credit Inventory, $1,750. O D. Debit Accounts Payable - Amadeus and credit Inventory, $1,750.arrow_forwardA company purchased $3,400 worth of merchandise. Transportation costs for the buyer were an additional $300. The company returned $235 worth of merchandise and then paid the invoice within the 1% cash discount period. The total cost of this merchandise is: Multiple Choice $3,335.00. S3, 263.00. $3, 431.00. $3, 433.35. $3,465.00.arrow_forward
- The acquisition of goods with an invoice price of $10,000 is subject to the following terms: 2/10, n/30, FOB destination. The vendor covered all transportation expenses in the amount of $300. What is the merchandise's net cost?arrow_forwardPrepare separate entries for each transaction for Concord Company. The merchandise purchased by Culver on June 10 cost Concord $5,100, and the goods returned cost Concord $267.arrow_forwardA vehicle purchased for $35, 000 was sold for $20,000 on credit. Show journal entries for the sale and cost of sale of the vehicle (as merchandise inventory) using the perpetual inventory system onlyarrow_forward
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