Maurice Tutor

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  • MCS,PHD
    Argosy University/ Phoniex University/
    Nov-2005 - Oct-2011

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    Phoniex University
    Oct-2001 - Nov-2016

Category > Accounting Posted 06 Aug 2017 My Price 3.00

Napali Inc

luation of Return

Napali Inc. sells new equipment with a $5,300 list price. A dissatisfied customer returned one piece of equipment. Napali determines that the returned equipment can be resold if it is reconditioned. The expected sales price of the reconditioned equipment is $4,500; the reconditioning expenses are estimated to be $600; and normal profit is 35% of the sales price.

 

1. Prepare the journal entry to record the sale of the reconditioned equipment for cash assuming that the floor value is used to record the returned equipment.

Answers

Maurice Tutor
(5)
Status NEW Posted 06 Aug 2017 12:08 AM My Price 3.00

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