Hospital Equipment Company (HEC) acquired several fMRI machines for its inventory at a cost of $3,100 per machine. HEC usually sells these machines to hospitals at a price of $5,740. HEC also separately sells 12 months of training and repair services for fMRI machines for $2,460. HEC is paid $5,740 cash on November 30 for the sale of an fMRI machine delivered on December 1. HEC sold the machine at its regular price, but included one year of free training and repair service.
i. Record the receipt of cash
ii. Record the sales revenue for the equipment (MRI Machine)
iii. Record the cost of goods sold.
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Hospital Equipment Company (HEC) acquired several fMRI machines for its inventory at a cost of $3,100...
Hospital Equipment Company (HEC) acquired several fMRI machines for its inventory at a cost of $3,800 per machine. HEC usually sells these machines to hospitals at a price of $7,120. HEC also separately sells 12 months of training and repair services for fMRI machines for $1,780. HEC is paid $7,120 cash on November 30 for the sale of an fMRI machine delivered on December 1. HEC sold the machine at its regular price, but included one year of free training...
Hospital Equipment Company (HE) acquired several MRI machines for its inventory at a cost of $4,200 per machine. HEC usually sells these machines to hospitals at a price of $7.440. HEC also separately sells 12 months of training and repair services for fMRI machines for $1.860. HEC is paid $7440 cash on November 30 for the sale of an MRI machine delivered on December 1 HEC sold the machine at its regular price, but included one year of free training...
[The following information applies to the questions displayed below.] Hospital Equipment Company (HEC) acquired several fMRI machines for its inventory at a cost of $4,300 per machine. HEC usually sells these machines to hospitals at a price of $7,520. HEC also separately sells 12 months of training and repair services for fMRI machines for $1,880. HEC is paid $7,520 cash on November 30 for the sale of an fMRI machine delivered on December 1. HEC sold the machine at its...
Hospital Equipment Company (HEC) acquired several MRI machines for its inventory at a cost of $3,400 per machine. HEC usually sells these machines to hospitals at a price of $6,640. HEC also separately sells twelve months of training and repair services for MRI machines for $1,660. HEC is paid $6,640 cash on January 1 for the sale of an MRI machine delivered on January 1. HEC sold the machine at its regular price, but included one free year of training...
Required information [The following information applies to the questions displayed below.] Hospital Equipment Company (HEC) acquired several fMRI machines for its inventory at a cost of $4,300 per machine. HEC usually sells these machines to hospitals at a price of $7,520. HEC also separately sells 12 months of training and repair services for fMRI machines for $1,880. HEC is paid $7,520 cash on November 30 for the sale of an fMRI machine delivered on December 1. HEC sold the machine...
Required information [The following information applies to the questions displayed below.) Hospital Equipment Company (HEC) acquired several fMRI machines for its inventory at a cost of $4,300 per machine. HEC usually sells these machines to hospitals at a price of $7,520. HEC also separately sells 12 months of training and repair services for fMRI machines for $1,880. HEC is paid $7,520 cash on November 30 for the sale of an fMRI machine delivered on December 1. HEC sold the machine...
help Help Required information [The following information applies to the questions displayed below Hospital Equipment Company (HEC) acquired several fMRI machines for its inventory at a cost of $2.400 per machine. HEC usually sells these machines to hospitals at a price of $5,250. HEC also separately sells 12 months of training and repair services for fMRI machines for $2,250. HEC is paid $5.250 cash on November 30 for the sale of an fMRI machine delivered on December 1. HEC sold...
Required information (The following information applies to the questions displayed below] Hospital Equipment Company (HEC) acquired several fMRI machines for its inventory at a cost of $4,200 per machine. HEC usually sells these machines to hospitals at a price of $7.440. HEC also separately sells 12 months of training and repair services for fMRI machines for $1.860. HEC is paid $7.440 cash on November 30 for the sale of an fMRI machine delivered on December 1, HEC sold the machine...
Howarth Manufacturing Company purchased equipment on June 30, 2017, at a cost of $800,000. The residual value of the equipment was estimated to be $50,000 at the end of a five year life. The equipment was sold on March 31, 2021, for $170,000. Howarth uses the straight- line depreciation method for all of its plant and equipment. Partial-year depreciation is calculated based on the number of months the asset is in service Required: 1. Prepare the journal entry to record...
Howarth Manufacturing Company purchased equipment on June 30, 2017, at a cost of $160,000. The residual value of the equipment was estimated to be $10,000 at the end of a five-year life. The equipment was sold on March 31, 2021, for $43,000. Howarth uses the straight-line depreciation method for all of its plant and equipment. Partial-year depreciation is calculated based on the number of months the asset is in service. Required: 1. Prepare the journal entry to record the sale....