QUESTION 25 Give three examples of property, plant and equipment.

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Question

QUESTION 25 Give three examples of property, plant and equipment.

QUESTION 26 What type of account is the Allowance for Doubtful Accounts?

QUESTION 27 The following transactions apply to Sam's Skateboards.

Assume the use of the perpetual inventory method and that all transactions were for cash.

Required: Determine the amount of ending inventory using a FIFO cost flow

business accounting

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Answer 1

Answer #1

q 25.

Three examples of Plant Property and equipment.

Land

Building

Vehicles.

(machinery, furniture , office appliances also fall under examples for plant, property and equipment).

q 26.

Contra asset account.

Allowance for doubtful debts is a contra asset account and is presented as a deduction to accounts receivable on the balance sheet.

q 27.$580.

working:

since perpetual FIFO cost flow is used.

60 units sold on 19 - march will be from beginning inventory (50 units) and 12 - jan purchase (10 units ).

4 nov sale will comprise of (20 units from 12 jan purchase and 15 units from 8-jun purchase).

so the remaining 5 untis in ending inventory will be from 8- jun purchase

=>5 units * $116

=>$580.

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Answer 2

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QUESTION 25 Give three examples of property, plant and equipment.

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