Marriott International is a worldwide operator and franchiser of hotels and related lodging facilities totaling nearly $1.5 billion in net property and equipment. Assume that Marriott replaced furniture that had been used in the business for five years. The records of the company reflected the following regarding the sale of the existing furniture: Furniture (cost) $ 8,000,000 Accumulated depreciation 7,700,000 Required: 1. Prepare the journal entry for the disposal of the furniture, assuming that it was sold for: (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answers in dollars not in millions.) a. $300,000 cash b. $900,000 cash c. $100,000 cash
Answers (1)
Know the Answer?
Not Sure About the Answer?
Find an answer to your question ✅ “Marriott International is a worldwide operator and franchiser of hotels and related lodging facilities totaling nearly $1.5 billion in net ...” in 📘 Business if you're in doubt about the correctness of the answers or there's no answer, then try to use the smart search and find answers to the similar questions.
Search for Other Answers
You Might be Interested in
LO 6.5Absorption costing is also referred to as: direct costing marginal costing full costing variable costing
Answers (1)
The risk that an unanticipated increase in liability withdrawals may cause an fi to have to sell assets at fire sale prices is an example of
Answers (1)
A large computer manufacturer forbids its executives and managers from serving as directors or officers for Hewlett-Packard or any other corporations from which it might purchase component parts. The company is trying to prevent a.
Answers (1)
When members of a group begin to maximize efficiency and satisfaction as they move towards their outcomes, they are likely in what stage of group development?
Answers (1)
The particular type of shareholder voting used has become less important with the influence of takeovers, leveraged buy-outs, and other challenges to management control. A. True B. False
Answers (1)
New Questions in Business
Under the mudarabah banking system, when an Islamic bank lends money to a business Multiple Choice it charges that business interest on the loan. the business needs to pay back the loan with an additional markup.
Answers (1)
A company's bonds have a 10-year maturity, a 6% coupon paid semi-annually, and a par value of $1,000. The yield to maturity is quoted as 8% in the financial press. What is the bond's price?
Answers (1)
Buckman Company uses the weighted average method for process costing. The cost per equivalent unit for direct materials is $5.00. The cost per equivalent unit for conversion costs is $3.00. The company completed and transferred out is 40,000 units.
Answers (1)
Which of the following transactions would be recorded if using the accrual basis of accounting but not if using the cash basis of accounting? A. Paying off loans B. Purchasing inventory on account C. Collecting customer payments D. Borrowing money
Answers (2)
Under ASC 606, the transaction price generally should be adjusted for the effect of the time value of money when A. A royalty contract with a distribution in which the consideration to be received depends on sales to end customers. B.
Answers (1)