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On April 1, Clear Water Co., a water distiller, acquired new bottling equipment with a list price (fair market value) of $350,000. Clear Water received a trade-in allowance of $50,000 on the old equipment of a similar type and paid cash of $300,000. The following information about the old equipment is obtained from the account in the equipment ledger:
cost, $280,000; accumulated depreciation on December 31, the end of the preceding fiscal year, $216,000; annual depreciation, $18,000. Assume the exchange has commercial substance.
a. Journalize the entry to record the current depreciation of the old equipment to the date of trade-in. b. Journalize the entry to record the exchange transaction on April 1. If an amount box does not require an entry, leave it blank or enter "0".
Adjusting Entries: Allowance for Doubtful Accounts made on 1/1/1X was $70,000. The balance in the allowance account on 12/31/1X after making the annual adjusting entry was $150,000 and during 201X bad debts written off amounted to $60,000.
depreciation calculation methods.freedom co. purchased a new machine on july 2 2008 at a total installed cost of 44000.
A positive effect could also be thought of as a source of cash, an increase in cash, or a positive amount on the cash flow statement. A negative effect could also be thought of as a use of cash, a decrease in cash, or a negative amount on the cash fl..
explain and Identify the reason for any two of the five components of internal control and provide examples of how your two selected components of internal control will meet the goal of safeguarding assets and promoting ethical business practices..
Santana Rey expects second quarter 2012 sales of her new line of computer furniture to be the same as the first quarter sales (reported below) without any changes in strategy. Monthly sales averaged 40 desk units (sales price of $1,250) and 20..
Indicate whether each of the following costs of productive output is usually variable (V) or fixed (F) :
Compare the essential characteristics of partnerships co-operatives and companies ‘the business structures'.
What is the amortization amount for every intangible asset in the existing year?
Prepare a schedule to compare the total effect on net income of Alternatives #1 and #2 related to the restructuring. Discuss whether the alternative with the most favorable effect on net income provides.
a. jayantha commenced business on 1 january 2010 with equity of 100000. during the year ending 31 december 2010 he paid
What information can the company gleam from this approach which is helpful as a tool in the decision making process. Explain situations in which break-even analysis can be a useful tool. Provide a specific example.
catter company purchased equipment on november 15 2008. the company paid 10000 cash and borrowed the remaining balance
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