At what amount did china inn record the delivery truck

Assignment Help Finance Basics
Reference no: EM131521228

Question: 1. Granite Stone Creamery sold ice cream equipment for $12,000. Granite Stone originally purchased the equipment for $80,000, and depreciation through the date of sale totaled $66,000. What was the gain or loss on the sale of the equipment?

2. China Inn and Midwest Chicken exchanged assets. China Inn received a delivery truck and gave equipment. The fair value and book value of the equipment were $17,000 and $10,000 (original cost of $35,000 less accumulated depreciation of $25,000), respectively. To equalize market values of the exchanged assets, China Inn paid $8,000 in cash to Midwest Chicken. At what amount did China Inn record the delivery truck? How much gain or loss did China Inn recognize on the exchange?

Reference no: EM131521228

Questions Cloud

Considering adding new division into your existing firm : You are considering adding a new division into your existing firm. The change in net working capital resulting from the addition of the new division
Create a webpage with a login and join now buttons active : Create a webpage with a login and join now buttons active. When you enter a wrong user name or password it should have a warning.
What is the total amount of amortization expense : In early January, Burger Mania acquired 100% of the common stock of the Crispy Taco restaurant chain. The purchase price allocation included.
Should speculative uses of derivatives be banned : Should "speculative" uses of derivatives be banned?
At what amount did china inn record the delivery truck : Granite Stone Creamery sold ice cream equipment for $12,000. Granite Stone originally purchased the equipment for $80,000, and depreciation through the date.
Formalize your findings as a sequence diagram : Formalize your findings as a sequence diagram and a corresponding communication diagram. A sequence diagram for the Register a Student for Classes use case.
How is the image and your reaction in this case different : What do you think is meant by this statement? Were there descriptions or images in "Death Constant Beyond Love" that you had a hard time believing?
Loanable funds market for the united states : Draw a correctly labeled graph of the loanable funds market for the United States, and label the equilibrium interest rate as r* and the quantity of funds as QF
How much gain or loss did midwest chicken recognize : China Inn and Midwest Chicken exchanged assets. Midwest Chicken received equipment and gave a delivery truck. The fair value and book value of the delivery.

Reviews

Write a Review

Finance Basics Questions & Answers

  Financial reporting and analysis

Finance is about Gunns Ltd, a company in dealing with forestry products in Australia. The company has also been listed in Australian Stock Exchange. As many companies producing forestry products, even Gunns Ltd is facing various problems. Due to the ..

  A report on financial accounting

This report is specific for a core understanding for Financial Accounting and its relevant factors.

  Describe the types of financial ratios

Describe the types of financial ratios and other financial performance measures that are used during venture's successful life cycle.

  Differences between sole proprietorship and corporation

Briefly describe the major differences between a sole proprietorship and a corporation

  Prepare a cash budget statement

Calculate the expected value of the apartment in 20 years' time. What is the mortgage loan repayment at the beginning of each month

  What are the implied interest rates

What are the implied interest rates in Europe and the U.S.?

  State pricing theory and no-arbitrage pricing theory

State pricing theory and no-arbitrage pricing theory

  Small business administration

Identify the likely stage for each venture and describe the type of financing each venture is likely to be seeking and identify potential sources for that financing.

  Effect of financial leverage

The Effect of Financial Leverage and working capital management

  Evaluate the basis for the payment to the lender

Evaluate the basis for the payment to the lender and basis for the payment to the company-counterparty.

  Importance of opps, ipps, mpfs and dmepos

Research and discuss the differences and importance of : OPPS, IPPS, MPFS and DMEPOS.

  Time value of money

Time Value of Money project

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd