User Account

All Pages

At what amount should fine record the new truck

Assignment Help Accounting Basics
Reference no: EM132149590

Question - On December 31, 2018, Fine Company acquired a new delivery truck in exchange for an old delivery truck that it had acquired in 2012. The old truck was purchased for $70,000 and had a book value of $26,600. On the date of the exchange, the old truck had a fair value of $28,000. In addition, Fine paid $91,000 cash for the new truck, which had a list price of $126,000. The exchange lacked commercial substance. At what amount should Fine record the new truck?

a. $91,000.

b. $119,000.

c. $117,600.

d. $126,000.

Reference no: EM132149590

Questions Cloud

How many boxes of jax would the company need to sell : Jack's Jax has total fixed cost of $25,000. How many boxes of Jax would the company need to sell to produce a net income of $15,000
Which do you think eec should use-screening decisions : What information is needed to analyze this investment opportunity? What will be your decision-making process?
Define various types of mixed methods research designs : This week's readings provide an overview of various types of mixed methods research designs. As with previous discussions on design.
Editing sentences to improve style : Editing sentences to improve style. The report that was completed by the finance department organizes essential information
At what amount should fine record the new truck : The exchange lacked commercial substance. At what amount should Fine record the new truck
Regarding international human resource management issues : What are your general thoughts regarding international human resource management issues?
Compute the estimated ending inventory at retail : Harvey's Junk Jewelry started business January 1, 2018, and uses the LIFO retail method to estimate ending inventory
Determine the percent of time machine in his area is idle : Supervisor Kenneth Peterson wants to determine the percent of time a machine in his area is idle. He decides to use work?
How do you think you would perform : If you were given an intelligence test in a language you did not know well, how do you think you would perform? Unfortunately, early 20th-century research.

Reviews

Write a Review

Accounting Basics Questions & Answers

  How much control does fed have over this longer real rate

Hubbard argues that the Fed can control the Fed funds rate, but the interest rate that is important for the economy is a longer-term real rate of interest.   How much control does the Fed have over this longer real rate?

  Coures:- fundamental accounting principles

Coures:- Fundamental Accounting Principles: - Explain the goals and uses of special journals.

  Accounting problems

Accounting problems,  Draw a detailed timeline incorporating the dividends, calculate    the exact Payback Period  b)   the discounted Payback Period. the IRR,  the NPV, the Profitability Index.

  Theory of interest - term structure of interest rates

Term Structure of Interest Rates

  Write a report on internal controls

Write a report on Internal Controls

  Prepare the bank reconciliation for company

Prepare the bank reconciliation for company.

  Cost-benefit analysis

Create a cost-benefit analysis to evaluate the project

  Theory of interest

Theory of Interest: NPV, IRR, Nominal and Real, Amortization, Sinking Fund, TWRR, DWRR

  Liquidity and profitability

Distinguish between liquidity and profitability.

  What is the expected risk premium on the portfolio

Your Corp, Inc. has a corporate tax rate of 35%. Please calculate their after tax cost of debt expressed as a percentage. Your Corp, Inc. has several outstanding bond issues all of which require semiannual interest payments.

  Simple interest and compound interest

Simple Interest, Compound interest, discount rate, force of interest, AV, PV

  Capm and venture capital

CAPM and Venture Capital

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!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

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