User Account

All Pages

B326 Advanced Financial Accounting Assignment

Assignment Help Financial Accounting
Reference no: EM133030773

B326 Advanced Financial Accounting Assignment - Arab Open University, Saudi Arabia

Question - On January 1, 2017, HHH Corporation purchased a truck with a useful life of five years, and a salvage value of $8,000. On January 1, 2019, HHH sold the truck to DDD Corporation. DDD assumed the same salvage value and remaining life of three years used by HHH. Straight-line depreciation is used by both companies. On January 1, 2019, HHH recorded the following journal entry:

Debit Credit

Cash 50,000

Accumulated depreciation 18,000

Truck 53,000

Gain on Sale of Truck 15,000

DDD holds 60% of HHH. HHH reported net income of $55,000 in 2019 and DDD's separate net income (excludes interest in HHH) for 2019 was $98,000.

In the eliminating/adjusting entries on consolidation working papers for 2019, the Truck account was:

A) debited for $3,000.

B) credited for $15,000.

C) debited for $15,000.

D) credited for $3,000.

Reference no: EM133030773

Questions Cloud

What is overton estimated sales in units for next year : Overton Industries has the following sales forecasts for its hip waders next year: What is Overton estimated sales in units for next year
How many units should Maki purchase : The June 30 and September 30 ending inventories are anticipated to be 1,600 units and 1,450 units, How many units should Maki purchase
Hofstede model of cultural dimensions : Use the Hofstede Model of Cultural Dimensions to evaluate your current or previous place of work.
In what country is the company based : Choose one of the auto manufacturers listed below and after researching the company, answer the questions that follow.
B326 Advanced Financial Accounting Assignment : B326 Advanced Financial Accounting Assignment Help and Solution - Arab Open University, Saudi Arabia - Assessment Writing Service
Bizcafe simulation for management : 1. What strategy did your teammates choose? (Goals, product-market focus, value proposition, core activities)
How much will you have when you retire : Assume you inherited $10,000 at age 20 and invested it for 50 years (until age 70) in securities earning 10 percent per year. How much will you have
Prepare Presentation on Artificial Intelligence : Prepare Presentation on Artificial Intelligence - Need to do five slides for Artificial Intelligence
International strategy considerations for firms : What are some international strategy considerations for firms staying in their domestic market?

Reviews

Write a Review

Financial Accounting Questions & Answers

  Explain the types of the hypothesis

Changes like this are critical to the implementation of monetary policy. Interest rates fluctuate due to variations in time periods. Elaborate its system.

  What is kettles plantwide overhead rate

What is Kettle's plantwide overhead rate? Calculate the departmental overhead rates for Kettle's three production lines.

  What is the monthly break -even point in units

What is the monthly break -even point in units? How many units must be sold each month to make a monthly profit of $14000?

  How to find the present value of received at the start

How to Find the present value of $10,000 received at the start of every year for 20 years if the interest rate is J1 = 12% p.a. and if the first payment.

  Compute the components of pension expense

Develop the plan status as of December 31, 2013 showing the PBO, Plan Assets, over/under funded status, unamortized prior service cost and the (accrued)/prepaid recorded on the books.

  How is the property and equipment recognized by entity

What is a cost and fair value model relating to Property, Plant and Equipment? How is the Property, Plant and Equipment recognized by the entity initially

  Find what is the project operating cash flow for first year

The company faces a 25% tax rate. What is the project's operating cash flow for the first year (t = 1)? Enter your answer in dollars.

  What is beta taxable gain on the sale

Acme Corporation, a C Corporation acquires the stock of Beta Corporation, a C corporation, What is Beta's taxable gain on the sale?

  Prepare bond amortization table from inception to maturity

Prepare the bond amortization table from inception to maturity date. Cash interest: 5% per annum, payable on December 31. Principal amount: P4,000,000

  What will the annual payments have to be

The borrower wants to make equal annual payments at the end of each year given an interest rate of 10 percent. What will the annual payments have to be

  What is the total deposit in transit for november

What is the total deposit in transit for November 30, 2020? Erroneous bank disbursement in December corrected by bank in December

  Find how much will be reported on the december

On the last day of December 2021, Find how much will be reported on the December 31, 2021 balance sheet as unearned revenue?

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