User Account

All Pages

How the tract of land should be carried at

Assignment Help Financial Accounting
Reference no: EM132982401

Problem 1: Tuesday Company traded 8,000 shares of its P25 par value common stock for a tract of land to be kept for a future factory plant on October 1. On the exchange date, the fair market value of Tuesday Co.'s common stock was P80 per share. When an old building on the site was demolished, Tuesday Co. earned P36,000 from the sale of scrap (No construction of the new building). The tract of land should be carried at?

a) P200,000

b) P236,000

c) P604,000

d) P640,000

Reference no: EM132982401

Questions Cloud

Do you think amazon should be forced to provide recordings : Do you think Amazon should be forced to provide Echo recordings, or are "Privacy rights" more important?
What was the inventory turnover : Cost of goods sold was $43,000. During that time, average inventory was $15,000. What was the Inventory Turnover
What amount is deducted in arriving : An individual reports the following capital transactions in the current year: What amount is deducted in arrivingat the adjusted gross income
How the elsa contract should be reported in monday agency : The exchange transaction lacked commercial substance. After the exchange transaction, the Elsa contract should be reported in Monday Agency's records/books at?
How the tract of land should be carried at : How the tract of land should be carried at? Tuesday Company traded 8,000 shares of its P25 par value common stock for a tract of land
What is the child recognized gain or loss : A fair market value of $30,000. No gift tax is paid. The child subsequently sells the stock for $36,000. What is the child's recognized gain or loss, if any
Calculate the company basic earnings per share : Calculate the company's basic earnings per share. There were 10 million shares of common stock outstanding on January 1. Net income for year was $23.7 million.
How much is that worth in today dollars : Assume you receive $60,000 in five years and the annual interest rate is six percent. Using the present value formula, how much is that worth in today's dollars
What will the balance of the share capital account be : If the holders of 150,000 shares exercise their rights, what will the balance of the share capital account be once the rights issue is complete?

Reviews

Write a Review

Financial Accounting Questions & Answers

  Financial statement analysis and preparation

Financial Statement Analysis and Preparation

  Shareholder of a company

Describe the ways that a person can become a shareholder of a company. Why Wal-Mart would split its stock?

  Financial and accounting principles

An understanding of financial and accounting principles can be a valuable tool for managers. While not all managers will find themselves calculating financial ratios or preparing annual financial data.

  Prepare a statement of cash flow using the direct method

Prepare a Statement of Cash Flow using the Direct Method and Prepare the Operations section of the Statement of Cash Flow using the Indirect Method.

  Financial accounting assignment

This assignment has one case study and two question apart from case study. Questions related to document Liquidation question and Company financial statements question - Torquay Limited

  Prepare general journal entries for goela

Prepare general journal entries for Goela Ltd

  Principles of financial accounting

Prepare the journal entry to record the acquisition of the assets.

  Prepare general journal entries to record the transactions

Prepare general journal entries to record the transactions, assuming use of the periodic inventory system

  Global reporting initiative

Compare the view espoused by the economist Milton Friedman about the social responsibilities of business with the views express by Stigler.

  Explain the iasb conceptual frameworks

Explain the IASB Conceptual Framework's perspective of users and their decisions.

  Determine the company''s financial statements

T he focus of the report is to determine the extent to which you are comfortable relying on the financial statements as presented by management .

  Computation of free cash flow

Computation of Free Cash Flow

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