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Pops Corp. has agreed to exchange an old computer system for a van from Incline,Inc. In addition, Incline will pay Pops$2,000. The computer originally cost Pops $25,000 and its current book value is $14,000. The van's original cost was $30,000 and its accumulated depreciation is $12,000. The appraised value of the computer is $15,000, and the appraised value of the van is $13,000.
Required: Prepare the journal entries to record the exchange on both companies' books.
Make an income statement, statement of changes instockholder's equity, period-end balance sheet, and statement ofcash flows for the 2002 accounting period.
research a publicly held company of your choice and access the companys web page on the internet to read their most
in late 2007 the board of directors adopted the following salary payments made to an officer of the corporation that
which of the following is a plan for acquiring the resources needed to complete the manufacturing activities that will
Cully furniture buys 2 products for resale: big shelves (B) and medium shelves (M). Each big shelf costs $500 and requires 100 cubic feet of storage space, and each medium shelf costs $300 and requires 90 cubic feet of storage space.
What is the difference between the cash basis of accounting and the accrual basis of accounting? Which one would you select for a company that has inventory and why?
Chase Bank loans P+P Company $120,000 on a 1 year promissory note on July 1, 2009. The interest rate of this loan is 12%. The principle and interest are due in one year. The journal entry to accrue interest earned on 12-31-09 is:
What potential conflicts can you see and how could Bill & Mary remedy the situation?
national telephone company has been forced by competition to put much more emphasis on planning and controlling its
Discussion Board requirement: From financial reporting and ethical perspectives, how would you reply to the CEO? Include a discussion of the reasoning you used to support your stand on the ethical issues.
One problem with this plan is that the liabilities of his sole proprietorship exceed the basis of the assets to be transferred to the corporation by $70,000 ($20,000 - $130,000). Therefore, Joel would be required to recognize a gain of $70,000.
1 on january 1 2013 legion company sold 230000 of 4 ten-year bonds. interest is payable semiannually on june 30 and
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