User Account

All Pages

Prepare a journal entry, assuming commercial substance

Assignment Help Accounting Basics
Reference no: EM133028162

Question - King Corp. traded an old machine with book value of $60,000 (cost $110,000 less accumulated depreciation $50,000) and a fair value of $100,000. King received a machine with a fair value of $90,000 plus cash of $10,000.

1) Prepare a journal entry, assuming commercial substance.

2) Prepare a journal entry, assuming NO commercial substance.

Reference no: EM133028162

Questions Cloud

Business growth strategy for clearwater electronics : Clearwater Electronics has purchased a mining company that supplies various rare-earth metals such as lanthanum, neodymium, and samarium that are used in the fi
Estimate the cost of plan on an excel spreadsheet : You just finished analyzing information for the current compensation and benefits program. You find that some changes should be made, as the majority
Compensation is a touchy subject : As the HR manager, you have access to sensitive data, such as pay information. As you are looking at pay each employee in the marketing department
Yahoo cuts the cord on telecommuting : Not everyone thinks telecommuting is ideal for their organizations. In early 2013, Marissa Mayer, who had been named Yahoo's new CEO less than a month earlier,
Prepare a journal entry, assuming commercial substance : King received a machine with a fair value of $90,000 plus cash of $10,000. Prepare a journal entry, assuming commercial substance
Explain the importance of policy and law in healthcare : Healthcare laws and policies play a major role in the healthcare industry. The various regulatory bodies protect the public from several health risks
What was the delivered cost of purchases for june : On June 30, 2019, the general ledger of the Shoe Closet, a retail store, showed the following balances: Purchases, $22,800; What was the delivered cost
Organizational change models : Scholars and practitioners have developed a number of organizational change models to explain how change occurs. Some of these models are based on years of empi
How is technology and resource allocation impacted : How could meeting industry expectations, propel managers into challenging and possible conflict of interest situations? How is technology and resource allocatio

Reviews

Write a Review

Accounting Basics Questions & Answers

  What will be your rate of return if the price

What will be your rate of return if the price of A stock goes up by 10% during the next one year ? Assume that A pays $2 per share dividends during this period

  What variable overhead cost should have been incurred

what variable overhead cost should have been incurred to fill orders for the 120,000 items? How much does this differ from the actual variable overhead cost?

  Total budgeted factory overhead

If the budgeted direct labor time for November is 7,100 hours, then the total budgeted factory overhead for November is:

  What are the carrying costs

The chairs are sold out before they are restocked. What are the carrying costs if the company orders the optimal quantity (Economic Order Quantity)

  What is the bond yield to maturity

What is the bond's yield to maturity? Round your answer to two decimal places. What is the bond's current yield? Round your answer to two decimal places.

  Declining-balance method of depreciation

A company that changes from the declining-balance method of depreciation for previously recorded assets to the straight-line method should report the change as a(n)

  How much joint costs will be assigned to product a

How much joint costs will be assigned to Product A if joint costs are allocated on the basis of relative sales values?

  What is her basis in the accounts receivable

Terri's basis in her partnership interest was $120,000, including her $40,000 share of partnership liabilities, what is her basis in the accounts receivable

  Prepare the journal entry on march

Century City, Inc. purchased a new printer on March 7 for $2,000. Prepare the journal entry on March 7 capturing the purchase of the printer

  Calculate the total interest charged for the loan

Calculate the total interest charged for the loan. Find the amount that he has to pay on the 6th payment, if he failed to pay the first 5 monthly payments

  How to use the goal seek feature in excel

Investigate how to use the GOAL SEEK feature in Excel. GOAL SEEK is a menu option under "TOOLS" on the top of the EXCEL menu bar.

  What is the amount of the child tax credit

The Koz family has adjusted gross income of $300,000. What is the amount of the child tax credit on the couple's income tax return

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