User Account

All Pages

Prepare all entries that are necessary on April

Assignment Help Accounting Basics
Reference no: EM133125069

Question - Rogers Co. had a sheet metal cutter that cost $240,000 on January 5, 2016. This old cutter had an estimated life of ten years and a salvage value of $40,000. On April 3, 2021, the old cutter is exchanged for a new cutter with a fair value of $120,000. The exchange lacked commercial substance. Rogers also received $30,000 cash. Assume that the last fiscal period ended on December 31, 2020, and that straight-line depreciation is used.

(a) Show the calculation of the amount of the gain or loss to be recognized by Rogers Co.

(b) Prepare all entries that are necessary on April 3, 2021.

Reference no: EM133125069

Questions Cloud

Prepare journal entries to record these transactions : The following transactions are from its short-term stock investments with insignificant influence. Prepare journal entries to record these transactions
Estimate the population regression function : This question is based on the empirical papers of Acemoglu et al (2001) that estimate the population regression function of the form: Yi= B0 +B1X1+ui with the h
Determine the amount of dividends to participants : Net profit for 2019 was UAH 18,300,000. It is necessary to determine the amount of dividends to participants at the expense of profit
What would be her realized yield : Mr. Fong purchased the bond when it was issued in 2005 for 95.0% of par. What would be her realized yield if Mr. Fong were to sell today (2/20/2022)
Prepare all entries that are necessary on April : Rogers Co. had a sheet metal cutter that cost $240,000 on January 5, 2016. Prepare all entries that are necessary on April 3, 2021
Review the sales difference for product category : Review the sales difference (growth) for Product Category and Sub Category between year 2015 and 2016 - Customer Gender and Age Group
Give the entry to divide the net loss among the partners : The operation of the partnership for the year 2021 resulted in a loss of P420,000. Give the entry to divide the net loss among the partners
What is meant by the optimum tariff : 1. What is meant by the optimum tariff? What is its relationship to changes in a nation's terms of trade and volume of trade?
Perform simple profitability analysis on product category : Perform simple profitability analysis on the product category and sub-category, for specific year. Furthermore, she wants to have the option of going deeper

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