User Account

All Pages

Prepare journal entries necessary to record this exchange

Assignment Help Accounting Basics
Reference no: EM133092787

Question - Flounder Company purchased an electric wax melter on April 30, 2020, by trading in its old gas model and paying the balance in cash. The following data relate to the purchase.

List price of new melter $19,592

Cash paid 12,400

Cost of old melter (5-year life, $868 salvage value) 13,888

Accumulated Depreciation-old melter (straight-line) 7,812

Secondhand fair value of old melter 6,448

Required - Prepare the journal entries necessary to record this exchange, assuming that the exchange (a) has commercial substance, and (b) lacks commercial substance. Flounder's fiscal year ends on December 31, and depreciation has been recorded through December 31, 2019.

Reference no: EM133092787

Questions Cloud

Negotiation in managing a conflict in organisation : Conflict is unavoidable in an organisation. However, it can be managed through selected ways of negotiation. Based on this statement:
Commonalities with ebay and amazon : List 5 commonalities with eBay and Amazon. And why?
Long tail principle in e-commerce : Explain the concept of the long tail principle in e-commerce. Discuss why it is important. Describe how it can be applied in SEO with references
Academic knowledge as an esl educator : What connections can you make between your experiences as a leader and your academic knowledge as an ESL educator? Connection to experiences.
Prepare journal entries necessary to record this exchange : Prepare the journal entries necessary to record this exchange, assuming that the exchange (a) has commercial substance
Difference between outsourcing and offshoring : What is the difference between outsourcing and offshoring
What is the size of the companies : What is the size of the companies that typically use this system?
How economic changes will affect the equilibrium price : Predict how Economic changes will affect the equilibrium price and quantity in the financial market for home loans.
Ethics and crs of pepsico : 1. Stakeholder analysis (both quadrant analysis and salience diagram with explanations and timelines)

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