User Account

All Pages

Prepare journal entry to record exchange using fair value

Assignment Help Financial Accounting
Reference no: EM132599521

Question 1: Matti Auto traded one of its used storage trailers (cost $40,000, accumulated depreciation $36,000) with a fair value of $11,000 for a much newer trailer with a list price of $70,000. Matti also pays $20,000 cash. Prepare the journal entry to record the exchange using the fair value standard. Matti Auto uses IFRS.

Question 2: Assume that Matti Auto was tired of the camo paint colour of his old trailer (figures as above), so traded it for a similar used trailer painted red. Matti also paid $2,000 cash. Prepare the journal entry to record the exchange.

Reference no: EM132599521

Questions Cloud

Describe two fictional public organizations : Create and describe two fictional public organizations. One organization should be structured around the closed organizational model,
Would such financial statements be true and fair and why : The company decided.to measure the assets at cost, Would such financial statements be true and fair if the assets were disclosed at a total of $958 million?
Calculate the magnitude and direction of the resultant : 1) The three finalist in a contest are brought to the center of a large flat field. Calculate the following displacements:
Describe population amish americans : Describe population Amish Americans. What activities they practice within their culture that you will use on your nursing practice? Explain in 200 words.
Prepare journal entry to record exchange using fair value : Matti also pays $20,000 cash. Prepare the journal entry to record the exchange using the fair value standard. Matti Auto uses IFRS.
Why is public opinion important in modern politics : Why is public opinion important in modern politics? Describe the various ways that public opinion is formed. How have your opinions been shaped?
What is the velocity of the space capsule : A 125 kg astronaut (with all his equipment) pushes off from his 2500 kg space capsule, acquiring a velocity of 2.0 m/s.
What are the factors of the immune system : Describe the curative methods for each of upper and lower respiratory tract infections. What are three specific factors of the immune system that help to clear.
Explain the concepts in own words exploration : Explain the following concepts in own words exploration, invention, application, safety in the laboratory, learning the scientific approach, the use of models.

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