Prepare kingbird entry to record the exchange

Assignment Help Financial Accounting
Reference no: EM132592631

Kingbird Ltd. traded a used truck (cost $29,600, accumulated depreciation $26,640, fair value $2,370) for a new truck. Kingbird did look up the value of its used truck and determined its fair value at the date of the trade is $2,370. The list price of the new truck is $35,480 and the trade-in allowance given on the trade was $5,330.

Question 1: If Kingbird paid $30,150, what should be the amount used as the cost of the new truck?

Question 2: Prepare Kingbird's entry to record the exchange. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts

Reference no: EM132592631

Questions Cloud

Prepare necessary general journal entry to revalue building : Prepare the necessary general journal entries, if any, to revalue the building and the equipment as at December 31, 2019, using the proportionate method.
Find the total cost of jurislon to be purchased in august : The company wants to prepare Direct Materials Purchase Budget for the next five months. Find the total cost of Jurislon to be purchased in August
Analysis of metavirome from bioremediation culture : Analysis of Metavirome from Bioremediation Culture in R - Browse IME1-like Metavirome Scaffolds and Compare IME1s and IME1-like Metavirome Scaffolds
Social media activity reflect christian values : Discuss what areas of your social media activity reflect Christian values as they relate to respecting human value and dignity for all individuals
Prepare kingbird entry to record the exchange : Prepare Kingbird's entry to record the exchange. (Credit account titles are automatically indented when the amount is entered.)
What will singer share of the income : If they agree to share the remaining profits and losses on a 3:2 ratio, what will Singer's share of the income be if the income for the year is $50,000
How the uncollectible-account expense for the year should be : Troy estimates that its Uncollectible-Account Expense is 2% of Net Sales. The Uncollectible-Account Expense for the year should be
Prepare the necessary journal entry to record asset exchange : Prepare the necessary journal entries to record the asset exchange on the books of both companies. (Credit account titles are automatically indented)
Which option is the least costly to the company : Location C requires $40,000 payments at the beginning of each of the next twenty-five years. Which option is the least costly to the company

Reviews

Write a Review

Financial Accounting Questions & Answers

  Function of the organizations control environment

The adequacy of internal controls is said to be a function of the organization’s “control environment”. Describe what is meant by the “control environment”. What is the difference between a preventive control and detective control? How would a preven..

  What is ashton agi

During the year, Ashton rented the condo for 120 days and he received $24,000 of rental receipts. He did not use the condominium at all for personal purposes

  How much will the capital accounts of mccune

how much will the capital accounts of McCune, Oakley and Nall increases, correspondingly, due to the revaluation of the assets and recognition of goodwill?

  What is the retained earnings assuming debit balance

What is the retained earnings assuming debit balance in the income summary account at the end of the year would be $27,000?

  Prepare a statement of partnership liquidation

Prepare a statement of partnership liquidation, indicating and the sale of assets and division of loss.

  Please see the attached document1 prepare the requirements

please see the attached document.1. prepare the requirements using the fifo method.2. redo the requirements using the

  Directors of super cleaning products

Identify and describe the factors that the directors of Super Cleaning Products and Ltd should consider in evaluating whether to continue paying out 30% of the company's after tax profits as dividends to its shareholders.

  Cash for additional supplies

At the beginning of 2016, Stillwater Company had a $250 balance in its Supplies account. During the year the company paid $1,500 cash for additional supplies. The physical count of supplies on hand at the end of 2016 was $1,400. Which of the followin..

  Gerken company concluded at the beginning of 2013 that the

gerken company concluded at the beginning of 2013 that the companys ownership interest in dillco had increased to the

  Estimate the net cash received by senior management

Discuss and conclude whether you agree with Foodage's stated reasons for their non-compliance with the King III requirements, based on the extracts from the 2012 corporate governance report.

  Statements is not an advantage of a database

Which of the following statements is not an advantage of a database?

  Describe some key liquidity ratios

Describe some key liquidity ratios and provide a numeric example of each that would indicate that a company has a favorable liquidity position.

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!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd