User Account

All Pages

Prepare slaton entry to record the exchange

Assignment Help Accounting Basics
Reference no: EM132794890

Questions -

Q1: A company purchased a truck by issuing an 80,000, 4-year, zero interest bearing note. The market rate of interest for obligations of this nature is 10%. Prepare the journal entry to record the purchase of this truck.

Q2: Mohave Inc. purchased land, building, and equipment from Laguna Corporation for a cash payment of $315,000. The estimated fair values of the assets are land $60,000, building $220,000, and equipment $80,000. At what amounts should each of the three assets be recorded?

Q3: Fielder Company obtained land by issuing 2,000 shares of its $10 par value ordinary shares. The land was recently valuated at $85,000. The ordinary shares are actively traded at $40 per share. Prepare the journal entry to record the acquisition of the land.

Q4: Navajo ASA traded a used truck (cost €20,000, accumulated depreciation € 18,000) for a small computer worth €3,300. Navajo also paid €500 in the transaction. Prepare the journal entry to record the exchange.

Q5: Slaton Ltd. traded a used truck for a new truck. The used truck cost 20,000 and has accumulated depreciation of 17,000. The new truck is worth 35,000. Slaton also made a cash payment of 33,000. Prepare Slaton's entry to record the exchange.

Q6: Rialto Group received a grant from the government of 100,000 to acquire  500,000 of delivery equipment on January 2, 2019. The delivery equipment has a useful life of 5 years. Rialto uses the straight-line method of depreciation.

The delivery equipment has a zero residual value.

a. If Rialto Group reports the grant as a reduction of the asset, answer the following questions:

1. What is the carrying amount of the delivery equipment on the statement of financial position at December 31, 2019?

2. What is the amount of depreciation expense related to the delivery equipment in 2020?

3. What is the amount of grant revenue reported in 2019 on the income statement?

b. If Rialto Group reports the grant as deferred grant revenue, answer the following questions:

1. What is the balance in the deferred grant revenue account at December 31, 2019?

2. What is the amount of depreciation expense related to the delivery equipment in 2020?

3. What is the amount of grant revenue reported in 2019 on the income statement?

Reference no: EM132794890

Questions Cloud

Describe the disadvantages for the united states : Analyze the benefits or disadvantages for the United States with regard to the agency's position on foreign aid. Provide 1 or 2 examples to support your.
How the performance review process could best be used : A relatively new employee, Jill, has been employed at Global ProTech for 10 months. Her manager has not engaged with her since being hired.
Lymphocyte development and during infection : Describe at least three ways in which immunoglobulins (or their genes) change over the course of a B lymphocyte's development and during infection.
Photosynthesis olympics : Think about out...why might it be beneficial if plants, especially food crops, have increase photosynthesis?
Prepare slaton entry to record the exchange : The new truck is worth 35,000. Slaton also made a cash payment of 33,000. Prepare Slaton's entry to record the exchange
Explain the impact of effective communication skills : Explain the impact of effective communication skills on employee behavior by comparing two leaders with whom you are familiar in either your personal.
What is the approximate seasonal index for July : The three previous July values were 110, 150, and 130. The average over all months is 190. What is the approximate seasonal index for July
Discuss best practices for hiring top talent : 'Discuss best practices for hiring top talent and the process for developing top talent from within the organization.' You need to use in-text citations.
What entry does Richardson make : Susan? Richardson, for inventory that Richardson returned because it was not what she had ordered. What entry does Richardson make

Reviews

Write a Review

Accounting Basics Questions & Answers

  How cash could be safely distributed to the partners

A partnership held three assets, Prepare a proposed schedule of liquidation, showing how cash could be safely distributed to the partners at this time.

  Determine the number of equivalent units of production

The Converting Department of Osaka Napkin Company uses the average cost method and had 2,300 units in work in process that were 80% complete at the beginning.

  How much is the gain or loss on discounting

On September 30, 2019, Miraculous discounted the note at the Apex State Bank at 15%. How much is the gain / (loss) on discounting

  What will be SBC EBIT and net income

SBC pays interest on its debt equal to $30,000 per year. If sales turn out to be $588,000 rather than $560,000, what will be SBC's EBIT and net income

  Create a performance work statement to capture key elements

Create a performance work statement to capture key elements of the project effort described immediately above. Use the Wright Brothers PWS example found.

  Define earnings management

Define "earnings management". Provide two example of a market-based incentive for earnings management

  Fixed expenses of entire company

In the most recent month, Product D99P had sales of $33,000 and variable expenses of $15,840. Product G71P had sales of $42,000 and variable expenses of $4,410. The fixed expenses of the entire company were $49,790.

  How much is concord cost of goods manufactured

Concord Corporation reported the following year-end information: Direct labor 440000. How much is Concord's cost of goods manufactured for the year

  Compute the net interest expense to be reported

Compute the net interest expense to be reported for this note and related swap transaction as ofDecember 31, 2010.

  What will be the effect on profit of accepting the order

PowerDrive, Inc. produces a hard disk drive that sells for $175 per unit. Required - What will be the effect on profit of accepting the order

  Prepare the adjusting entry recorded on december

Conti Products owed $80,000 on account for inventory purchased on December 1, 2018. Prepare the adjusting entry recorded on December

  During 2010 williamson company changed from fifo to

during 2010 williamson company changed from fifo to weighted-average inventory pricing. pretax income in 2009 and 2008

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