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Spiderman Company exchanged mechinery with an market value of $1,850,000, recorded cost of $ 2,700,000 and Accumulated Depreciation of $ 1,350,000 with Lacey . Corporation for machinery Lacey owns . The machinery has market value of $ 1,695,000 , a recorded cost of $ 3,240,000 , and Accumulated Depreciation of $ 1,782,000 . Lacey also gave Spiderman $ 155,000 in the exchange . Assume depreciation has already been updated Instructions
Question 1: Prepare the entries on both companies ' books assuming that the exchange had commercial substance . ( Round all computations to the nearest dollar )
Question 2: Prepare the entries on both companies ' books assuming that the exchange lacked commercia substance . ( Round all computations to the nearest dollar )
Prepare an income statement for the company under variable costing and explain any difference between the income under variable costing
You have been regularly flying between Dallas and Houston on MegaAir's flight 400 for the past two months to visit a client site. The round trip airfare is generally $200, and you have noticed that the flight is always only about 75% full. Explain wh..
Market is 2.25 percent and the inflation premium is 3 percent. US Treasury bills are risk free. What should be the yield of the US Treasury bills?
Money from these accounts could be mixed or further divided and sent to other accounts or individuals, who, in turn, would do the same, until several checks for $1000 or less eventually arrive at party headquarters.
Assuming that the residual value of the asset is $ 2,000, what will be the accumulated depreciation for this equipment on December 31, 2019?
Compute the cost of goods sold and ending inventory, assuming- FIFO cost flow,- LIFO cost flow, and- weighted average cost flow.
Discuss the nature of this lease transaction from the viewpoints of both lessee and lessor. Prepare the journal entry or entries to record the transaction.
A company sells a fixed asset (equipment) for $30,000. The asset originally cost $80,000 and had accumulated depreciation of $55,000 at the time of the sale. Select the journal entry to recognize the sale. Debit Cash $30,000 Debit Accumulated Depreci..
Eliza reported net income of $112,000 for the year 2017. What is the amount of the corrected net income (ignoring income taxes) for 2017?
How many bonds need to be issued to receive the required amount of fund? What is the firm after-taxed cost of debt given the tax rate is 30%?
Freya started her business on 1 September. During September she made cash sales of $6,400 and issued credit sales invoices for $10,200 of which $8,600 had been paid. What would be the balance of the sales account in the general ledger at the end of S..
Fairbanks Company is considering the following investment: Assume straight-line depreciation is used. Ignore income taxes. The net present value of the investment is
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